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Foreign Minister Steinmeier on Ukraine’s agreement with private creditors

27.08.2015

Foreign Minister Steinmeier issued the following statement on 27 August on Ukraine’s agreement with its private creditors:

I welcome the fact that the Ukrainian Government has reached an agreement with its creditors today on a comprehensive restructuring of Ukraine’s public foreign debt. This is a big and important step on the path towards greater economic stability. Along with the aid package provided by the international community and the IMF, this agreement opens the door to an active and ambitious continuation of the reform and modernisation agenda of the country’s government sector, economy and society.

Background information:

Today’s agreement reached between Ukraine and its private creditors includes a haircut of 20 per cent of the negotiated debt totalling 18 billion US dollars, i.e. a write‑off of around 3.6 billion US dollars. Moreover, the repayment period for the remaining debt amounting to 14.4 billion US dollars has been extended by four years.

Germany is supporting Ukraine in the context of EU, IMF and multilateral programmes, as well as bilaterally with an action plan that aims to facilitate short‑term measures for providing rapid assistance in emergency situations, as well as long‑term structural projects. In addition to an untied loan of 500 million euros, funds for projects totalling up to 180 million euros are also included.

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