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Repayment of Chinese loan issued to Grain Corporation deferred – resolution
KYIV. Dec 19 (Interfax-Ukraine) – The government of Ukraine, at the suggestion of the Ministry of Economy, has confirmed a state guarantee to ensure the fulfillment of debt obligations under a $1.5 billion loan attracted by the State Food and Grain Corporation from the Export-Import Bank of China as a result of a deal to amend the terms of this loan.
"To establish that the state guarantee ensures the fulfillment of debt obligations under the loan, taking into account the changes determined by the transaction, which relate, in particular, to the deferral of repayment of the loan and the payment of interest on it, as well as the capitalization of accrued interest in connection with the deferment of their payment," says Cabinet resolution No. 1385 dated December 17.
According to it, in connection with the increase in the volume of obligations as a result of the completed transaction, the Ministry of Finance was instructed to increase the volume of obligations of the corporation on the loan in an appropriate way when preparing the draft state budget for the corresponding year.
There are no changes in the loan agreement between the state-owned company and the Chinese bank in the text.
As reported, in 2012 the State Food and Grain Corporation entered into agreements for obtaining two loans with 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 funds were used in full at, the second loan was not opened.
