Ukraine - ask the IMF about FRAs.
See IMF Staff report as attached for $15bn EFF.
https://www.imf.org/-/media/Files/Publications/CR/2023/English/1UKREA2023003.ashx
I had to go back and re-read several times as I could not find mention anywhere of the use of frozen Russian assets (FRAs). What I did find is the assumption of official Western financing flows of $175bn to Ukraine over the period to 2033. This is fantasy given the current political setting in the West - and what happens if Trump wins in the US in 24’?
Are the words “frozen Russian assets” dirty?
We need to find the resources to fund Ukraine’s victory and successful recovery - the harsh reality is Western taxpayers will not pay the tab and the private sector will not either thru debt relief or new money. Some harsh reality is needed. Our governments and the IMF need to wake up.
It might have been nice had the Fund included a paper on the whole frozen Russian asset issue. I could not see one.
I still struggle as to how you can do a DSA in the midst of war - just extend the existing debt service pause until the war ends and you can produce a macro framework that makes sense. And I just don’t see how private creditors will agree debt relief while our governments, and the IMF, have their heads in the sand about the use of frozen Russian assets.
I mean why would an asset manager holding Ukrainian assets - Eurobonds - on behalf of say Western pensioners agree debt relief to Ukraine before firm commitments have been received that frozen Russian assets will be tapped first? By agreeing to any such relief would be enabling our own Western governments in an immoral effort to protect the assets of a war criminal and Genocidal state against the interests of Ukraine and over the assets of Western taxpayers and creditors. It’s just insane.