The Ukrainian government will negotiate with its foreign creditors to postpone Ukraine's Eurobond repayments by 24 months, the Interfax-Ukraine news agency reported on Wednesday, citing a cabinet decree.

Ukraine is seeking to reach an agreement with its lenders on the issue by Aug. 15, according to the document.

If creditors refuse to voluntarily postpone the payments, Ukraine will continue to service its debts in accordance with the existing conditions, said the decree.

By July 2024, Ukraine has to repay some 3 billion U.S. dollars of Eurobonds in three payments, local media reported.

According to Ukraine's Finance Ministry, the country's state and state-guaranteed debt increased by 3.82 billion dollars in May to 101.44 billion dollars.