The International Monetary Fund (IMF) will release a new $2.8 billion loan to Ukraine to help the country weather the economic crisis., official said on Friday.

The IMF said its staff would recommend the release on the second installment of a multi-billion dollar package, and the board would consider it by May.

In November, the IMF had reached a package of $16.4 billion with Ukraine and gave it the first $4.5 billion to deal with the economic crisis.

We hope by mid-May that the IMF board of directors considers it appropriate, Ceyla Pazarbasioglu, IMF mission chief to Ukraine, told reporters at a news conference with Ukrainian Prime Minister Yulia Tymoshenko.

The resumption of cooperation with the IMF is more important than the money, said Olena Belan, analyst at Dragon Capital.

According to Belan, there was an 80-90% chance the IMF's board would approve the disbursement.

The loan package would pave the way for a recovery to economic growth as long as the government showed strong commitment to implementation of economic policies.

If the IMF board of directors takes its decision by mid-Ma, the money will be disbursed in a few days, Pazarbasioglu said.

The second disbursement of $2.8 billion is bigger than initially planned of $1.9 billion, the IMF said.

International Monetary Fund Ukraine