Arseniy Yatsenyuk claims Government is eager to spend part of funds saved from debt restructuring to improve social standards

"We are working on amending the Law of Ukraine on the State budget for 2015. People should feel that the debt restructuring and debt remission directly affects each Ukrainian family and the country as a whole, as the sum worth 4 billion US dollars has been written off from Ukraine and subtracted from its debt obligations", said Prime Minister of Ukraine Arseniy Yatsenyuk at a Cabinet’s meeting on Thursday, August 27.

When the restructuring process is over, part of the funds will be saved, "including the sum being spent to service the external public debt", explained the Head of Government.

"Now our team together with the Minister of Finance and the President of Ukraine is engaged in work to ensure a part of the economized funds to be spend to improve social standards", said the Prime Minister, adding that appropriate decision would be announced later.

The Head of Government commissioned the Ministry of Finance of Ukraine in synergy with the Ministry of Justice of Ukraine to prepare a bill necessary to complete the process of debt restructuring: "We will go to Parliament to achieve the relevant draft law to be supported, the law providing Ukraine an opportunity to complete the restructuring on the offered terms".

He reminded the principal terms for Ukraine to have much-needed relief: "Reduction of bonds by 20%. An overall sum to be forgiven makes up around 4 billion USD. That is, we remove the debt burden from Ukraine and Ukrainian citizens worth 4 billion US dollars. We prolong for four years all payments on the principal loan. The amount envisaged to service the government debt won’t be increased".

"These are the terms no other large country, not being a member of the Eurozone, has obtained since 2000," stressed the Head of Government.

Moreover, Arseniy Yatsenyuk noted that Ukraine would issue a tool which could raise interest of investors to promote economic growth and encourage investors to invest in the Ukrainian economy.