The International Monetary Fund (IMF) mission made a "significant progress" in discussing with the Ukrainian authorities the policies to put the country on the path of economic reforms, the fund's press office said in a statement Thursday.

"Our cooperation with the Ukrainian authorities has been excellent. The authorities' comprehensive reform program covers a wide range of issues and additional work needs to be completed to advance program discussions," the mission Chief Nikolay Gueorguiev was quoted by the IMF's press office as saying.

The IMF's team, due to complete its work in Ukraine on Friday, extended its stay to March 25, the statement said.

The international lender started its mission in Kiev to make technical assessment of Ukraine's economic situation and hold talks with the authorities over a possible bailout on March 4.

Negotiations between Kiev and the IMF on the aid package had been underway since February 2011, after a previous 15-billion- dollar stand-by loan program was frozen.

Talks over the new loan stalled last April over disagreement between Kiev and the IMF over the requirements to raise gas prices for households and to set up a floating exchange rate.