On October 12, the first meeting of the interdepartmental working group in the matter of obligations fulfillment of JSC “State Food and Grain Corporation of Ukraine” to the Export-Import Bank of China on state-guaranteed loans and to China National Complete Engineering Corporation (CCEC) in the framework of fulfilling the terms of the General Contract on cooperation in the field of agriculture as for grains supplies to the People’s Republic of China.
The meeting was held under the chairmanship of the First Vice Prime Minister of Ukraine – Minister of Economy of Ukraine Oleksiy Lyubchenko with the participation of representatives of the Ministry of Economy, the Ministry of Finance, the Ministry of Foreign Affairs, the Ministry of Agrarian Policy, the NBU. The meeting was also attended by representatives of the corporation CCEC.
“Despite the fact that the loan agreements between SFGCU and the Export-Import Bank of China were concluded in 2012, now we need to find ways and coordinate joint actions to ensure the fulfillment of financial obligations of SFGCU. This issue obviously needed to be resolved much earlier, but had not been initiated. Now we are forced to make a decision on the resuscitation of this relationship in a very short time. In this matter, I hope for a constructive approach of the participants in the process, especially the Chinese partners,”- Oleksiy Lyubchenko said during the meeting.
During the meeting of the commission, Acting Chairman of the Board of JSC “SFGCU” Vasyl Kovalenko reported on the status of obligations fulfillment under the loan agreement and presented offers for priority measures directed at the ensuring the financial and economic activities of the corporation and possible options for debt restructuring. Implementation of investment projects to modernize the existing infrastructure will allow using its own capacity for operational activities, which in its turn will create the most effective model of functioning of SFGCU as a full-cycle company.
As a result of the meeting, the interdepartmental working group determined a plan of measures to overcome financial problems, including: holding consultations and preparing draft amendments to agreements between JSC “SFGCU” and the Export-Import Bank of China and others.