"We are working on amending the Law of Ukraine on the State budget
for 2015. People should feel that the debt restructuring and debt remission
directly affects each Ukrainian family and the country as a whole, as the sum
worth 4 billion US dollars has been written off from Ukraine and subtracted
from its debt obligations", said Prime Minister of Ukraine Arseniy
Yatsenyuk at a Cabinet’s meeting on Thursday, August 27.
When the restructuring process is over, part of the funds will be saved,
"including the sum being spent to service the external public debt",
explained the Head of Government.
"Now our team together with the Minister of Finance and the
President of Ukraine is engaged in work to ensure a part of the economized
funds to be spend to improve social standards", said the Prime Minister,
adding that appropriate decision would be announced later.
The Head of Government commissioned the Ministry of Finance of Ukraine in
synergy with the Ministry of Justice of Ukraine to prepare a bill necessary to
complete the process of debt restructuring: "We will go to Parliament to
achieve the relevant draft law to be supported, the law providing Ukraine an
opportunity to complete the restructuring on the offered terms".
He reminded the principal terms for Ukraine to have much-needed relief:
"Reduction of bonds by 20%. An overall sum to be forgiven makes up around
4 billion USD. That is, we remove the debt burden from Ukraine and Ukrainian
citizens worth 4 billion US dollars. We prolong for four years all payments on
the principal loan. The amount envisaged to service the government debt won’t
"These are the terms no other large country, not being a member of
the Eurozone, has obtained since 2000," stressed
the Head of Government.
Moreover, Arseniy Yatsenyuk noted that Ukraine would issue a tool which
could raise interest of investors to promote economic growth and encourage
investors to invest in the Ukrainian economy.