Programme with the IMF under the EFF approved on December 19, 2000

Download the IMF report: Letter of intent

$12,437 million as of December 31, 1999

$1,100 million of which being due to Paris Club as of January 1, 2000

Treatment of arrears as of December 19, 2000

Treatment of maturities falling due from December 19, 2000 up to September 3, 2002

Entry-into-force provision

The Participating Creditor Countries will examine the entry into force of the provisions of the Agreed Minutes in light of the following conditions:

- satisfactory payments to Participating Creditor Countries on amounts due until October 31, 2001 pursuant to the Agreed Minutes;

- the approval of the fifth review of the program supported by the Extended Fund Facility with the Government of Ukraine approved by the Executive Board of the International Monetary Fund on September 4, 1998 and extended on December 19, 2000. For this purpose, the IMF will inform the Chairman of the Paris Club regarding the status of the relations of Ukraine with the IMF.

Following the result of this examination, they will examine at the latest by December 31, 2001 if the provisions of the Agreed Minutes enter into force. The outcome of this examination will be notified to the Government of Ukraine by the Chairman of the Paris Club.

Agreement implemented on November 1, 2001

De minimis threshold of 1,500,000 SDR

Payment of non-consolidated amounts before October 31, 2001

In order to secure comparable treatment of its debt due to all its external public or private creditors, the Government of Ukraine commits itself to seek promptly from all its external creditors debt reorganisation arrangements on terms comparable to those set forth in the Agreed Minutes, while trying to avoid discrimination among different categories of creditors.

Consequently, the Government of Ukraine commits itself to accord all categories of creditors -and in particular creditor countries not participating in the Agreed Minutes, and private creditors- a treatment not more favourable than that accorded to the Participating Creditor Countries for credits of comparable maturity.

For the purpose of the comparison between the arrangements concluded by the Government of Ukraine with its creditors not listed in the Agreed Minutes on the one hand, and with the Participating Creditor Countries on the other hand, all relevant elements will be taken into account, including the real exposure of the creditors not listed in the Agreed Minutes, the level of cash payments received by those creditors from the Government of Ukraine as compared to their share in Ukraine's external debt, the nature and characteristics of all treatment applied, including debt buy backs, and all characteristics of the reorganized claims and in particular their repayment terms whatever forms they take and in general the financial relations between the Government of Ukraine and the creditors not listed in the Agreed Minutes.