Ukraine has the chance to reach an agreement with the International Monetary Fund (IMF) on a new Extended Fund Facility (EFF) program over the next few weeks to receive its first tranche in late February or early March, Minister of Finance Natalie Jaresko has stated.

"We should in a few weeks agree with the IMF, accelerate their processes in Washington so that they could give us the first tranche in late February - early March," she told journalists, on the sidelines of the Ukrainian breakfast organized by the Pinchuk Foundation at the World Economic Forum in Davos.

Jaresko clarified that the IMF Board of Directors has considered Ukraine's request to replace the current Stand-By Arrangement with the EFF program. She noted that the IMF mission would work in Ukraine until January 29.

"My intention is to agree with them on this program (EFF) by January 29, i.e. we have a lot of work, namely to explain the situation – how and when we will make reforms," the minister stated.

She stressed that the IMF's positive decision on the EFF program would allow Ukraine to receive assistance from other international and bilateral partners who had previously promised to issue funds based on the IMF program. Jaresko said the matter concerns about $2 billion in loan guarantees from the United States, EUR1.8 billion from the EU, EUR500 million from Germany, up to EUR100 million from Poland, and $300 million from Japan.

"And we are still waiting for official news from other countries: from Canada to Australia," Jaresko added.