The Ministry of Finance statement on negotiations with the ad hoc Creditors Committee

6/29/15

The Ministry of Finance regrets that for the last three months the members of the ad hoc Creditors Committee have consistently refused to enter direct negotiations with Ukraine under standard confidentiality terms. Concerns about the impact of receiving confidential information on their trading activities has been used as an excuse not to meet with the Ukrainian representatives, including Minister Jaresko, to negotiate the terms of a debt operation that meets the three targets in Ukraine’s IMF program.

In addition, and despite previous statements to the contrary, the proposal by the ad hoc Creditors Committee does not meet the three criteria agreed with the IMF. That proposal includes utilizing $8 billion from the international reserves of the National Bank of Ukraine for no consideration. This measure has been strongly rejected by the IMF in their statement of 12 June 2015. .

The Minister has repeatedly stated her desire to meet with the Committee and enter into direct negotiations. The Minister once again calls upon the Committee to seek a collaborative solution with the Ukrainian authorities as soon as possible. If the Committee enters into confidentiality agreements, the Minister remains ready to meet with the Committee without preconditions. The Minister looks forward to bridging the current differences and at last starting direct negotiations.

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