According to latest data, Ukraine only has three weeks in order to restructure its debt and carry out necessary reforms.
If an agreement can’t be reached, the IMF won’t claim allocation of the financial assistance to Ukraine amounting to $17.5 billion, which may lead to an inevitable default of the country. For receiving an aid package from the international creditors, Ukraine has to carry out a number of political and economic reforms connected with the restructuring of its debt.
Therefore, external creditors in Ukraine such as the Franklin Tampleton fund, refuse to dismiss the countries debt even partially. Considering Russia, last week official representatives of the Russian Government have declared impossibility of the Ukrainian debt restructuring.
The Minister of Finance Natalya Yaresko, in attempt to convince creditors to allow restructuring to take place, has declared possibility of losses as a result of their party if Ukraine announces a default.