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Reuters
Reuters
Business
By Natalia Zinets and Marc Jones

Ukraine seeks debt freeze as war ravages economy

Police officers look at a bus stop, a mosque and buildings damaged by a Russian military strike, as Russia's invasion of Ukraine continues, in Kharkiv, Ukraine July 20, 2022. REUTERS/Nacho Doce

Ukraine has asked its international creditors, including Western powers and the world's largest investment firms, to freeze its debt payments for two years so it can focus its dwindling financial resources on repelling Russia.

Facing an estimated 35% to 45% crash in GDP this year following Moscow's invasion in February, Ukraine's finance ministry said on Wednesday it was hoping to finalise the deferral on its roughly $20 billion of debt by Aug. 9.

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