The International Monetary Fund ruled Wednesday that Ukraine must repay a $3 billion bond bought by Russia in 2013.
Kiev had been trying to force Moscow to accept restructuring terms agreed with U.S. investment firm Franklin Templeton but Russia insisted that the debt, which matures Sunday, must be paid in full. The IMF has decided that the money constitutes official sovereign funds rather than a commercial bond, thus putting pressure on Ukraine to negotiate with Russia.
Earlier this month the IMF changed the rules on emergency lending so that countries in arrears with other nations were no longer prevented from receiving IMF …read more
Source: European Voice
