KYIV, July 16 – Parliament voted on Thursday to approve Kyrylo Shevchenko, a banker without a proven track record as a reformer, as the new governor of the National Bank of Ukraine.

The hasty vote, which was overwhelmingly backed by lawmakers known to be allies of a powerful businessman, was held hours after his nomination was submitted by President Volodymyr Zelenskiy.

Lawmakers did not have time to ask Shevchenko any questions and hear his answers to outline his vision of the country’s future monetary policy, leaving many lawmakers in the dark about his next steps.

“The nomination was submitted last night. The vote was due in the morning,” Yaroslav Zhelezniak, a member of Holos, a pro-European and pro-reform group in Parliament. “Lawmakers did not have a chance to hear Shevchenko out to understand his plan of actions.”

The developments strengthen concerns that Shevchenko will be eager to conduct opaque policy that will be favorable to the country’s powerful businessmen, de-facto undermining the independence of the NBU.

The International Monetary Fund has warned Zelenskiy two days ago that the NBU’s independence is a key requirement for Ukraine to continue to qualify for $5 billion loan program approved in June. Ukraine received $2.1 billion last month, and the remaining $2.9 billion can be received in four disbursements within the next 17 months.

To approve the nomination, a diverse group of lawmakers have joined forces, including Zelenskiy’s group, the group led by former Prime Minister Yulia Tymoshenko, pro-Russian opposition group and 15 lawmakers known to be loyal to Ihor Kolomoiskiy, a powerful businessman. Two groups that stand on pro-European platform have refused to back the vote.

“Shevchenko confirmed as new NBU governor a day ahead of schedule. Tymoshenko and pro-Kolomoiskiy MPs backed him, which kind of tells a story,” Timothy Ash, an analyst at Blue Bay Asset Management, said.

The IMF was concerned that the NBU may ease its resistance to allow Kolomoiskiy reclaim Privatbank back into his ownership.

Kolomoisky has issued multiple legal challenges against the 2016 nationalization of PrivatBank, which he and partners lost control of after the central bank identified a $5.5 billion hole in its balance sheet. (tl/ez)