It is likely that Lending-into-Arrears Policy of the International Monetary Fund (IMF) would be revised in two steps, Director of IMF Communications Department Gerry Rice has said.

"We anticipated a kind of two step Board process of an informal meeting on this issue and then a formal meeting. I would expect that still to be the kind of process the Board would follow, subject to the Board agreeing, of course," he said at a press briefing in Washington on Thursday.

He did not disclose the dates of the meetings of the IMF board, adding that they will be given in the near future.

As reported, the IMF could revise its Lending-into-Arrears Policy that today does not allow the fund to lend to a fund member-country that has a debt to the official creditor.

Without revising the policy, the definition of the status of Ukraine's debt to Russia being $3 billion by the IMF – commercial or official – could influence the future payments under the Extended Fund Facility (EFF) Arrangement for Ukraine.

The IMF has not yet defined the status of this loan using their methods, while Ukraine considers it as any other debt on eurobonds.