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Ukraine sends new debt proposal to creditors

Staff writer ▼ | August 5, 2015
Ukraine said it expected decisive negotiations this week after it sent a fresh debt restructuring proposal to a group of its largest creditors.
Natalie Jaresko
Politics and business   Talks to restructure $23 billion
Talks to restructure $23 billion of Ukraine's external public debt have dragged on for more than four months over a disagreement over the necessity of a writedown on the principal of the bonds; but on Friday a source said Kiev saw this week as a deadline for a deal.

The International Monetary Fund, whose $40 billion bailout package for Ukraine depends on Kiev making $15 billion in savings via debt restructuring, has repeatedly urged both sides to reach an agreement quickly.

The Finance Ministry said it had sent a new proposal to the creditor group on Tuesday morning.

"Given the legal considerations around timely implementation of the proposal, this week will be decisive for the negotiations. Accordingly, the ministry has called on creditors to attend at the highest level a meeting in London on Thursday," it said.