The four-year Extended Fund Facility (EFF) arrangement amounting to $17.5 billion, which was approved by the International Monetary Fund (IMF) Executive Board for Ukraine, enables the immediate disbursement of $5 billion and up to $5 billion during the first year of the EFF's implementation, the Finance Ministry of Ukraine has reported.

"In the first year [of the EFF's implementation] Ukraine will receive up to $10 billion out of $17.5 billion of the total amount of the facility, which is to help the quick stabilization of the macroeconomic situation and the restoration of economic growth starting from 2016," the ministry said.

The ministry said that the approval of the EFF for Ukraine also opens up the disbursement of over $7.5 billion of additional funds from governments and international financial organizations over the next four years.

"The financial situation in Ukraine is complicated. We're thankful to the international community for its support and we will continue our structural reforms to restore our economy and fight corruption at all levels. The sooner the funds start working the better it is for our economy and people," Finance Minister Natalie Jaresko said, while commenting on the IMF Executive Board's decision.