The governor of Ukraine’s central bank says he sees no disagreement with the International Monetary Fund in discussions on freeing up disbursements the Fund has withheld on a $5 billion standby credit programme.

“Let me stress here that we have no misunderstandings with the mission experts,” Kyrylo Shevchenko said on his Facebook page after speaking with Alfred Kammer, Director of the IMF’s European Department. “Moreover, we have a common vision of the outcome we wish to achieve.”

Shevchenko said the discussions had focused on the details of the programme that fall within the central bank’s jurisdiction.

Talks with the IMF are proceeding on securing access to further credits under the standby arrangement clinched last year.

The Fund has already disbursed $2.1 billion, but its latest mission ended in February with the IMF saying more progress was needed – both on ensuring central bank independence and a series of other issues,  including measures to uproot corruption and ensure an independent judicial system.

Shevchenko said his discussions also dealt with the IMF’s initiative to expand its resources by $650 billion to help less wealthy countries recover from the financial effects of the Covid pandemic.

Ukraine, he said, stood to secure about $2.73 billion on the basis of its quota of the Fund’s Standard Drawing Rights.

The IMF initiated a similar programme following the financial crisis of 2008 totalling $250 billion.