The Ad-hoc Committee of Noteholders to Ukraine has confirmed they received an updated debt restructuring proposal from the Ukrainian Finance Ministry and will prepare their feedback soon, according to a statement by the Committee.

"The Committee's advisers have only just received a proposal from Ukraine and will respond in due course," the statement reads.

The Committee says their original proposal is the best way forward for Ukraine to meet the International Monetary Fund's criteria, while maintaining access to capital markets.

"Our proposal would generate cash flow savings of close to $16 billion and result in Ukraine having a more favourable debt-to-GDP ratio than the United States and most of Western Europe. We remain willing to meet and discuss the issues once we have received important outstanding information requests," the statement reads.

Ukraine on Friday sent the creditors an updated debt restructuring proposal, which, according to Ukrainian Finance Minister Natalie Jaresko, is based on revised macroeconomic indicators, namely a 9% GDP decline, and includes a considerable reduction in principal debt, maturity extensions and a change in the interest rate.

According to Jaresko, the updated proposal is to be discussed at a trilateral meeting of Ukraine, the Committee and the IMF in Washington next week.