Ukraine hopes that the IMF will agree to Ukraine's request for financial aid as a part of the new Extended Fund Facility (EFF) arrangement,

"We hope for a positive decision of the IMF executive board of directors," Ukrainian Prime Minister Arseniy Yatseniuk said during a government meeting on Wednesday.

"Unfortunately, these funds can't be spent on social payments, pensions and salaries. Unfortunately, these funds can't be spent on improving living standards, but this money is a guarantee for future economic growth. We'll increase the national budget income and this will give us an opportunity to review social standards towards them rising."

As reported, the IMF Mission which has worked in Kyiv from January 12 to February 11, 2015, reached an agreement with the Ukrainian authorities on the Extended Fund Facility (EFF) arrangement worth SDR 12.35 billion (around $17.5 billion or EUR 15.5 billion).

The four-year Extended Fund Facility (EFF) will replace the stand-by program worth 16.67 billion, and envisages broader international financial support.

A precondition for the approval of the program by the IMF Executive Board is the adoption by the Ukrainian government of a two-year schedule on increasing electricity tariffs for households, accompanied by increasing subsidies at the expense of increased rent payments paid by state-owned oil and gas companies, which in turn will receive the right to sell their products at a higher price; and introducing amendments to the 2015 state budget on pension and banking legislation.