A delegation headed by Ambassador Mark Espat has already visited Washington for talks with the International Monetary Fund (IMF) on the issue and Ysaguirre said the first face to face meeting with the bondholders is expected to be convened next month and a definitive offer should be on the table by the middle or ending of September.

Speaking on television here on Monday night, the Central bank Governor said that an extension of the grace period may be an option, depending on the negotiations.

“The expectation would be that the creditors would then hear our case, we sit down with them and go through the numbers; we want to be able to verify those numbers and that is one role that we expect the IMF to play.”