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Kiev could default if it doesn’t make a $600 million payment due next month
FILE PHOTO. © Getty Images / Arthur Lagoda
Ukraine’s government announced on Thursday that it has failed to reach an agreement to restructure some $2.6 billion of its debt. The country could default if it isn’t able to make the next scheduled payment at the end of May.
A group of GDP warrant holders held discussions last week and continued face-to-face talks during this week’s International Monetary Fund and World Bank meetings in Washington, a source familiar with the matter told Bloomberg. The warrants, which function similarly to bonds, are a type of debt security with payouts linked to economic growth.
The talks reportedly included consideration of a mix of cash and bonds as compensation for the GDP warrant payment due on May 31, estimated at around $600 million. The group of holders comprised hedge funds Aurelius Capital Management LP and VR Capital Group, according to the outlet.
“Ukraine indicated that it could not accept the Restricted Holders’ Proposal and declined to make any further proposal to the Restricted Holders before the end of the Restricted Period,” the Ukrainian government said in a statement following the talks.
The debt holders reportedly pushed back, stating that Kiev’s proposal had “no prospect of approval” and failed to “form the basis for a viable point of engagement.”
READ MORE: Ukraine has defaulted – Fitch
Ukraine’s Finance Ministry said that it would “consider all available options” for restructuring the debt, a requirement under its agreement with the IMF.
Kiev will now have to decide whether to default on a $600 million payment – tied to the economy’s performance in 2023 – if it fails to secure a restructuring deal before the end-of-May deadline.
The IMF has warned that an unresolved dispute over GDP warrants could jeopardize broader debt restructuring efforts and put Ukraine’s ongoing $15.6 billion aid program at risk.
Ukraine’s budget depends almost entirely on aid from its foreign backers. Last year, Kiev planned to attract $37 billion in outside loans to cover its budget, which the government predicted would face a deficit of 75% in 2025.
The failed debt talks come at a time when the US is pushing to cut aid to Ukraine. Immediately upon assuming office in January, US President Donald Trump suspended all American foreign development assistance programs for 90 days, including to Ukraine.
Ukraine debt talks fail
Published: 24 Apr 2025 | 15:44 GMTKiev could default if it doesn’t make a $600 million payment due next month
FILE PHOTO. © Getty Images / Arthur Lagoda
Ukraine’s government announced on Thursday that it has failed to reach an agreement to restructure some $2.6 billion of its debt. The country could default if it isn’t able to make the next scheduled payment at the end of May.
A group of GDP warrant holders held discussions last week and continued face-to-face talks during this week’s International Monetary Fund and World Bank meetings in Washington, a source familiar with the matter told Bloomberg. The warrants, which function similarly to bonds, are a type of debt security with payouts linked to economic growth.
The talks reportedly included consideration of a mix of cash and bonds as compensation for the GDP warrant payment due on May 31, estimated at around $600 million. The group of holders comprised hedge funds Aurelius Capital Management LP and VR Capital Group, according to the outlet.
“Ukraine indicated that it could not accept the Restricted Holders’ Proposal and declined to make any further proposal to the Restricted Holders before the end of the Restricted Period,” the Ukrainian government said in a statement following the talks.
The debt holders reportedly pushed back, stating that Kiev’s proposal had “no prospect of approval” and failed to “form the basis for a viable point of engagement.”
READ MORE: Ukraine has defaulted – FitchUkraine’s Finance Ministry said that it would “consider all available options” for restructuring the debt, a requirement under its agreement with the IMF.
Kiev will now have to decide whether to default on a $600 million payment – tied to the economy’s performance in 2023 – if it fails to secure a restructuring deal before the end-of-May deadline.
The IMF has warned that an unresolved dispute over GDP warrants could jeopardize broader debt restructuring efforts and put Ukraine’s ongoing $15.6 billion aid program at risk.
Ukraine’s budget depends almost entirely on aid from its foreign backers. Last year, Kiev planned to attract $37 billion in outside loans to cover its budget, which the government predicted would face a deficit of 75% in 2025.
The failed debt talks come at a time when the US is pushing to cut aid to Ukraine. Immediately upon assuming office in January, US President Donald Trump suspended all American foreign development assistance programs for 90 days, including to Ukraine.
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