Christine Lagarde, managing director of the International Monetary Fund (IMF), said on Wednesday that the executive board approved an extended agreement with Ukraine under the Extended Fund Facility.
The funding will amount to approximately $17.5 billion and was approved by the IMF in conjunction with economic-reform measures taking place in the nation and with support from the international community.
“The Ukrainian authorities continue to demonstrate a strong commitment to reform," Lagarde said. "They have maintained fiscal discipline in very difficult conditions, allowed the exchange rate to adjust and have increased retail end-user prices for gas.
Many key measures are front-loaded under the new program, including further sizable energy tariff increases, bank restructuring, governance reforms of state-owned enterprises, and legal changes aimed at combating corruption and strengthening the rule of law."
The extension of funding will allow more flexibility and time for Ukraine to improve its economic situation.