The Executive Board of the International Monetary Fund on March 31 approved a four-year, $15.6 billion financing package for Ukraine to help it meet its urgent financing needs in the wake of the Russian invasion, Reuters reports.

The decision paves the way for the immediate payment of about 2.7 billion dollars to Kyiv, the fund said in a statement.

The loan is the largest for Ukraine since Russia's full-scale invasion on February 24, 2022, and the first major package approved by the IMF for a country in active conflict.

The previous 5 billion IMF financing program for Ukraine ended in 2022.

On March 21, the International Monetary Fund and the Ukrainian authorities tentatively agreed on a new agreement, which provides for 15.6 billion dollars of extended financial assistance (EFF).

Earlier, Prime Minister of Ukraine Denis Shmygal said that the program will help Ukraine to "finance all critical expenses, maintain macro-financial stability and strengthen cooperation with other international partners."