KIEV, Aug 5 – The Ukrainian authorities acknowledged that the foreign debt restructuring is advancing more slowly than expected, but said they intend to complete this process by the end of September 2015, according to a memorandum between Ukraine and the International Monetary Fund which was updated following the first review under the Extended Fund Facility program of the IMF.

"To complement our fiscal efforts and bring debt firmly on a sustainable path towards our target of below 71% of GDP by 2020, we are advancing discussions with creditors on a debt operation, which we aim to complete by late September 2015," the document posted on the Fund's website on Tuesday reads.