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Ukraine’s western creditors suspend need to service its debt from Aug 1

Ukraine’s western creditors announced on Wednesday that they would suspend the need to service its debt from 1 August this year until the end of 2023 at the request of the government in Kyiv, with an option to extend the suspension of repayments for another year.

The creditor group, including, among others, Canada, France, Germany, Japan, the UK and the US, expressed its solidarity with and support for Ukraine as it defends itself against Russia’s unjustified, unprovoked and illegal war of aggression.”

Ukraine's western bilateral creditors say that they “strongly encourage bondholders to consent” to its request to defer debt service, and will offer similar treatment. Subtext: don't play holdout. pic.twitter.com/sgDrWDlEZs

— Joseph Cotterill (@jsphctrl) July 20, 2022

It has also asked holders of Ukrainian bonds to agree to the country’s request to postpone servicing its debt securities for two years.

“We… strongly encourage all other official bilateral creditors to swiftly reach agreement with Ukraine on a debt service suspension,” the group wrote.

In addition to the support of creditor states, Ukraine also benefits from financial assistance from the International Monetary Fund and the World Bank.

read the creditors’ full statement here.


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