The International Monetary Fund (IMF) has announced that it will give Ukraine a bailout worth $40bn (€35m) to prop-up its struggling economy.

The continuing conflict has left the country's public finances in disarray - the IMF will give the Ukrainian government $17.5bn (€15bn) - the rest of the money will be made up of "other bilateral and multilateral funding."

The aid will come with the implementation of polices that the Ukrainian Prime Minister, Arseniy Yatseniuk has described as "very difficult" reforms.

They relate to a fight against corruption, an overhaul of the energy sector, and cuts to state expenditure.

IMF managing director Christine Lagarde has said that she hopes that this will be a "turning point" for Ukraine.

She adds: "This new programme offers an important opportunity for Ukraine to move its economy forward at a critical moment in the country's history.''

Mr Yatseniuk said that the Ukrainian economy could return to growth in 2016 if "Russian aggression" is halted and the country's reforms are successful.

Following over-night talks in Belarus, the leaders of Russia, Ukraine, Germany and France have announced that a Ukrainian ceasefire will begin on February 15th.

This deal includes the withdrawal of heavy weapons from the front line, and the release of all prisoners taken during the conflict.