Ukrainian Finance Minister Serhiy Marchenko shared on Monday that Kiev reached a preliminary agreement with the Committee of Eurobond holders to restructure $23.4 billion in sovereign debt securities issued on international capital markets. The deal is expected to free up crucial financial resources for defense and social spending.
The restructuring agreement will "provide for the reduction of Ukraine's debt through a nominal reduction in the value of Eurobonds by 37% at the initial stage, which will reduce the amount of debt by $8.67 billion, and a reduction in the net present value of the debt by about 60%," the government said in the statement.
"Freed funds will support the macro-financial stability of Ukraine allowing us to finance the most urgent needs in the face of full-scale Russian invasion," Marchenko underlined.
