Source: Bundesministerium der Finanzen
GROUP OF CREDITORS OF UKRAINEStatement
The representatives of the Group of creditors of Ukraine (“The Group”) and the government of Ukraine met virtually on September 14, 2022 to conclude a Memorandum of Understanding (MoU) in order to implement the debt service suspension announced on July 20, 2022.
This MoU eases Ukraine’s liquidity pressures and allows its government to increase social, health and economic spending in response to Russia’s unjustified, unprovoked and illegal war of aggression.
During the meeting, the Minister of Finance of Ukraine provided a description of the economic and financial situation in his country and presented the measures taken by his government in the past few months to support the Ukrainian economy in the context of the war.
The Group welcomed the reforms implemented by the government of Ukraine to address the economic and financial consequences of the war. In addition, the Group welcomed the conclusion of an agreement with bondholders and warrantholders to defer debt payments for two years, which represents substantive support for the government and people of Ukraine.
Finally, the Group strongly encourages all other official bilateral creditors to swiftly reach agreement with Ukraine on a debt service suspension.
We will continue to closely coordinate and assess the situation with the support of the IMF and the World Bank.
GROUP OF CREDITORS OF UKRAINEStatement
We, the Group of Creditors of Ukraine, express our solidarity with and support for Ukraine as it defends itself against Russia’s unjustified, unprovoked and illegal war of aggression.
We note the publication today of a consent solicitation from Ukraine to defer the debt service due to bondholders from August 1st, 2022 and to extend payment maturities.
In these exceptional circumstances, and acknowledging Ukraine’s exemplary track record of honoring debt service to date, the members of the Group of creditors of Ukraine support this consent solicitation and strongly encourage bondholders to consent to Ukraine’s request. The members of the Group of Creditors of Ukraine also note the concurrent publication today of a consent solicitation from Ukraine to adjust certain payment mechanisms in the terms of its GDP-linked warrants, and encourage warrantholders to consent to these requests.
Bondholders’ and warrant-holders’ approval of Ukraine’s proposals would represent substantive support for the government and people of Ukraine.
In light of this, we, as official bilateral creditors of Ukraine, intend to provide a coordinated suspension of debt service due by Ukraine from August 1st, 2022 until end-2023, with the possibility of an additional year, on our claims and consistent with the national laws of the creditor countries.
We also strongly encourage all other official bilateral creditors to swiftly reach agreement with Ukraine on a debt service suspension.
We will continue to closely coordinate and assess the situation with the support of the IMF and the World Bank.
Background note: The Group of Creditors of Ukraine includes Canada, France, Germany, Japan, United Kingdom, and the United States of America. Observers to the Group include Australia, Austria, Belgium, Brazil, Denmark, Finland, Ireland, Israel, Italy, Korea, the Netherlands, Norway, Spain, Sweden, and Switzerland.