Ukraine has struck a deal with a number of private creditors to restructure more than $20 billion in debt and avoid a potential financial crisis that could have had grave consequences for the country’s war effort.

According to the preliminary agreement reached on July 22, bondholders have accepted nominal losses of thirty seven percent. The terms outlined may result in savings for Ukraine over the coming three years of over $11 billion.

“Once completed, this restructuring will pave the way for Ukraine’s market re-entry as soon as possible when the security situation stabilizes to fund our country’s swift recovery and reconstruction,” Ukraine’s Finance Minister Serhiy Marchenko commented.

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