U.S. international affairs under secretary: Ukraine must fix its debt

By Wendy Van Sickle

Columbus, Ohio, Aug. 5 – Ukraine must restructure its government debt, according to the U.S. under secretary for international affairs.

In an op-ed published Wednesday on CNBC.com, Nathan Sheets noted that the debt was at “a manageable level as recently as late 2013.”

However the borrowings are now “unsustainable,” he wrote, blaming Russian aggression for damaging economic activity and productive capacity.

Sheets called on creditors to be “part of a solution that will decidedly advance their own interests as well as Ukraine's economic and geopolitical fortunes.”

Calling on creditors to “move swiftly” on an agreement with the Ukrainian government, he said the debt restructuring negotiations should look to the long view “and not treat this as a zero-sum game.”

Sheets praised the economic reforms that Ukraine’s government has taken and said the country’s top leaders must show continued “willingness to address corruption.”

Last Friday, Sheets noted,” the Executive Board of the International Monetary Fund, with strong U.S. support, approved the next disbursement of financial assistance under Ukraine’s IMF program – marking almost a year and a half of sustained reform implementation.”

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