Preparations for default have been completed. Poroshenko allowed the Cabinet of Ministers not to pay external debts
President of Ukraine Petro Poroshenko signed laws No. 436-VIII “On the specifics of transactions with state, state-guaranteed debt and local debt” and No. 437-VIII “On amendments to the Budget Code of Ukraine in connection with the adoption of the Law of Ukraine “On the specifics of transactions with government, government-guaranteed and local debt.”
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The website of the Verkhovna Rada of Ukraine reports this.
On May 17, Ukrainian Finance Minister Natalya Yaresko called on Ukraine’s creditors to reach a compromise on writing off the national debt as soon as possible, noting that “national bankruptcy is not an option.”
Let us remind you that Ukraine expects to write off $23 billion of external debt. The government aims to do this before June, when the International Monetary Fund plans to discuss the provision of the second tranche of the loan program to Ukraine. The Ukrainian side accuses the largest creditors of delaying negotiations; in return, they claim that Kyiv does not want to accept their terms.
If negotiations on debt forgiveness are not successful before June, the IMF will not provide a loan, and Ukraine will have to declare a default.
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