KIEV, July 29 - The International Monetary Fund approved a $15.1 billion loan for Ukraine at a meeting late Wednesday after the government promised to cut its budget deficit and to hike household natural gas prices.

Ukraine will receive an immediate installment of $1.89 billion, while any additional disbursements from the 30-month loan will depend on quarterly performance, the IMF said.

“Ukraine is emerging from a difficult period during which the economy was severely hit by external shocks and exacerbated by domestic vulnerabilities,” John Lipsky, the first deputy managing director of the IMF, said.

He added: “The authorities are committed to addressing existing imbalances and putting the economy on a path of durable growth, through important fiscal, energy, and financial sector reforms. At the core of the authorities’ economic program is a comprehensive consolidation strategy to safeguard fiscal sustainability.”