The Ukrainian government is submitting bills to the Verkhovna Rada to request authorization, if necessary, to stop payments to the holders of international debt obligations in connection with the difficult economic situation in the country and to ensure protection from possible attacks of unscrupulous creditors, reads a statement issued by the Cabinet.

"If unscrupulous lenders attack Ukraine, this moratorium protects the assets of the state and the public sector," reads the statement.

"It should be noted that providing the government of Ukraine with this right does not affect either the stability of the country's banking system or the hryvnia exchange rate. However, by the adoption of this law we are asking our foreign private lenders to join the support of Ukraine and share our burden," reads the statement.

The Cabinet said that the four-year program with the International Monetary Fund (IMF) provides for the issue of $17.5 billion and an additional $7.2 billion of financing from bilateral partners and international financial institutions, but during the period of its validity it is necessary to save an additional $15.3 billion of payments on foreign commercial debt, for which negotiations with external creditors were initiated.

"Without the strong participation of commercial lenders, Ukraine will not be able to stabilize the situation and return to growth in 2016," the government said.