AGL 37.70 Increased By ▲ 0.13 (0.35%)
AIRLINK 132.80 Increased By ▲ 0.30 (0.23%)
BOP 5.60 Decreased By ▼ -0.04 (-0.71%)
CNERGY 3.82 Increased By ▲ 0.05 (1.33%)
DCL 8.72 Decreased By ▼ -0.15 (-1.69%)
DFML 40.70 Decreased By ▼ -0.30 (-0.73%)
DGKC 88.51 Decreased By ▼ -1.65 (-1.83%)
FCCL 35.40 Increased By ▲ 0.32 (0.91%)
FFBL 66.20 Decreased By ▼ -0.30 (-0.45%)
FFL 10.38 Increased By ▲ 0.23 (2.27%)
HUBC 109.20 Increased By ▲ 2.80 (2.63%)
HUMNL 14.44 Increased By ▲ 1.04 (7.76%)
KEL 4.82 Decreased By ▼ -0.04 (-0.82%)
KOSM 7.12 Increased By ▲ 0.27 (3.94%)
MLCF 42.40 Increased By ▲ 0.60 (1.44%)
NBP 59.89 Increased By ▲ 1.31 (2.24%)
OGDC 184.11 Increased By ▲ 2.86 (1.58%)
PAEL 25.75 Increased By ▲ 0.05 (0.19%)
PIBTL 5.93 Increased By ▲ 0.10 (1.72%)
PPL 148.20 Decreased By ▼ -0.20 (-0.13%)
PRL 23.13 Decreased By ▼ -0.09 (-0.39%)
PTC 16.58 Increased By ▲ 1.34 (8.79%)
SEARL 69.62 Increased By ▲ 0.83 (1.21%)
TELE 7.26 Increased By ▲ 0.02 (0.28%)
TOMCL 35.66 Decreased By ▼ -0.34 (-0.94%)
TPLP 7.60 Increased By ▲ 0.20 (2.7%)
TREET 14.24 No Change ▼ 0.00 (0%)
TRG 50.99 Increased By ▲ 0.14 (0.28%)
UNITY 26.40 No Change ▼ 0.00 (0%)
WTL 1.22 Increased By ▲ 0.01 (0.83%)
BR100 9,786 Increased By 18 (0.18%)
BR30 29,786 Increased By 386.3 (1.31%)
KSE100 92,132 Increased By 194 (0.21%)
KSE30 28,741 Decreased By -3.1 (-0.01%)

KYIV: Kyiv said Monday it had struck a preliminary deal with international creditors to restructure government debt worth more than $20 billion, giving the war-torn country some financial breathing room.

Ukraine’s economy has been decimated by Russia’s invasion and the government is reliant on international aid to help it fund both its military and day-to-day government spending. The government was up against the clock as a deal to freeze repayments on a series of international bonds — agreed after Moscow invaded the country in February 2022 — were set to end on August 1. In a filing with the London Stock Exchange, the Ukrainian government said it had “reached agreement in principle” on a debt restructuring.

The deal will see creditors, a group that includes BlackRock, Pimco and other major institutional investors, write billions off the nominal value of their holdings, and agree to a new payment schedule on terms more beneficial to Kyiv.

“We are on the path to restoring debt sustainability,” Prime Minister Denys Shmygal said in a post on X, formerly Twitter. “This allows us to free up resources for our defence, social spending and reconstruction,” he added. Ukraine says it will save the country $11.4 billion in debt servicing over the next three years. The group of bondholders that were negotiating the restructuring said it was “pleased to have reached a swift and constructive agreement.”

“As long-term investors in Ukraine, we are pleased to be able to provide significant debt relief to Ukraine,” it said. The group had rejected an offer put forward by Ukraine last month that would have provided even steeper write-downs.

Comments

Comments are closed.