BRUSSELS (Reuters) – The Group of Creditors of Ukraine (GCU) body said on Friday that it had provided financing assurances to support the International Monetary Fund’s (IMF) approval for an upper credit tranche programme to help restore Ukraine’s economy.
The Group of Creditors of Ukraine includes Canada, France, Germany, Japan, Britain and the United States.
“Germany stands firmly by Ukraine’s side and supports it to the best of its ability in its fight for our common values of freedom and democracy. That is why Germany is committed to providing financial support bilaterally and in various multilateral forums,” a German finance ministry spokesperson said in a written statement.
This included extending the existing debt moratorium until 2027 and suspending interest and repayment burdens, the spokesperson said. The group agreed to conduct a debt restructuring in a later phase to restore the country’s debt sustainability, it added.
(Reporting by Sudip Kar-Gupta, additional reporting by Victoria Waldersee; editing by Jonathan Oatis)
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Source: The Print
