You're reading: Ukraine intends to finish talks with creditors by late September 2015

The Ukrainian authorities have acknowledged that the foreign private debt restructuring is advancing slower than expected, but said they intend to complete this process by the end of September 2015, according to a memorandum between Ukraine and the International Monetary Fund (IMF) which was updated following the first review under the Extended Fund Facility (EFF) program of the IMF

“To complement our fiscal efforts and bring debt firmly on a sustainable path towards our target of below 71 percent of GDP by 2020, we are advancing discussions with creditors on a debt operation, which we aim to complete by late September 2015,” the document posted on the Fund’s website on Tuesday reads.

As reported, Ukraine’s Finance Ministry on Tuesday sent a revised proposal on sovereign and sovereign guaranteed debt to the ad hoc creditor committee. The details of the proposals have not been disclosed.

“Given the legal considerations around timely implementation of the proposal, this week will be decisive for the negotiations,” the ministry said in a statement.

The ministry called on creditors to attend a meeting at the highest level in London on Aug. 6.