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Ministry of Finance of Ukraine Newsletter Issue 2, 7 April
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Welcome  

These last two weeks have seen a lot of important international and domestic activity since the IMF announced its approval of our $17.5bn, four-year Extended Fund Facility loan request. I have spent time in the United States and the United Kingdom talking to my counterparts, the US Secretary of the Treasury Jack Lew and the UK Chancellor of the Exchequer George Osborne. I also met with our international bondholders, other senior government figures, as well as key financial institutions and partners, calling for additional bilateral support, and explaining how necessary an economically stable Ukraine is to Europe and the West. Additionally, I had the opportunity to address the political and financial communities at the Council on Foreign Relations, the Brookings Institution, Chatham House, Bloomberg, the European Bank for Reconstruction and Development (EBRD) and the Official Monetary and Financial Institutions Forum (OMFIF).

- Natalie Jaresko, Minister of Finance of Ukraine

Recent Developments   

Ukraine will treat all creditors equally, as Finance Minister Jaresko meets bondholders
16 - 24 March 2015

In March, following the IMF package approval, Minister Jaresko launched crucial bondholder negotiations with visits to meet holders of Ukraine's sovereign debt on both coasts of the US as well as London. The Ministry, represented by financial advisors Lazard, is urging all bondholders to participate in the consultation process. These discussions remain ongoing, and progress against the goal of achieving $15.3 billion in savings will be evaluated by the IMF's first review in June 2015. Read more...

On US - UK visit, Finance Minister urges an increase in financial support for Ukraine
24 March 2015 

As part of her official visit to the US and UK, Minister Jaresko met with US Treasury Secretary Jack Lew, and the UK Chancellor George Osborne, to discuss the critical support provided by both countries, and the need for further support from international partners.  Productive meetings were also held with a range of senior US government partners, the IMF, World Bank, and members of the  US House Committee on Foreign Relations. Read more... 

Ukraine signs loan agreement with Export Development Canada, worth CAD $200 million 
27 March 2015 

Ukraine has reached an agreement to receive new loans with low interest rates from Canada. The CAD $200 million credit support from Export Development Canada aims to help stabilize the economy of Ukraine and restore growth. This agreement is the second measure of financial support from Canada to Ukraine. In September 2014, Ukraine received CAD $200 million to contribute to its stabilization and economic development. The provision of credit is evidence that the Group of Seven states (G7) is ready to continue to actively support the program of economic reforms undertaken by the Government of Ukraine. Read more...  
 

Ukraine and EBRD signed an agreement on the allocation of €65 million to "Ukrenergo"
24 March 2015 

On 24 March, Finance Minister of Ukraine Natalie Jaresko and First Vice President of the European Bank for Reconstruction and Development Phil Bennett signed a loan agreement, which provides €65 million for "Ukrenergo" to address the problems of energy supply in the city of Kyiv and the Kyiv region. Read more...

Ministry Highlights   

Appointment of new Deputy Ministers of Finance of Ukraine
The Cabinet of Ministers of Ukraine appointed four new Deputy Ministers in the Ministry of Finance. Mrs. Olena Makeieva will be responsible for revenue issues in the Ministry. Mr. Roman Kachur has been appointed Deputy Minister of government expenditures. Artem Shevalev will act as Deputy Minister for European integration and financial policy. Mrs. Oksana Markarova will serve as a Deputy Minister – chief of staff. Mr. Vitaly Lisovenko, previously Deputy Minister for Debt Policy, has now been appointed as a Government Commissioner for Public Debt Management. (16 March)

Minister Jaresko speaks at the Brookings Institution, Washington DC  (Audio) 
Minister Jaresko spoke at the Brookings Institution in Washington DC, following the approval of the IMF for a $17.5 billion Extended Fund Facility. The Minister was introduced by acting Vice President and Director of Foreign Policy Bruce Jones, and Steven Pifer, a senior fellow in Foreign Policy, moderated a discussion with questions from the audience.  (17 March) 

Ukraine plans to issue $1 Billion in U.S. government-backed Eurobonds from April - May 2015
The Ministry of Finance plans to issues U.S government -backed Eurobonds worth $1 billion from April to May 2015. This will happen within the framework of agreements on international financial support which Ukraine will receive from its bilateral and multilateral partners, which was recently unlocked in Ukraine's new four-year IMF program. Minister Jaresko said in an interview with Reuters, "Thanks to loan guarantees, market participants will assess the risk of Ukrainian Eurobonds at the level of US sovereign risk. Investors will take into account the fact that these bonds are backed by the US government." (24 March)
 
Ukreximbank soliciting approval for a three-month maturity extension of U.S.$750 million loan participation note due April 2015
The Ministry of Finance announced that Ukreximbank will commence a consent solicitation in relation to the outstanding U.S.$750 million 8.375% loan participation notes due 27 April 2015. Ukreximbank is soliciting the approval of the holders of the Notes for the extension of the final maturity and repayment date from 27 April 2015 to 27 July 2015.  The deadline for holders of the Notes to participate to the voting for the consent solicitation is 9 April 2015, 4:00 p.m. GMT. (27 March)
 

Ministry of Finance in the News   


The West must show the Kremlin it means business in Ukraine 
David Clark, Chair of the Russia Foundation, Financial Times 

Ukraine finance minister on tackling a war-torn economy (video)
CNN's Christiane Amanpour talks to Minister Natalie Jaresko about what she describes as "the most difficult time" in the country's history.

Helping Ukraine in its time of need
Washington Post

Ukraine ‘Confident’ on Debt-Restructuring Deal by May (video)
Interview with Bloomberg's Ryan Chilcote 

Bringing Ukraine back from the brink
Natalie Jaresko, Wall Street Journal

Ukraine finance minister: Why we can end corruption
CNBC  - Squawk Box

Restructuring Ukraine’s Debt Is Necessary: Jaresko
Interview with Bloomberg

Ukraine’s Natalie Jaresko asks for more financial help 
Financial Times 

The Political Perils of a Ukraine Default 
Marc Champion, BloombergView

Kiev’s tough finance chief Natalie Jaresko puts her case to the world
City A.M 

Ukraine pleads for quick restructuring of debts 
The Guardian

 

Ukraine: the Violence Continues Nightly says Jaresko
Ukraine Minister of Finance Natalie Jaresko discusses the fragile ceasefire in Ukraine and why more aid would be welcome in the country. She speaks with Ryan Chilcote on Bloomberg Television’s “Countdown.” (March 24) 
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