Following negotiations and the successful debt restructuring agreement between Ukraine and the Ad Hoc Creditors Committee on 27 August 2015, the Ministry of Finance would like to express its thanks to all bondholders, participants and authorities for their continued support during and after the negotiations as Ukraine continues towards recovery and economic growth.
Importantly, strong international support for this mutually beneficial deal has already come from Managing Director of the IMF Christine Lagarde; United States Secretary of the Treasury Jacob Lew; German Foreign Minister Frank Steinmeier; President of the European Commission Jean Claude Juncker; President of the European Council Donald Tusk; and Member of the U.S. House of Representatives Marcy Kaptur.
Appendix of Supportive Statements
August 27, 2015
“We welcome today’s agreement on the terms of the debt exchange offer between the Ukrainian government and the ad hoc Creditors’ Committee of holders of Ukraine’s sovereign and sovereign guaranteed debt. The announced parameters of the agreement will help restore debt sustainability and - together with the authorities' policy reform efforts - will substantively meet the objectives set under the IMF-supported program. Specifically, full implementation of the agreement will provide the targeted external debt service relief, reduce annual post-program gross financing needs as envisaged, and place public debt on a clearly downward path. It is therefore important that the agreement gains broad support by all concerned Eurobond holders.
“I am very pleased with today’s announcement and appreciate the positive attitude of both the ad hoc Creditor Committee and the Ukrainian government. Let me highlight in particular the hard work by the Finance Minister and her team that made this agreement possible.”
27 August 2015
“I am especially glad to see President Poroshenko on a day that started with good news for Ukraine: I very much welcome the deal that was reached between Ukraine and its creditors. In addition, the Contact Group for Ukraine has reached an agreement on a new ceasefire to start on 1 September. Both of these pieces of news are cause for optimism.”Statement by Treasury Secretary Lew on Ukraine Debt Restructuring Agreement
27 August 2015
“We welcome the announcement that the Ukrainian authorities have reached agreement with the creditor committee on debt restructuring terms that are consistent with the objectives outlined in Ukraine’s IMF program. This agreement will help to improve Ukraine’s public finances, provide the authorities with breathing room to execute their ambitious reform agenda, and strengthen the groundwork for economic recovery and private sector-led growth. This progress builds upon the Ukrainian authorities’ significant efforts to improve the business climate, strengthen governance and competition, tackle corruption, repair the financial sector, and eliminate poorly targeted energy subsidies while protecting the most vulnerable members of society — efforts that are wholeheartedly supported by the United States.
“We commend the leadership of President Poroshenko, Prime Minister Yatsenyuk, and Finance Minister Jaresko, and we encourage creditors subject to this debt restructuring to move swiftly to complete the necessary steps to conclude this operation, which is critical to Ukraine’s future prosperity. A strong, stable Ukraine is in the interests of Ukraine’s citizens, Ukraine’s neighbors, its international partners, and investors. We all must work together to achieve that goal, and today’s agreement is an important step towards providing the people of Ukraine with economic opportunity and stability.”
27 August 2015
"I am pleased that the Ukrainian government has today reached an agreement with its creditors on a comprehensive restructuring of the Ukrainian government's foreign debt. This is a big and important step towards more economic stability. Together with the rescue package from the international community and the IMF is preparing this agreement the ground for a dedicated and ambitious continuation of the reform and modernization process in the state, economy and society. "
“#Germany welcomes agreement between #Ukraine + private creditors. Important step towards macroeconomic stability @MFA_Ukraine”
“#Steinmeier welcomes agreement betw #Ukraine+priv creditors. Groundwork to continue ambitious reforms. @MFA_Ukraine”
Statement by US Congresswoman Marcy Kaptur (OH-9)
29 August 2015
“Congresswoman Marcy Kaptur (OH-9) celebrated news that the government of Ukraine has reached an historic debt restructuring agreement, preventing the threat of default for a democratic nation currently defending its eastern border against Russian-backed separatists.
“This landmark agreement reflects the strong consensus in the global community that Ukraine’s long-term prospects are bright,” said Rep. Kaptur. “However, the need for this kind of deal should remind the world that Ukraine remains under attack and deserves support. As the greatest beacon of freedom in the world, the United States has a responsibility and an interest in standing up for other free nations. Ukraine is our sister in liberty and it is in our interest to come to her aid now in a time of her great need.
“I also add my fervent congratulations to the new generation of Ukrainian leaders who refuse to accept the grim limitations of the past and are leading Ukraine into a new era of promise politically, economically, and socially. Ukraine's people deserve to be free and prosperous.”
European Commission President Jean-Claude Juncker
“@JunckerEU welcomes deal b/w #Ukraine + its creditors on debt restructuring: "This will allow Ukraine to continue on the path of reforms."
European Commissioner Valdis Dombrovskis:
“We welcome the #Ukraine debt restructuring agreement with private creditors. It is important to continue the reform efforts. #EC #EUUkraine”
German Ministry of Finance
“It is indeed that Ukraine has agreed with private creditors after intense and difficult negotiations on a result. This finding must now be politically approved by the Ukrainian Parliament and be concretized with relevant laws, acts. From the perspective of the Federal Government, we welcome this agreement. It contributes to the macroeconomic stability of Ukraine and thus also to the successful implementation of the IMF program. You will have seen that even the IMF has welcomed the result."
UK Foreign Office:
“We welcome the debt restructuring agreement announced yesterday between the Government of Ukraine and the creditor committee. The deal, together with the package of IMF-led international support, will help give the Government of Ukraine the space it needs to continue its wide-ranging and ambitious plans for reform. We fully support the efforts of the Government of Ukraine and urge all parties subject to this agreement to take all necessary steps to ensure its success.”
Lithuanian Foreign Minister Linus Linkevicius:
“Great news for #Ukraine &true expression of solidarity by int community w Ukrainian people! #UnitedForUkraine”
“We too welcome today's news of this important agreement”
EBRD Managing Director for Eastern Europe and the Caucasus, Francis Malige: “#Ukraine debt restructuring: a truly liberating milestone. Thank you @n_jaresko for clearing up the investment horizon.”