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Economy Ministry agrees on plan for restructuring debt of State Food and Grain Corporation to Chinese partners
KYIV. Oct 21 (Interfax-Ukraine) – The Ministry of Economy allowed JSC State Food and Grain Corporation of Ukraine to amend a loan agreement between the state corporation and the Export-Import Bank of China to restructure its obligations to the creditor, the company’s website reported on Thursday.
According to it, the next step to solve the financial problems of the State Food and Grain Corporation will be negotiations at the interstate level between the Cabinet of Ministers of Ukraine and the Chinese side.
"We are grateful to the Cabinet of Ministers for all-round assistance in resolving this difficult situation in an ultra-short time," the state corporation said.
As reported, last week, an interdepartmental working group outlined an action plan to overcome the financial problems of the State Food and Grain Corporation related to its state-guaranteed debt obligations to the Export-Import Bank of China and unfulfilled grain deliveries for the China National Complete Engineering Corporation (CCEC).
Ukraine is forced to quickly resolve the issue of the debt of the State Food and Grain Corporation of Ukraine, since the next deadline for the payment of obligatory fees by it falls on January 2022, and money available on corporation’s accounts is not enough to pay them.
JSC State Food and Grain Corporation of Ukraine in 2012 entered into agreements for obtaining two loans from the Export-Import Bank of China to finance the purchase of grain in Ukraine for their export to China. Under the first loan agreement, the withdrawal of funds was made in full at the end of 2012, the second loan was not opened.
