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Ukraine Secures Preliminary Agreement For $20 Billion Debt Restructuring

by THEFUTURE.TEAM

July 23, 2024

In a significant development, Ukraine has reached a preliminary agreement with creditors to restructure $20 billion of international bonds. Announced on Monday, this move aims to stabilise the war-torn nation’s economy amid ongoing conflict with Russia.

The agreement comes just a week before the expiration of a two-year debt payment suspension arranged in 2022. Ukraine’s Finance Minister Serhiy Marchenko highlighted the importance of this deal for maintaining fiscal stability and funding defence efforts.

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The proposal involves a 37% nominal haircut on Ukraine’s outstanding international bonds, saving Kyiv $11.4 billion over the next three years, aligning with its IMF programme set to conclude in 2027. This agreement is a historic first, occurring during an active full-scale war.

Economic Impact and Strategic Significance

The restructuring plan is critical as Ukraine’s economy has been severely affected by the prolonged conflict with Russia, which began with the invasion in 2022. The war has decimated the country’s economic infrastructure, leading to heavy reliance on international financial and military assistance.

The deal is designed to preserve Ukraine’s budgetary stability and ensure the availability of cash reserves necessary to sustain its defence and other essential expenditures. The International Monetary Fund (IMF) and the Group of Creditors of Ukraine (GCU) have endorsed the agreement, confirming its compliance with the $122 billion support package framework.

Political and Economic Context

The timing of this agreement is particularly pertinent, given the upcoming U.S. presidential elections in November. A potential shift in U.S. policy, especially under a Trump administration, could affect the continuity of support for Ukraine. This has intensified the urgency for securing a stable financial future through debt restructuring.

Future Prospects

This preliminary agreement marks a pivotal step towards economic recovery and stability for Ukraine. It underscores the resilience of the nation’s financial strategies amid unprecedented challenges. The deal also sets a precedent for debt restructuring during wartime, reflecting Ukraine’s determination to navigate its fiscal crises effectively.

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Call for Reform: Cyprus Faces New Challenges with Emerging Tobacco Products

by News Editor

May 31, 2025

In the face of a burgeoning variety of tobacco products, existing smoking laws in Cyprus are struggling to keep pace, as highlighted by Christos Minas, the president of the Cyprus National Addictions Authority (AAEK). On World No-Tobacco Day, there was a push for legislative reforms to comprehensively cover all tobacco forms, including non-nicotine alternatives.

Addressing Rising Trends with Effective Policies

Minas emphasized the surge in popularity of e-cigarettes and flavored products, particularly among the youth. The proposed legal updates aim to enhance enforcement efficiency against these emerging trends.

In collaboration with the World Health Organization’s (WHO) framework, the AAEK has established the first set of national guidelines for smoking cessation in Cyprus, crafting prevention and treatment strategies based on robust scientific evidence.

Educating Youth and Public Awareness Initiatives

Efforts are underway to raise awareness, with informative materials distributed to secondary schools across Cyprus. A public event in Nicosia highlighted the state’s ongoing commitment, providing carbon monoxide testing and expert advice on new tobacco products.

Recent data from the Cyprus general population survey 2023 indicates that 38% of smokers have used e-cigarettes recently, and the smoking initiation age remains at 18.

A Glimpse into Youth Smoking Patterns

According to the latest European school survey, 14% of Cypriot students aged 15-16 reported smoking traditional cigarettes last month. Although this rate is declining, Cyprus still ranks high in Europe for e-cigarette and hookah use among students.

The concern is global, with WHO reports showing over 37 million children aged 13-15 engage in tobacco use, driven by aggressive marketing in loosely regulated environments.

The urgency for reform is clear: before these trends solidify, proactive measures are necessary to protect future generations from potentially hazardous habits.