The Cabinet approved restructuring of the guaranteed debt before «Sberbank of Russia»

The Cabinet approved the restructuring of state-guaranteed debt to Sberbank RF for the total amount of 367,4 million.

The decision was taken during the Cabinet’s meeting on Thursday, February 11th, and signed for further publication, reports 112.

The Minister of Finance Natalia Jareskosaid at the session, said that the debt was raised in 2011, state-owned enterprises «Ukravtodor» and CB «southern» (Dnepropetrovsk) under the guarantee of the state and from the beginning fully repaid from the state budget.

«We managed to negotiate with the lender regarding the following conditions: the amount of debt — 367,4 million, a 25% cancellation of the debt face value, there are about 91.8 million, the continuation of the maturity period September 1, 2019 and issuing a new debt bonds external state loan and corresponding output state derivatives,» said she, adding that these conditions fully comply with the requirements of the International monetary Fund.

Earlier, the Ministry of Finance of Ukraine has agreed with Russia’s Sberbank about the principles of restructuring of loans granted to the Bank Ukravtodor and the state enterprise «Design Bureau «southern» them.Yangel» under state guarantees.

As reported, in October 2015 after which lasted about half a year of negotiations, the holders 13 of the 14 issues of Eurobonds of Ukraine totaling to 14.36 billion. and 600 million euros have supported their restructuring. It assumes the exchange of 80% of the amount of new Eurobonds to extend the maturity by four years and 20% for the state derivatives, the payments on which in the years 2021-2040 will depend on the rate of growth of the Ukrainian GDP. New sovereign Eurobonds were issued on 12 November for a total amount of 11,95 billion. due in 2019-2027, under the 7.75% per annum, and state derivatives — on 2,92 billion.

Consent was not obtained only on Eurobonds for $ 3 billion. with maturity 20 December 2015, purchased by Russia at the expense of the national welfare Fund at the end of 2013. The Russian Federation refused to discuss the restructuring on the General terms, insisting on a sovereign, rather than commercial, nature of the debt. The IMF has recognized the sovereign nature of the debt, but retained the ability to continue financing of Ukraine, despite the default on this debt. The Fund expects that Russia and Ukraine will directly discuss the issue of debt restructuring.

Recall that on 30 December the Cabinet of Ministers of Ukraine confirmed its decision to impose a moratorium on the payment of a debt to the Russian Federation in the amount of $ 3 billion. The debt was given to the government of Yanukovych in 2013, the term of payment was due in December of 2015. Debt included in the perimeter of the restructuring, announced by the Ukraine in the spring of 2015 years, but Russia has refused to restructure.

In December 2015 on the key creditor of Ukraine International monetary Fund – the debt was recognized as an official debt of Ukraine. At the same time, the Minister of Finance of Ukraine Natalie Jaresko said that Ukraine is ready to negotiations with Russia on the debt, but not undertake to predict developments.

In turn, the head of the government Arseniy Yatsenyuk said that the Ukrainian government is fully ready to go to trial against the Russian Federation and has been established Advisor that will advise the government in the judicial process. In addition, provision has been made for payment of legal services on protection of interests of Ukraine.

According to the decree of the government of Ukraine, the moratorium on payments for state-guaranteed loans «Ukravtodor» entered on the credit 2006 — 30 March 2016, loan of 2009 — April 15, 2016, loan of 2011 — 26 January 2016.

Taken in relation to CB «southern» in 2011, the loan under state guarantees temporary suspension of payments scheduled from may 19, 2016.

According to the Ministry of Finance of Ukraine, the guaranteed debt to state-controlled Russian banks at the beginning of 2015 consisted of $ 500 million of the debt to Gazprombank, 474,9 million dollars – to Russian Sberbank and of 146.9 million dollars — before VTB Capital. By the end of November the debt to Gazprombank remained at the same level, in front of the Sberbank of the Russian Federation decreased to 367,43 million dollars, and before VTB Capital was absent.

A source in the Ukrainian government explained that the structure of the credit of Gazprombank on a USD 500 million raised by Naftogaz in 2013 under state guarantees with the possibility of extension, such that its restructuring was impractical.

In addition, in the structure of state debt of Ukraine is still 605,86 million debt to Russia. We are talking about the intergovernmental agreement of 1997 on mutual settlements associated with the division of the black sea fleet (BSF) and stay on the territory of Ukraine. Ukraine and Russia in the first quarter of 2015 for the first time since the conclusion of the agreement declined from annual netting to 97.75 million. payment of Kiev debt and payment of Moscow for the use of naval base in Crimea for the Russian black sea fleet.




The Cabinet approved restructuring of the guaranteed debt before «Sberbank of Russia» 11.02.2016

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