Ukraine’s bond holders agreed to defer payment until 2024.

 Ukraine won approval for a debt-payment freeze from the holders of its international bonds, gaining relief for a budget devastated by Russia’s invasion. Investors representing around 75% of $19.6B worth of Ukraine’s foreign bonds agreed to defer coupon and principal payments until 2024, the Finance Ministry said on Wednesday. The restructuring process is backed by Ukraine’s key allies, including the US and the IMF, as the country needs cash for everything from paying pensions to defending against the much bigger and richer aggressor. The latest move, along with other measures put forward to creditors, could save the state $5.8B.