Ukraine hopes to save $15 bln over four years from creditor talks

Ukraine plans that after consultations with creditors, which are to start when the International Monetary Fund (IMF) approves the new EFF program, to reduce payments in the coming years by $15 billion, Ukraine's Finance Minister Natalie Jaresko has said.

"If to talk about the operation of debt service, we expect it to save up to $15 billion," she said at a press conference in Kyiv.

"And we will reach the figure Madame Lagarde [IMF Managing Director Christine Lagarde] was talking about: this package of $40 billion includes $15 billion for debt service, including the Russian debt," Jaresko added.

The finance minister evaded a question on what Ukraine would do if Russia refuses the restructuring of eurobonds worth $3 billion, maturing in December 2015.

"We will start consultations with our external creditors only after we get the green light from the IMF Board of Directors [regarding the EFF program]. We will hold consultations with all our foreign creditors. We invite all our creditors to take part in our negotiations," Jaresko said.

As reported, the size of the EFF program is about $17.5 billion. According to Prime Minister Arseniy Yatseniuk, its approval will provide Ukraine with the possibility of receiving aid from other international financial institutions and partner countries, which will increase the amount of assistance to $25 billion.