Ukraine refused to pay $670 million to the owners of state derivatives (GDP-warrants) within the set deadline. About this it is said in the statement of the Ministry of Finance of Ukraine, published on the Irish Stock Exchange.
According to the report, the amount due on government derivatives as of June 2 is $670 million.
“At the same time, Ukraine reminded the owners of State derivatives that, according to the Government’s decision of August 27, 2024, there is a moratorium on payments under these instruments, which will remain in effect until the process of their restructuring is completed.” – it is stated in the message.
The Ministry of Finance also drew attention to the fact that in August 2024, the provision on cross-default was removed from the terms of derivatives.
“This means that compliance with the moratorium on payments under state derivatives does not lead to cross-default on obligations under foreign state loan bonds and does not pose a threat to the financial stability of the state.” – emphasized in the ministry.
The moratorium on payments on government derivatives is part of the overall strategy that Ukraine presented in August 2024 during the restructuring of the public debt.
“This strategy provides for a fair and equal treatment of all creditor claims within the restructuring perimeter, with the aim of restoring debt sustainability within the framework of the IMF Program. Ukraine remains committed to a constructive dialogue with all interested parties and continues consultations to achieve a fair and comprehensive restructuring of state derivatives.” – the ministry added.
