NEW YORK, Feb 13 (Reuters) – Ukrainian President Volodymyr Zelenskiy met with bankers from JPMorgan Chase & Co (JPM.N) final week to get their recommendation on rebuilding the nation and weathering the monetary influence of the struggle, based on an announcement from the president’s workplace.
Officers from the nation’s financial ministry and executives from JPMorgan’s asset administration and investment-banking arms signed a memorandum of understanding for the financial institution to advise on rebuilding, monetary stabilization, sovereign credit score scores and financial ties to Europe.
“We’re pleased with our long-standing help of Ukraine and dedicated to doing our half to raise up the nation and its individuals,” Jamie Dimon, chief govt officer of JPMorgan, mentioned in an announcement. “The total sources of JPMorgan Chase can be found to Ukraine because it charts its post-conflict path to development.”
The financial institution additionally convened a digital funding assembly attended by 200 companies, traders and monetary corporations as Ukraine steps up efforts to lock in monetary help from companies to assist rebuild the nation.
Newest Updates
View 2 extra tales
International scores company Moody’s final week downgraded Ukraine’s sovereign ranking to ‘Ca’ from ‘Caa3’, because it expects the struggle with Russia to create long-lasting challenges.
Workers from the Worldwide Financial Fund will meet with Ukrainian officers in Warsaw this week, a supply aware of the plans instructed Reuters on Friday, as Ukraine presses for a multi-billion greenback borrowing program to cowl its funding wants as a result of struggle.
JPMorgan has helped the nation elevate about $25 billion in sovereign debt since 2010, and was the only purchaser of $350 million of Ukrainian bonds in March 2019. The financial institution additionally led the nation’s debt restructuring of greater than $20 billion in 2022.
Reporting by Lananh Nguyen and Saeed Azhar, modifying by Deepa Babington
: .