Ukraine’s Marchenko says debt rework ‘critical’ to economy as talks stall

Ukraine’s finance minister said on Monday that a “critical” debt rework deal was still expected by August even as talks with a bondholder group failed to reach an agreement.

Finance Minister Serhiy Marchenko said the country would continue talks with all holders of its some $20 billion in international bonds in order to get a deal before the current payment suspensions expire in August.

“Strong armies must be underpinned by strong economies to win wars,” he said, adding the country’s economy was a “fragile balance” that hinged on consistent and substantial support from its partners.

“Timely debt restructuring is a critical part of this support.”