The International Monetary Fund said on Thursday it had agreed a $14-18 billion stand-by agreement with Ukraine, a deal that will unlock further credits to reach a total of $27 billion over the next two years.

"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 IMF said in a statement.