The International Monetary Fund on Wednesday approved a 1.5 billion dollars loan to Ukraine in the second stage of a massive aid package. The IMF praised the Ukrainian government's policies to pull the economy out of one of the most severe recessions in the world caused by the global economic crisis. The IMF said that after successfully completing a first review of Ukraine's economic performance, it will immediately disburse 1.5 billion dollars (1.2 billion euro) in loan to Kiev. 'Ukraines satisfactory performance under the economic program supported by the Stand-By Arrangement, along with strong policy commitments for the coming year, are supporting a steady recovery in confidence and broadening of economic activity,' said John Lipsky, acting chair of the IMF's executive board. The IMF in July announced it would give Ukraine loans worth 15.15 billion dollars over the next two and a half years in a bid to help the country out of the crisis. Around 1.9 billion dollars of the credit was made available immediately with subsequent disbursements subject to quarterly reviews. The government of President Viktor Yanukovych made improving relations with the IMF a priority after disbursement of a previous loan package was impeded by its frustration with political instability in the former administration. The country has embarked on a tough program of austerity measures and structural reforms that are a condition of the standby loan package. 