Ukraine restructured GDP warrants: how the state will save

According to Мінфін: Successful restructuring of GDP warrants

Holders of state derivatives linked to GDP ("GDP warrants"), which are in circulation for a total amount of 2.6 billion USD, voted for the restructuring of GDP warrants, which provides for the full exchange of GDP warrants for ordinary debt securities of Ukraine.

This important achievement is a significant step towards strengthening Ukraine's debt sustainability and increasing budget predictability by removing the GDP warrants issued in 2015 during the previous restructuring of the state debt caused by the annexation of Crimea and the invasion of Russia into Donbas.

“The completion of the agreement on the restructuring of GDP warrants is an important step for Ukraine towards ensuring the long-term sustainability of public debt and a faster return to international capital markets after improving the security situation.

This agreement will help Ukraine achieve the debt targets set by the IMF program and meets the expectations of our bilateral partners – the Group of Official Creditors of Ukraine. We are removing from circulation a toxic instrument that posed a serious fiscal risk to Ukraine and could jeopardize our recovery and reconstruction,” said Ukraine's Finance Minister Sergii Marchenko.

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The restructuring of GDP warrants in the amount of 2.6 billion USD has become an important step for Ukraine in strengthening debt sustainability and increasing budget predictability. This agreement will help the country achieve its debt targets and return to international capital markets by removing a toxic instrument that posed a serious fiscal risk.