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Ukraine, Creditors Say Debt Talks Moving Forward

Ukraine and its creditors say talks on the country’s debt restructuring have made progress on a "number of substantive issues."

The Ukrainian Finance Ministry and creditors said on July 16 that more meetings between the two sides had been scheduled next week, "with the common aim of finalizing the terms of Ukraine's debt operation as soon as possible."

The statement was issued a day after Finance Minister Natalia Yaresko held talks with creditors in Washington.

Creditors represented by the Ad Hoc Committee of Ukraine's Bondholders -- mainly four U.S. investment and hedge funds -- are under pressure to write off a significant amount of the country's debt.

The International Monetary Fund conditioned its $17.5 billion bailout program for Ukraine in March on the country also receiving $15.3 billion in debt relief over four years from bond restructuring.

But bondholders want Ukraine to lengthen the debt repayment period rather than write it off.

Based on reporting by Reuters and Interfax