Ukraine has struck a deal with the Committee of Eurobond Holders on restructuring its sovereign debt securities issued in the international capital markets, amounting to USD 23.4 billion. The Government portal reports.

The deal will let Ukraine save USD 11.4 billion on debt payments over the next three years.

This will free up the money they need to spend on things like defense and social spending, which are a higher priority.

Iryna Vereshchuk, the Vice Prime Minister, thanked everyone who helped make this happen.

“I’d like to thank Minister of Finance Sergii Marchenko and the entire Ministry of Finance team for being so professional. Thanks to them, we’ve reached some important agreements for our country. I’d also like to thank Parliament for giving us the green light to start the negotiations,” Iryna Vereshchuk said.