PHOTO:A serviceman walks in front of a destroyed house near Donetsk in eastern Ukraine. Genya Savilov | AFP | Getty Images
Nathan Sheets, Treasury Under Secretary for International Affairs, states that debt restructuring enabling a stronger, more stable Ukrain’s future. To transform its economy, stabilize and support Ukraine, the United States and other official creditors (World Bank, European Bank for Reconstruction and Development, European Union, and others) have provided significant new money and technical assistance:
“Last Friday, the Executive Board of the International Monetary Fund (IMF), with strong U.S. support, approved the next disbursement of financial assistance under Ukraine’s IMF program – marking almost a year and a half of sustained reform implementation,” says Nathan Sheets.
Sec. Lew expressed support for the @IMFNews‘s provision of financial assistance to Ukraine. Read his statement here: http://t.co/DcKJTDSTcX
— Treasury Department (@USTreasury) July 31, 2015
“To sustain this recovery, Ukraine also needs to restructure its government debt. Ukraine’s debt did not precipitate its economic crisis and was at a manageable level as recently as late 2013. But Russian aggression over the past 18 months has delivered a blow to economic activity and productive capacity that has left Ukraine’s debts unsustainable. Creditors involved in the ongoing debt restructuring negotiations should heed the long view, and not treat this as a zero-sum game. We urge these creditors to move swiftly in the coming weeks to reach an agreement with the Ukrainian authorities that satisfies the three criteria outlined in Ukraine’s IMF program — including the debt-sustainability targets.
“By doing so, creditors have an opportunity to be part of a solution that will decidedly advance their own interests as well as Ukraine’s economic and geopolitical fortunes. A strong, stable Ukraine is in the interests of all parties — Ukraine’s citizens, international partners, and investors. We all benefit if Ukraine prospers,” underlines Nathan Sheets.
