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Al Mayadeen's correspondent: Two were martyred in an initial toll of the Israeli drone strike that targeted the al-Asira neighborhood in the city of Baalbek, eastern Lebanon
Al Mayadeen's correspondent: An Israeli drone strike targeted the al-Asira neighborhood east of Baalbek, eastern Lebanon
Sheikh Naim Qassem to the pager attack survivors: You are the greatest resistance. Know that 'Israel' will fall because it embodies aggression, crime, and occupation; victory is truly yours
Sheikh Qassem to the pager attack survivors: The value of what you are doing despite your wounds is immense, and here you are, treading the path of the Master of Nation's Martyrs and the leaders
Sheikh Qassem to the pager attack survivors: You are moving forward with insight deeper than sight itself. The enemy sought to eliminate your role in the battle, yet you remain steadfast and continue the fight
Hezbollah Secretary-General Sheikh Naim Qassem to the pager attack survivors one year later: You are healing from your wounds and rising above them. You have successfully passed the test
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Egyptian PM Mostafa Madbouli: Egypt is targeted in plans to redraw regional map
AEOI Chief Mohammad Eslami: Our presence in IAEA General Council and fact-checking helped in preventing unilateral rhetoric that aims to portray Iran as an unregulated country

Ukraine plans to adopt law allowing foreign debt payments suspension

  • By Al Mayadeen English
  • Source: Bloomberg
  • 18 Jul 2024 18:29
3 Min Read

The clock is ticking for Ukraine and bondholders on debt restructure, as a payment freeze agreed upon 2 years ago will soon expire.

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  • Ukraine plans law allowing foreign debt payments suspension
    Volodymyr Zelensky at the ceremony marking the day of the creation of the Ukrainian state, in Kiev, on July 15, 2024 (AFP)

Ukraine intends to pass legislation allowing the government to freeze foreign debt payments while the country and its international creditors negotiate conditions for restructuring more than $20 billion in bonds, Bloomberg reported.

The proposed law, filed by the chairman of President Volodymyr Zelensky's party, aims to allow for the suspension of payments on foreign sovereign debt and state-guaranteed obligations due to a coupon payment scheduled for August 1.

The parliamentary budget committee convened Thursday morning and suggested that the measure be approved by the assembly, according to chairman Danylo Hetmantsev's message on Telegram.

The clock is ticking for Ukraine and bondholders on debt restructure, as a payment freeze agreed upon 2 years ago will soon expire.

Unless a settlement is reached or a two-year moratorium is extended by the end of this month, Ukraine will legally default on its obligations in September.

"It is necessary to introduce, for the period of transactions to change the terms of borrowing, temporary measures related to the servicing and repayment of debt obligations and a moratorium on satisfaction of creditors' claims," the bill that was released by the president's office said.

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Campaigners are lobbying Britain's incoming Labour administration to stop Ukraine from being sued in UK courts if it fails to pay its obligations to private creditors.

Debt Justice stated that a two-year moratorium on Ukraine's debt payments was set to expire on August 1, and that action was required to shield Kiev from potential legal action from its creditors.

Ukraine is negotiating with bondholders for a 60% debt writedown on the $24 billion (£18.7 billion) owed to private creditors. Bondholders, who include major financial firms such as BlackRock, Pimco, Fidelity, and AllianceBernstein, have shown their willingness to accept a 20% loss.

Bilateral creditors, notably the United Kingdom, have agreed to prolong the suspension of debt payments until 2027, but no deal has been reached with private creditors. The assistance provided by private creditors amounts to around 12% of Ukraine's yearly national product (GDP).

Kiev is concerned that if the 1 August deadline lapses, asset managers will sell their bonds to hedge funds, who will then sue. All of Ukraine's bonds are regulated by British law, thus any legal proceedings would take place in the United Kingdom.

According to Heidi Chow, Debt Justice's executive director, Ukraine "should not have to fight off shameless bondholders" while it "resists an invasion."

“These loans were given at high interest because of the supposed risk. That risk materialized the day Russia invaded.”

  • Russia
  • war in Ukraine
  • Ukraine
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  • United States
  • Volodymyr Zelensky
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

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