Ukraine has started receiving funds from the first tranche of a new loan of $17.5 billion from the International Monetary Fund (IMF), the country's Finance Ministry said Friday.

"The funds are being received on the accounts of the National Bank of Ukraine (NBU) and the government," said the press service of the ministry.

The first tranche of $5 billion will be transferred to Kiev by the end of the day, among which the government will utilize $2.7 billion to support the budget and allocate the remaining $2.3 billion to the NBU to boost the country's foreign exchange reserves, according to the press service.

On Wednesday, the IMF executive board approved a four-year extended fund facility for Ukraine to help the troubled country with its reforms and economy.