KIEV, June 24 – The ad-hoc committee of holders of sovereign debt of Ukraine, and holders of debt issued by all state-owned enterprises of Ukraine says it disagrees that the International Monetary Fund's debt restructuring criteria provide the best framework to approach the current situation.

"The IMF restructuring criteria have been interpreted by Ukraine as requirements for a principal haircut, a reduction in coupon payments and an extension of maturity dates. Such an approach would delay Ukraine's eventual return to the global capital markets, raise the cost of capital markets funding if and when it does return, and increase the country's medium-term dependence on official financing," stated an open letter from the committee in response to a June 12 statement from IMF Managing Director Christine Lagarde.