Ukraine creditor group hopes to meet with IMF, Kiev soon

Tuesday, 23 June 2015 00:02 - - {{hitsCtrl.values.hits}}

LONDON (Reuters): Ukraine’s biggest group of creditors said on Monday that a debt restructuring plan proposed by Kiev was based on IMF estimates that were not yet publicly available, adding it hoped to soon meet with the IMF and Ukraine’s Government.

Ukraine’s Finance Minister Natalia Yaresko on Friday launched a “last chance” debt offer, threatening to halt payments if bondholders failed to agree a deal soon

The creditor group, led by Franklin Templeton, said it was evaluating the proposal, noting that the assumption on 21-2 which it was based would not be publicly available until mid-July.

“In order to properly consider the proposal, the Committee and its advisers urge Ukraine and the IMF to publish those assumptions as soon as possible,” creditors said in an emailed statement.

The group added it expected to meet with Ukraine’s Government and the International Monetary Fund (IMF) as soon as possible, though no date had been agreed yet.

“We view it as vital that all parties sit down and negotiate a deal in good faith, without preconditions, as soon as possible,” the statement said.

Ukraine is negotiating with foreign bondholders to restructure $23 billion worth of debt as part of a four-year IMF-led $40 billion economic rescue package.

Talks have progressed slowly as both sides are at odds over deal terms with the committee rejecting Kiev’s insistence that they take a haircut - a reduction in the bonds’ face value.

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