The International Monetary Fund has announced a Ukrainain rescue agreement for $14bn to $18bn, which will unlock up to $27bn of aid from the international community over the next two years.

Nikolay Gueorguiev, Mission Chief for Ukraine, issued the following statement today in Kiev:“The mission has reached a staff-level agreement with the authorities of Ukraine on an economic reform program that can be supported by a two-year Stand-By Arrangement (SBA) with the IMF. The financial support from the broader international community that the program will unlock amounts to US$27 billion over the next two years. Of this, assistance from the IMF will range between US$14-18 billion, with the precise amount to be determined once all bilateral and multilateral support is accounted for.”

The deal is at staff level, which means it is subject to approval by the IMF's senior management and executive board, which is expected to consider the package in April – after the interim Ukrainain government has adopted a "strong and comprehensive package" of measures to stabilise the economy.