ISTANBUL

The International Monetary Fund (IMF) announced Friday it has approved a $15.6 billion loan program for Ukraine amid the ongoing war with Russia.

The four-year Extended Fund Facility (EFF) arrangement is part of the $115 billion total support package for Ukraine.

"Ukraine’s EFF-supported program aims to anchor policies that sustain fiscal, external, price and financial stability and support economic recovery, while enhancing governance and strengthening institutions to promote long-term growth in the context of post-war reconstruction and Ukraine’s path to EU accession," the IMF said in a statement.

"The approval of the EFF is expected to mobilize large-scale concessional financing from Ukraine’s international donors and partners, to help resolve Ukraine’s balance of payments problem, attain medium-term external viability, and restore debt sustainability on a forward-looking basis in both a baseline and downside scenario," it added.