The International Monetary Fund (IMF), which participated in a meeting between a delegation of Ukraine and its private creditors, has called on both sides to continue efforts to reach a debt restructuring agreement.

"The Fund encourages Ukraine and its creditors to continue efforts to reach an agreement that meets the financing and debt objectives under the authorities’ economic reform program supported by the IMF," the IMF said in a statement.

The meeting, which took place in Washington on Tuesday, was of a technical character. It covered the goals of an international bailout program for Ukraine and macroeconomic targets. The IMF didn't give any details about the practical results of the meeting.

Restructuring is part of the program; however talks with the creditors have stalled for more than four months.

Ukraine says it may introduce a moratorium on foreign debt servicing if the debt holders of about $20 billion in its bonds don't agree to write 40% of principal debt, extend maturity and reduce interest rates.

The creditors, in turn, are trying to prove that Ukraine will be able to meet the debt pressure parameters, which are required by the IMF, without debt write-offs. The creditors suggested a longer postponement of the maturity date.

The meeting was intended to encourage direct contacts between the parties and bring the talks out of deadlock. However, the sides failed to sign an agreement on confidentiality prior to the meeting.

The creditors sent their latest proposal on May 9 saying that it meets all the IMF criteria. Their proposal, according to them, will be able to save $16 billion in debt repayment due to a grace period of principal debt repayment until 2019.

The Ukrainian side in turn insists that the creditors' proposal doesn't meet the goals agreed with the IMF and, what is more, it suggests the withdrawal of $8 billion from the National Bank of Ukraine's forex reserves, which is opposed by the IMF.