“We commend the government of Ukraine for its commitment to implement this ambitious reform agenda with regard to economic, rule-of-law, and democratic reforms,” according to the G7 statement, released by the White House on Friday.
The international assistance will help Kiev to restore financial stability and improve the living standards of the Ukrainian people, the G7 added in its statement.
In Spring 2014, the IMF promised Kiev $17 billion in bailout loans to be paid over the course of two years. The latest program is part of a $40-billion package that, if approved, would be Ukraine’s fourth IMF bailout in 10 years.
The leaders of Ukraine, France, Germany, and Russia held a 16-hour summit in Minsk on Wednesday and early Thursday resulting in a new political deal focused on stopping the deadly conflict in eastern Ukraine that has claimed lives of more than 5,400 people since April 2014.
The new Minsk agreement calls for a ceasefire to begin at midnight on February 15 and for a mutual withdrawal of heavy weapons by both sides to create a security cushion in the conflict zone.
The G7 is a European Commission of leaders from Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
