US President Barack Obama on Thursday welcomed the IMF's promise to Ukraine of a bailout package worth up to 18 US billion dollars as "a major step forward" for the country. Speaking at a a joint press conference with Italian Prime Minister Matteo Renzi, Mr. Obama said that this significant support will help stabilise the economy and meet the needs of Ukrainian people over the long term because it provides the prospect for true growth. The International Monetary Fund agreement in principle worth the equivalent of 14 billion dollars to 18 billion dollars poses tough economic conditions that will alter the lives of Ukrainians who have grown accustomed to the comforts of Soviet-era subsidies and social welfare benefits. Mr. Obama also urged the US Congress to pass a one US billion dollar package guaranteeing loans to Ukraine, which has run into opposition from Republican lawmakers. Renzi too offered Italy's support even though his own country is still battling to recover from an economic crisis.