IMF welcomes agreement between Ukraine, creditors on eurobond restructuring - Lagarde

According to an IMF press release, Lagarde said that "the announced parameters of the agreement will help restore debt sustainability and together with the authorities' policy of reform efforts will substantively meet the objectives set under the IMF supported program." "The full implementation of the agreement will provide the targeted external debt service relief, reduce annual post-program gross financing needs as envisaged, and place public debt on a clearly downward path. It is therefore important that the agreement gains broad support by all concerned eurobond holders," Lagarde said. As reported, the Cabinet of Ministers at an extraordinary meeting on August 27 unanimously supported the terms of restructuring the country's external commercial debt, which the Finance Ministry achieved with the creditors' committee, representing the owners of $9 billion out of $22 billion of the debt.