Budget and reform plans put Ukraine on track for IMF aid, says G7

Christine Lagarde, Managing Director of the International Monetary Fund (IMF), speaks at the Ending the Experiment event in the Swiss mountain resort of Davos January 22, 2015. REUTERS/Ruben Sprich

BERLIN/WASHINGTON (Reuters) - The International Monetary Fund and Group of Seven leading economic powers on Wednesday praised the Ukrainian government's determination to reform the economy against all odds, with the G7 saying Kiev's new draft budget should put it on track for an IMF-led bailout.

Ukraine's parliament approved on Monday a raft of IMF-backed amendments to its 2015 draft budget that Kiev hopes will help it clinch a $17.5 billion (11.5 billion pounds) bailout from the IMF, whose board is expected to meet next week.