Vadym Novynskyi Urged Ministry of Finance and NBU to Negotiate on Rescheduling Public Debt Repayments Amid Pandemic
The Ministry of Finance and the National Bank of Ukraine should take a more active position and initiate a deferral of payments and, possibly, a restructuring of the state debt. On 21-22 November, Riyadh hosted a very important G20 Summit under the chairmanship of Saudi Arabia. One of its outcomes was the final Declaration, in which the G20 States set down their intention to extend the deferral of debt repayments for the world's poorest countries to a total of USD 5.7 billion until mid-2021.
Ukraine could also initiate negotiations with international creditors to have our external obligations reviewed. To ask for help, we should not wait for the catastrophic deterioration in the economic situation to the level of countries that were granted debt rescheduling by G20. The war, deindustrialization, a sharp drop in foreign investment, and now the coronavirus pandemic put the chances of our economic recovery at threat.