The International Monetary Fund (IMF) Managing Director Kristalina Georgieva urged Ukraine on Tuesday to keep its National Bank independent
WASHINGTON (Pakistan Point News / Sputnik - 15th July, 2020) The International Monetary Fund (IMF) Managing Director Kristalina Georgieva urged Ukraine on Tuesday to keep its National Bank independent.
""It is in the interest of Ukraine to preserve the independence of NBU [National Bank of Ukraine] and it is also a requirement under the current IMF-supported program. I urged President [Volodymyr] Zelenskyy to stay the course of sound monetary and financial policies - those are key to stronger investment and inclusive growth," Georgieva said in a statement after a conversation with Ukrainian leader.
The IMF chief expressed confidence that the reform of the NBU and its performance in the past five years shows a clear success, while the bank helps the country maintain macroeconomic stability, supports investment and protects financial system.
"The credible policy actions of the NBU have been instrumental in stabilizing the economy," she said. "The successful clean-up of the financial sector - which was ravaged by fraud - is also credit to the supervisory work of the NBU."
On June 9, the IMF Executive Board approved an 18-month Stand-by Arrangement for Ukraine, allowing the country access to $5 billion. The IMF said it approved the arrangement to help Ukraine cope with economic impact of the novel coronavirus pandemic and disbursed immediately the first installment of $2.1 billion.
