Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today:
“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.”