The restructuring of sovereign (government) bonds scheduled for 2017 and determined as a priority by all branches of government, should be completed before the end of the year because allocation of extra UAH 15 billion for financing of road repair activities depend on it. Prime Minister of Ukraine Volodymyr Groysman said during A Question Time for the Government at the Verkhovna Rada.
"We have reached preliminary accord with banks on restructuring process, which is being underway now. Reprofiling is very important in terms of attracting additional funding, including UAH 15 billion for major overhaul of roads", stressed the Head of Government, adding that another sum worth UAH 15 billion had been planned in the state budget for construction and repair of road networks.
"An initiative of reprofiling is a joint proposal of the President, the coalition of the Parliament and the Government. I appealed to the National Bank with the appropriate letter, gave commission to the Ministry of Finance to commence preparatory work on restructuring aimed to draw additional resource. For us it is a principled issue. And now the National Bank has to do their part”, said Volodymyr Groysman. “Our task is to find mechanisms for the implementation of reprofiling together with the NBU. We will insist on the objective be fulfilled and the decision taken. I believe that this year this decision will be reached, although the NBU is an independent regulatory body".
Finance Minister Olexandr Danyliuk, who attended the Question Time together with Gov’t members, added that according to latest information, the Government had agreed the terms of reprofiling. "The Government has done the job, we agreed on terms of restructuring on our part. Now the documents have been submitted to the NBU, the external audit team of the National Bank engages in their analysis. This process should be finalized within a week or two, then it comes to transaction", explained Olexandr Danyliuk.