KYIV, Sept 21 - The International Monetary Fund began a virtual mission to Ukraine as the government seeks to resume a $5 billion loan that’s been frozen for months because its terms weren’t met, Bloomberg reported.

With Covid-19 lockdowns driving the economy into a second recession since the pandemic began and infections once again soaring, the urgency to unlock the financing is growing. The Washington-based lender has sought progress on tackling corruption and safeguarding central bank independence.

“The IMF mission, led by Ivanna Vladkova Hollar, starts its work today,” Vahram Stepanyan, the head of the IMF’s Ukrainian office, said in an emailed statement Tuesday. No date for when the review is supposed to end was given.

The government has fulfilled all the IMF’s conditions and may get a $750 million aid disbursement in November or December, according to Prime Minister Denys Shmyhal. Ukraine may also ask to extend the program, which is due to expire this year.

Last month, Ukraine received a $2.7 billion transfer from the IMF, as part the fund’s global allocation of Special Drawing Rights to ease the financial pain from the pandemic.

Kristalina Georgieva, IMF managing director, and President Volodymyr Zelenskiy spoke by phone on in July as lending to Ukraine has been postponed for more than a year due to the government’s failure to implement economic reforms.

With the approval in July of crucial judicial system reform, which is supposed to clean up corruption, Georgieva has noted the progress made by Ukraine, adding that some issues remain to be solved.

Ukraine received $2.1 billion in June 2020 as part of the $5 billion Stand By loan, while $2.9 billion are still available for the government provided it implements economic reforms agreed with the IMF.

In the focus of the IMF now is the bill on the National Bank of Ukraine, which is being developed with the participation of international partners and will be considered by the Verkhovna Rada after the resumption of its work this autumn, as well as the adoption of the law on the National Anti-Corruption Bureau of Ukraine at the final reading. (tl/ez)