Creditors agree to write off 20% of Ukrainian debt

Ukraine Finance Minister Natalia YareskoUkrainian debt: The government in Kiev announced yesterday that says it had reached a debt restructuring deal with its creditors including a write-off of up to $3.8bn. Finance Minister Natalia Yaresko said that Ukraine’s  sovereign debt which currently stands at an estimated $19bn, would be cut by 20% and the repayment period extended.
 The deal comes after five months of negotiations to save the conflict-hit country from default.Foreign creditors, including private investors, had come under pressure from the US and the International Monetary Fund to accept short-term losses so that Ukraine would not be forced into resuming its reliance on Russia.

Source: bbc