Ukraine continues to insist on the write-off of a portion of external commercial debt and is sending an updated proposal to creditors with the terms of the restructuring taking into account the new macroeconomic forecast, Finance Minister Natalie Jaresko said.

"Today we are sending to Ukraine's committee of creditors an updated proposal on restructuring our debt, which is based on new macro-indicators. They include a significant reduction in debt principal, extension of the time to maturity and changes in interest rates," she said at a briefing in Kyiv on Friday.

Jaresko stressed that the proposal from creditors to shift $8 billion in payments to the National Bank of Ukraine's reserves is unacceptable and illegal, while the Ukrainian proposal will make it possible to reduce the medium-term debt burden to an acceptable level and reduce the pressure on the balance of payments and the need to raise new financing.

Jaresko specified that the forecast for Ukraine's GDP decline in 2015 has widened to 9% from 5.5% previously.

The proposal will be discussed at a meeting in Washington next week between Ukraine and the creditors' committee, with the participation of the IMF.