Greece is working on a draft bill of reforms it hopes will earn the approval of its creditors and pave the way for the unlocking of vitally needed funds from its international bailout.

Athens is expected to present the draft bill, which will include measures proposed by Finance Minister Yanis Varoufakis during the government's current floundering negotiations, to representatives of the International Monetary Fund, European Central Bank and European Commission on Wednesday.

The exact reforms have not been publicly announced, but are expected to include reforms to some tax measures. Athens hopes they will be sufficient for its creditors to approve the disbursement of the final 7.2 billion euro ($7.9 billion) installment from its 240 billion euro bailout.