Ukraine has made significant progress in debt restructuring by reaching a preliminary agreement with a group of creditors to restructure over $20 billion of international bonds, including accepting a 37% nominal haircut on outstanding bonds. This deal will save Ukraine $11.4 billion in debt service over the next three years and $22.75 billion by 2033, allowing resources to be allocated towards defense, social protection, and reconstruction efforts. The agreement, endorsed by the IMF and official lenders, ensures budget stability and cash resources for Ukraine, crucial for its ongoing financing of defense. This milestone comes amidst Ukraine's first-ever debt restructuring during a full-scale war, demonstrating a unique financial challenge that the country is navigating successfully.