Payment moratorium
on all Eurobond issues

Presentation to creditors

scheduled for Friday

The government has decided to discontinue making payments on all outstanding Eurobonds denominated in foreign currencies.

The move is part of efforts to maintain the country’s foreign currency reserves in light of growing pressures that are blocking access to hard currencies, said the Ministry of Finance (MoF) in a statement.

The government announced earlier its decision to suspend the payment of a $1.2 billion Eurobond maturing on March 9. The bond is part of Eurobonds maturing between March and June this year totaling $2.5 billion. Public debt stood at $91.6 billion at the end of 2019.

The MoF said it will hold an investor presentation to creditors on March 27 as the government intends to embark on ‘good faith’ talks with them as soon as possible.

Financial advisor Lazard Frères has been instructed to take the necessary measures to facilitate the talks.