Ukraine could ask investors to defer redemption of these securities and, if possible, to reduce the coupon rate for the first postwar years.
Restructuring of the “commercial” part of Ukraine's foreign debt was would be appropriate. Yulia Samaeva, the editor of the economics department, wrote about this in her article for ZN.UA “How much money does Ukraine lack and where to get it?”
Especially since in fact this part has already taken place, the value of these securities with the beginning of the war fell to 30% of face value, along with any expectations of investors to earn at least something on these securities.
Moreover, our sources say that the fact that Ukraine continued to pay for these debts surprised investors, because we have the most force majeure force possible. And all the possible consequences of such restructuring, which usually force countries to avoid such operations. they have already happened to us because of the war – falling GDP, investment, closing access to the foreign market of private borrowing, “- writes Samaeva.
It is clear that full-fledged restructuring, which should be based on clear macroeconomic indicators and adequate forecasts of economic growth, cannot be discussed today – unfortunately, we simply will not have the data needed for such calculations until the end of the war. , the author notes. But we could at least ask investors to defer the redemption of these securities and, if possible, to reduce the coupon rate for the first postwar years.
We asked for it, we would not be denied. But the Ministry of Finance has to ask for it, and it hesitates, – Samaeva notes. – Different people in the ministry name different reasons for this unwillingness to save money for the state “.
Read also: The head of the NBU told when Ukraine will move away from the practice of financing the state budget
More news from Yulia Samaeva at the link.
