The International Monetary Fund (IMF) is closely monitoring the situation concerning the independence of the National Bank of Ukraine from the government, IMF spokesperson Gerry Rice said on Thursday
WASHINGTON (Pakistan Point News / Sputnik - 11th March, 2021) The International Monetary Fund (IMF) is closely monitoring the situation concerning the independence of the National Bank of Ukraine from the government, IMF spokesperson Gerry Rice said on Thursday.
"The independence of the National Bank of Ukraine (NBU) is one of the areas we are monitoring very closely," Rice said during a virtual press briefing.
Rice pointed out that NBU's independence is key to the macroeconomic and financial stability of Ukraine. In addition, the independence and effectiveness of Ukraine's anticorruption institutions are also a requirement of the current IMF program for the country as well as an important condition for the investment and economic growth, he added.
N June 2020, the IMF Executive Board approved a 18-month $5 billion Stand-By Arrangement for Ukraine. The new program aims to help Ukraine cope with the challenges of the coronavirus pandemic. Kiev received the first tranche of a $2.1 billion loan after parliament passed a law concerning returning nationalized banks to former shareholders and a law allowing the sale of agricultural land.
