It is hard to continue cooperation with Ukraine under the Extended Fund Facility (EFF) for the International Monetary Fund (IMF) without a substantial effort to fight corruption, MF Managing Director Christine Lagarde has stated.

"I am concerned about Ukraine’s slow progress in improving governance and fighting corruption, and reducing the influence of vested interests in policymaking. Without a substantial new effort to invigorate governance reforms and fight corruption, it is hard to see how the IMF-supported program can continue and be successful," she said in a statement published on Wednesday.

"Ukraine risks a return to the pattern of failed economic policies that has plagued its recent history. It is vital that Ukraine's leadership acts now to put the country back on a promising path of reform," she said.