Business

Ukraine’s creditors grant 2-year moratorium on RM89 bil foreign debt

Investors agree to allow country maintain macro-financial stability, says prime minister

Updated 4 years ago · Published on 11 Aug 2022 5:00PM

Ukraine’s creditors grant 2-year moratorium on RM89 bil foreign debt
Ukraine’s lenders have agreed to a pause for the payment of its RM89.1 billion debt, as its economy has been severely impacted by Russia’s invasion, says Prime Minister Denys Shmygal today. – @denys_shmygal Twitter pic, August 11, 2022

KYIV – Ukraine’s lenders agreed to a pause for the payment of its US$20 billion (RM89.1 billion) debt, as its economy has been severely impacted by Russia’s invasion, the prime minister said.

“Investors in Ukraine’s foreign debt agreed to postpone payments until 2024. It allows Ukraine to maintain macro-financial stability and strengthen economic sustainability,” Denys Shmygal tweeted yesterday.

Holders of about 75% of Ukraine’s debt agreed to the pause, the Finance Ministry said in a press release.

A group of Western countries – including Britain, France, Germany, Japan and the United States – had already agreed on allowing Ukraine to postpone interest payments on its debt last month, and had called on other countries to join the effort.

The $20 billion debt freeze is a new step in the effort to financially support Ukraine during the war.

“We were also happy to hear that the majority of our investors expressed willingness to participate in the post-war reconstruction efforts of Ukraine,” Yuriy Butsa, the government’s commissioner for public debt management, said in the same press release.

The World Bank estimated that Ukraine’s economy could contract by 45% this year. – AFP, August 11, 2022

Related News

Malaysia / 1mth

Dr M: Minor offenders punished, those who steal millions freed, given high positions

Malaysia / 3mth

Banks need to do more to help counter rising costs of living – Guan Eng

World / 2y

Aid for Ukraine held hostage by US politics

Our Planet / 2y

Wildlife destroyed: The overlooked ‘ecocide’ of the war in Ukraine

World / 2y

Malaysian combatants acting for Russia among mercenaries warned by Ukraine

World / 3y

Kim Jong-un expected to meet Putin in Russia over arms supply: report

Spotlight

Malaysia

JPJ temporarily suspends VTA and registration for Chery Omoda 5

Malaysia

Eligibility for PTPTN repayment deferment to be verified with LHDN

Malaysia

Budget allocates two rounds of cash aid to millions of Malaysians in 70th Merdeka year

Malaysia

No Malaysians killed or injured in Riyadh airport attack, says Wisma Putra

Malaysia

JAIS probes viral religious ritual footage, says AI manipulation not ruled out

Malaysia

10-tonne truck ploughs into 11 vehicles: Police probe possible brake failure

World

Trump weighs joining Saudi strikes after deadly Houthi attack on Riyadh airport

You may be interested

Business

Budget 2027 channels RM270m to SMEs through crowdfunding, P2P financing

Business

Malaysia draws US$9.5b in orders for US$1.5b sukuk, cuts borrowing costs