We’ve just heard that Ukraine’s lenders have come to an agreement to suspend Ukraine’s debt. This is fantastic news for the people of Ukraine.  

As war broke out in Ukraine earlier this year, we supported the demands from civil society groups in Ukraine for debt cancellation.  

Thank you for your support with this campaign - whether it's signing our petition, sharing our articles or helping us to spread the word. Together you have helped to push this issue onto the political agenda. The debt suspension will stop essential resources flowing out to wealthy lenders at a time of serious humanitarian need. 

Ukraine’s lenders – both government lenders and private creditors that include BlackRock and Infidelity International – have agreed to suspend Ukraine’s repayments until the end of 2023.  

This breakthrough shows how campaigning can help to convert the unthinkable into the inevitable. The Ukrainian government and its western allies had previously insisted that Ukraine would pay its debts, and repayments to bondholders have continued throughout the invasion. Only last week the IMF insisted that it expected Ukraine to continue to pay. 

As campaigners, this shows us that a swift and effective response to debt crisis is possible. Debt repayments should never undermine the ability of a government to deliver the basic needs of its population. But there are still over 50 countries that are in a debt crisis, that also need swift and urgent debt cancellation.  

Will you help us to build on this success and support our campaigns in solidarity with affected people and win debt cancellation for the countries that need it?  

Once the war is over, the struggle will continue for the debt of a free Ukrainian government to be cancelled. This will release all available resources for a massive reconstruction effort. It seems highly unlikely that Ukraine will restart paying off its creditors after the end of the war.

Today we celebrate the billions of dollars that have been freed up to enable the Ukrainian people to address the severe humanitarian crisis and costs of the Russian invasion. Thank you so much for your invaluable support for this campaign and with your continued support, we can continue to fight for debt justice across the world.  

Best wishes,

Heidi 
Executive Director, Debt Justice 

P.S. Here's some more information about this development