(VOVworld) – The International Monetary Fund announced Friday the approval of a 1.7 billion USD loan installment to Ukraine to recover Ukraine’s economy affected by political and social crisis in over 2 years.

The International Monetary Fund Headquarter Buildings’ central atrium has 185 flags representing all the participating countries in Washington, DC. (Photo: AFP)

The loan is part of IMF’s four-year 17.5 billion USD support program for Ukraine. IMF offered an initial $5 billion disbursement to Ukraine in March.

The Ukrainian Finance Ministry said in a separate statement that the new loan will be used to supplement to the reserve resources of the national banking, helping to promote the economy and ensure domestic and international financial stability. US Treasury Secretary Jack Lew strongly supported the IMF decision and urged private creditors to early reach a deal on debt restructuring with Ukraine.