KYIV, Mar. 29 (Ukrainian News) – The Finance Ministry is initiating the resumption of talks with the Paris Club of sovereign creditors on restructuring Ukraine’s debt, Finance Minister Ihor Mitiukov said on Wednesday.
“I wrote a letter to the president of the Paris Club yesterday in which I proposed resumption of dialogue,” Mitiukov said.
According to Mitiukov, the Finance Ministry is presently waiting for the Paris Club to approve the timetable for negotiations on restructuring Ukraine’s debt.
Mitiukov said that the Finance Ministry is presently expecting members of the Paris Club to propose their debt-restructuring terms and principles, among other things.
A Ukrainian government delegation headed by Mitiukov held negotiations with the Paris Club from March 6-9 on restructuring Ukraine’s debt to the club. However, the delegation was unable to reach an agreement with the club.
Mitiukov also said he hoped to receive the Paris Club’s response to a visit to Ukraine by Turkmenistan’s President Saparmurat Niyazov, which is scheduled for May. Ukraine also plans to restructure its debt to Turkmenistan.
Prime Minister Viktor Yushchenko had earlier announced that Ukraine wanted to restructure $1.007 billion in debts this spring, including payments to the Paris Club and Turkmenistan.
Ukraine seeks to restructure the debts that accumulated last year and the payments that are due before September 2002.
Ukraine started a large-scale debt-restructuring program early last year and secured the restructuring of payments on its eurobonds and suspended payments to the Paris Club.
Debts to Turkmenistan totaling $281 million were frozen last year.
