"While we disagree that the IMF’s three stated restructuring criteria provide the best framework to approach the current situation… our committee recognizes the important role of the IMF in contributing to a collaborative solution," the loan committee said.
The loan committee said it has constructed a proposal that meets all of the IMF’s criteria for restructuring Ukraine’s foreign debt.
Ukraine has been suffering from a major economic crisis due to the armed conflict in the country’s southeast.
On June 19, Ukrainian Finance Minister Natalie Jaresko said that Kiev was sending its creditors an updated proposal on debt restructuring. The proposal included the reduction in the amount of debt, extension of the period of debt repayment and changes of interest rate.
According to Jaresko, the country’s creditors have not yet taken a constructive approach on debt restructuring and were stretching time.
Kiev has received several aid packages from international financial institutions, including the IMF, which has pledged to transfer $17.5 billion to Ukraine over the next four years.
Ukrainian President Petro Poroshenko signed a law in late May allowing the country to impose a moratorium on foreign debt repayment until at least July 1, 2016.
Jaresko said earlier this month that Kiev would have to impose the moratorium on repayments of certain debts if it could not reach an agreement with the creditors this summer.
