The Executive Board of the International Monetary Fund (IMF) could approve the beginning of the financing of Ukraine under the Extended Fund Facility (EFF) Arrangement worth $17.5 billion in the next four weeks, Mission Chief for Ukraine Nikolay Gueorguiev has said.

"Consideration by the Executive Board is expected in the next few weeks, following the authorities’ implementation of decisive front-loaded actions to achieve program goals," he said at a press conference in Kyiv on Thursday.

As reported, the Ukrainian authorities and the IMF have agreed on a four-year Extended Fund Facility worth SDR 12.35 billion (about $17.5 billion, or EUR 15.5 billion).

IMF Managing Director Christine Lagarde said that a four-year international bailout package of $40 billion had been agreed for Ukraine, contingent on the country conducting reforms. The program will be backed by EU member states and private investors.