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 | Ukraine, IMF in talk over USD3b debt restructure  | |
MENAFN -
- 16/03/2012
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(MENAFN) Ukraine said it is negotiating with the International Monetary Fund to restructure USD3 billion of debt falling due this year and wants to delay repayment by 10 years, Reuters reported.
Earlier this week, Ukrainian Prime Minister Mykola Azarov said that cash-strap country only wanted to refinance the maturing debt.
Ukraine faces a heavy debt repayment schedule this year while growth in its economy, dominated by steel exports, is slowing down due to weak global demand.
The debt Ukraine needs to repay this year stems from an IMF bailout programme for 2008-2009.
Ukraine also has to repay a USD2 billion loan from Russian state-run bank VTB which it borrowed in 2010 to fill gaps in the budget.
Prime Minister Mykola Azarov said Ukraine would honour its obligations if talks with the IMF on refinancing fall through.
The country was in talks with IMF for a new USD15 billion loan in 2010, however the lender halted disbursements to Ukraine early last year after the government put off unpopular reforms such as raising gas and heating prices for households.
Ukraine plans to borrow a total of about 4 billion on the international markets in 2012 and has picked JP Morgan, Morgan Stanley, VTB Capital and Russia's Sberbank as the four lead managers for this year's possible government bond issues.
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