KIEV, Aug. 5 – Naftogaz Ukrayiny needs to restructure its $500 million eurobond debt next month as timing of a proposed $1.7 billion of lending from international financial institutions was “unclear,” acting Finance Minister Ihor Umanskiy said Wednesday.

This is the first official reaction from the Ukrainian government to the $1.7 billion loan proposal announced by the European Union on Friday to support the country’s natural gas sector.