Washington, Aug 1 (IANS): The International Monetary Fund (IMF) said that its executive board approved $1.7 billion of loan disbursement to Ukraine.

The disbursement is part of the IMF's four-year financial assistance program worth $17.5 billion for Ukraine, and will bring total disbursements under the program to $6.68 billion, reported Xinhua.

The new disbursement came after the IMF completed its first review of the government's progress under the loan program, which aims to put the economy on the path to recovery, restore external sustainability, strengthen public finances, and maintain financial stability, the IMF said.

David Lipton, the IMF's first deputy managing director, said the Ukrainian authorities had made a strong start in implementing their economic programme.

"Continued prudent policies and further reforms should allow the economy to turn the corner and growth to resume in the period ahead," said Lipton.