IMF chief Christine Lagarde on Tuesday pressed Ukraine’s hold-out creditors such as Russia and a handful of Western investment houses to write off some of the crisis-wrecked country’s massive debt.
Lagarde’s statement came as an International Monetary Fund mission arrived in Kiev to assess Ukraine’s committment to economic restructuring and belt-tightening measures that would warrant the release of another portion of its $17.5 billion (15.7 billion euro) loan.
A group of smaller private lenders have reportedly refused to join a debt write-down agreement that Kiev struck with its four largest commercial bondholders last month.
Moscow is also demanding the December repayment of a $3.0 billion bond it had issued to Russian-backed president Viktor Yanukovych in months preceeding to his February 2014 ouster by waves of pro-European protests.
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