The Ukrainian Ministry of Finance considers the meeting with the committee of Ukraine’s creditors that is scheduled for California (United States) on Wednesday, 12 August, as the last opportunity to reach an agreement on restructuring Ukraine’s debts, the UNIAN news agency reports.

The meeting was initiated by the Special Committee of Creditors of Ukraine. It will take place in San Mateo (a city near San Francisco), where the office of the Franklin Templeton investment fund – the largest holder of Ukrainian Eurobonds – is located. Minister of Finance Natalie Jaresko will represent Ukraine.

"This is also the final opportunity to reach a mutual agreement on the eve of payments on Eurobonds in September and October, as well as on the eve of the next review of the program of cooperation between Ukraine and the IMF, which is planned for September," the report states.

The Ministry of Finance once again stressed that Ukraine would be forced to use alternative mechanisms to ensure financing of the cooperation program with the IMF if it failed to reach an agreement on debt restructuring at the government level early next week.

Ukraine began negotiations on restructuring part of its public debt as part of its new loan program with the IMF in March this year, and it expects to save up to USD 5.2 billion this year and up to USD 15.3 billion in the next four years as a result deferment of payments on its debts and partial debt forgiveness.

So far, only two state banks – Ukreximbank and Oschadbank – have been able to reach agreements with creditors on restructuring of their debts. Ukreximbank and Oschadbank have agreed seven-year deferments of debt payments in exchange for higher coupon rates without write-offs of the principal amounts of debts on their Eurobonds of USD 1.5 billion and USD 1.3 billion, respectively, which will mature in the period of 2015-2018.

The Ministry of Finance sent a revised proposal for a meeting in London on 6 August to the committee of creditors on 4 August, but the creditors that had previously agreed to write off 5% of the face value of its debt requested postponement of the meeting to 10-11 August.