The Cabinet of Ministers on February 11 approved the restructuring of a state-guaranteed debt to Sberbank of Russia (the Russian Federation) for a total of $367.4 million.
Finance Minister Natalie Jaresko, speaking at a cabinet meeting, said the debt was raised by state-owned enterprises Ukravtodor and Pivdenne Design Bureau (Dnipropetrovsk) in 2011 under state guarantees and from the very beginning it was offset from the national budget.
"We've succeeded in agreeing with the lender on the following conditions: the amount of debt is $367.4 million, 25% is the writing-down of the par value of the debt, i.e. $91.8 million, the extension of maturity until September 1, 2019 and the formalization of a new debt with government domestic loan bonds and a relevant issue of state derivatives," she said, adding that these conditions are fully compliant with the International Monetary Fund's requirements.
