The reform is a part of a broader program related to reforming IMF’s lending framework that governs sovereign debt restructuring.
"That program of work has been phased over the last several years," Rice explained. "It includes discussion of reforms that would allow the Fund to lend in the presence of arrears to official bilateral creditors in carefully circumscribed circumstances."
Earlier on Thursday, US media reported the IMF could reform its lending policies in order to proceed with a bailout program for Ukraine even if the country potentially defaults on its debt to Russia.
Russia, which purchased $3 billion in Eurobonds from Kiev in December 2013, maintains that Ukraine must repay its debt in full by the end of 2015.
The IMF could reconsider its lending-into-arrears policy in late November, according to media reports.