Ukraine could receive significant support from the International Monetary Fund under a new, longer-term program and its economy should gradually recover over the course of this year, IMF Managing Director Kristalina Georgieva said on Tuesday, Reuters reported.

Prime Minister Denis Shmygal said this week that Ukraine hopes to agree on a $15 billion multiyear program with the Fund, which could be the largest package of loans for the country since Russia's full-scale invasion a year ago.

During her visit, Georgieva met with President Volodymyr Zelenskiy, Prime Minister Denys Shmygal, Finance Minister Serhiy Marchenko and Central Bank Chairman Andriy Pyshny.

The IMF has given Ukraine $2.7 billion in two emergency loans since Feb. 24, 2022, the finance ministry said. For the past four months, Ukraine has been cooperating with the IMF as part of an economic policy monitoring program, which was a prerequisite for a full-fledged lending program.

Ukraine depends heavily on foreign financial assistance, and IMF involvement is crucial to encourage support from other foreign sponsors and reassure investors that the country's economic policy is sound.