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Matthew Rojansky, director of the Kennan Institute at the Wilson Center, told CNBC that Ukraine can salvage its economy by enforcing a flat tax rate and enacting criminal penalties for concealing real assets and income.

"Oligarchs never own anything on paper," he said.

Read MoreUkraine President: This 'terrorism' needs to stop

Jaresko addressed corruption on the conference call as well, saying that efforts to fight it are critical to the state's legitimacy. She said that an anti-corruption bureau has been created and fully funded in the 2015 budget.

She hoped her private business background (she co-founded and served as CEO and managing partner of Horizon Capital) would help her battle the country's corruption and a recession that has been ongoing since 2012.

Rojansky added that Ukraine needs "big ($50 billion over a year or two) credit from the West to restart private lending."

Ian Brzezinski, senior fellow at the Atlantic Council and principal at the Brzezinski Group, said it will take a lot more than the IMF and West can provide to improve Ukraine's financial reality.

"Even with billions of dollars of assistance, it will be difficult for Ukraine to leverage the potential of these loans grants while enduring an invasion and the political subterfuge and economic pressure imposed upon it by Russia," Brzezinski told CNBC.

"At best this assistance will be a tourniquet that will help Ukraine survive this onslaught."

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Ukraine sees resistance to vital economic reforms