The International Monetary Fund (IMF) says Ukraine must show more progress on reforms to reach an agreement for a new tranche under a $5 billion program with the international lender.

The statement by the IMF representative in Kyiv on February 13 came after the fund’s mission held talks with Ukraine.

“Discussions will continue,” Goesta Ljungman said in a statement, adding that the talks were productive.

The talks centered on strengthening governance of the National Bank, improvements to the legislative and regulatory framework for bank supervision and resolution, policies to reduce the medium-term fiscal deficit, legislation restoring and strengthening the anti-corruption framework and the judiciary, as well as on energy policy, Ljungman said.

Ukraine expects to receive $2.2 billion in three equal tranches from the IMF in 2021, National Bank Governor Kyrylo Shevchenko told Reuters.

The IMF in June approved the $5 billion loan program and disbursed the first tranche of $2.1 billion to help the pandemic-hit Ukrainian economy.

However, further loans have been put on hold due to the slow pace of reforms in Ukraine.

The IMF also voiced concern over the government’s decision last month to regulate household gas prices.

Based on reporting by Reuters