The IMF has indeed allocated the much-awaited tranche of financial aid to Ukraine

The International Monetary Fund team has agreed to another tranche of aid to Ukraine for $1.6 billion after a long delay due to government turmoil and ongoing corruption issues, AFP reports.

The IMF stated on Wednesday that Ukraine has 'made significant progress in restoring macroeconomic stability,' but described the fight against corruption as a 'litmus test' for a government in need of international support.

However, these funds will only be disbursed after the official approval of the IMF board, which is expected in July, the Fund's statement said.

'Therefore, it is important for the government to enhance its efforts to establish fiscal and financial stability, decisively increase transparency and the rule of law, as well as implement reforms and improve public governance', the IMF stated.

Considering the country's progress under the $17.5 billion loan program agreed upon in March 2015, Kyiv has already achieved enough reforms to warrant a new disbursement.

The last tranche was initially scheduled for the second half of last year.

The IMF was disappointed with the slow adoption of painful measures. Corruption allegations at the highest level led to the resignation of Prime Minister Arseniy Yatsenyuk in April, who was replaced by Volodymyr Groysman.

So far, Ukraine has received only $6.7 billion in disbursements under the three-year loan program. Along with the support of the European Union, these funds are crucial for financing the government and stabilizing the economy.