No need for debt write-off, restructuring – Ukraine’s Finance Minister

No need for debt write-off, restructuring – Ukraine’s Finance Minister

Ukraine does not need debt write-off or restructuring as the country has no problems with servicing it.

That’s according to the Finance Ministry’s press service, referring to a joint briefing of Minister of Finance of Ukraine Sergii Marchenko and Deputy Prime Minister and Minister of Finance of Canada Chrystia Freeland.

“We do not need writing off debts and restructuring. We need a financial bridge for the next few months to ensure the uninterrupted functioning of the economy. Ukraine's external debt payments amount to 20% of all debt payments this year and we have no problems with servicing it,” said Sergii Marchenko.

He added that the government continues to work and timely provide all priority budget expenditures, including social, humanitarian and military needs. He expressed hope that the result of the IMF and World Bank spring meeting will be collective decisions by countries to increase concessional and grant financing to Ukraine. Ukraine cannot afford to increase the debt burden on the state budget, because there are significant expenditures ahead for the reconstruction of the state.

Read also: IMF cuts global growth outlook over Russian invasion: Ukraine to lose up to 35% of GDP in 2022

On her part, Chrystia Freeland assured Marchenko that Canada would continue to assist and support the stabilization of the financial system and recovery from Russia's war of aggression.

As reported, the IMF projects an increase in Ukraine's public debt to 86.2% of GDP this year as one of the consequences of the ongoing war with Russia. For this and following years, the indicator is projected as follows: 86.2% in 2022, 78.0% in 2023, 78.7% in 2024, 82.9% in 2025, 88.7% in 2026, and 92.3% in 2027.

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