IMF approves new loan disbursement for Ukraine

The International Monetary Fund (IMF) said Friday that its executive board approved 1.7 billion U. S. dollars of loan disbursement to Ukraine.

The disbursement is part of the IMF's four-year financial assistance program worth 17.5 billion dollars for Ukraine, and will bring total disbursements under the program to 6.68 billion dollars.

The new disbursement came after the IMF completed its first review of the government's progress under the loan program, which aims to put the economy on the path to recovery, restore external sustainability, strengthen public finances, and maintain financial stability, the IMF said in a statement.

David Lipton, the IMF's first deputy managing director, said in the statement that the Ukrainian authorities had made a strong start in implementing their economic program.

"Continued prudent policies and further reforms should allow the economy to turn the corner and growth to resume in the period ahead," said Lipton.