Ukraine's $23 Billion Debt Talks End Without Deal, Agreement Expected by August 1

Jun 17, 2024, 07:13 AM

Ukraine's Finance Minister Serhiy Marchenko announced that an agreement on restructuring the country's international bonds is expected by August 1. Despite extensive discussions, Ukraine's first round of formal talks to rework over $23 billion of its international debt ended without a deal. A core group of bondholders, which owns about 20% of the bonds, did not agree to the proposal and instead made their own suggestion, which the government did not accept. Marchenko emphasized that timely debt restructuring is critical for supporting Ukraine's economy and confirmed that the government will continue talks with the ad hoc bondholder group and other investors. The ad hoc bondholder group acknowledged that while a deal was unlikely during the consultation period, the discussions were a constructive step, and they remain committed to finding a solution.