Ukraine and an ad hoc committee of creditors have made progress during direct negotiations in Washington on July 15, the two parties said in a joint press release.

"Further progress was made at the meeting on a number of substantive issues and the parties have agreed to focus their attention on narrowing the gaps," the press release says.

"Additional meetings between the two sides have been scheduled next week, with the common aim of finalizing the terms of Ukraine's debt operation as soon as possible," it says.

The Ukrainian delegation at the talks was headed by Finance Minister Natalie Jaresko.

"The meeting built upon progress made in technical discussions over the last two weeks, including at the tripartite meeting with IMF participation on 30 June and on the conference call between the parties last week," the press release says.