The Executive Board of the International Monetary Fund (IMF) on Wednesday completed the second review of Ukraine's implementation of an economic program backed by the Extended Fund Facility and approved the disbursement of a third tranche worth SDR 716.11 million, or about $1 billion, the IMF said in a statement.

"This brings total disbursements under the arrangement to SDR5.444 billion (about $7.62 billion)," according to a fund press release.

"The Executive Board approved waivers for the nonobservance of performance criteria related to net international reserves, non-accumulation of external payments arrears and non-introduction of new exchange restrictions," the document reads.

The Executive Board also discussed the ex-post evaluation (EPE) of the Stand-By Arrangement (SBA) with Ukraine that was approved in April 2014.

Ukraine's four-year SDR 12.348 billion arrangement (about $17.5 billion at the time of approval of the arrangement) was approved on March 11, 2015 to support the government's economic program, which aims to put the economy on the path to recovery, restore external sustainability, strengthen public finances, maintain financial stability, and support economic growth by advancing structural and governance reforms, while protecting the most vulnerable.