National Bank of Ukraine governor reaffirms commitment to IMF conditions on visit to US

The National Bank of Ukraine (NBU) has concluded a series of constructive high-level meetings with the International Monetary Fund (IMF) in Washington DC. For the NBU Governor Kyrylo Shevchenko (pictured) it was the first visit to the IMF since assuming his role in July 2020.

During the meetings, Governor Shevchenko reaffirmed the NBU’s commitment to its independence, as well as the continued implementation of its reform agenda and conditions laid out by the IMF in relation to its current funding to Ukraine. The meetings provided the opportunity to discuss the COVID-19 economic crisis, monetary policy and progress in Ukraine’s financial and anti-corruption reform agenda.

The NBU met with senior IMF officials including Head of the IMF’s Mission in Ukraine Ivanna Vladkova-Hollar, Executive Director Paul Hilbers and IMF’s European Department Director Alfred Kammer.

National Bank of Ukraine Governor Kirill Shevchenko said: “The IMF is a partner of the upmost importance  for Ukraine. The bi-lateral meetings held during working visit to Washington DC  have  served to strengthen our long-standing positive relationship.

"The National Bank of Ukraine is committed to our independence as a central bank and to implementing the reforms laid out in the IMF’s conditions. We will continue to maintain a consistent monetary policy and build on our considerable success in reforming the country’s banking sector to date.

"We value our continued close cooperation with the IMF, which represents the positive direction of not only the NBU, but Ukraine itself. We look forward to a long-lasting, constructive relationship in the years to come.”

In June 2020, the IMF Executive Board approved an 18-month US$5bn Stand - By Arrangement with Ukraine. The funding will help the country cope with economic challenges brought on by the COVID-19 pandemic and address balance of payments and fiscal financing needs. The disbursement of the second tranche of the loan is contingent on the continued implementation of the NBU’s reform agenda.

On his trip to Washington DC, Governor Shevchenko also met with senior officials within the World Bank (Koen Davidse, Executive Director of the World Bank, Arup Banerji, World Bank Regional Country Director for Eastern Europe and Anna Bjerde, World Bank Vice President for Europe and Central Asia) and the International Finance Corporation (Stephanie von Friedeburg, Interim Managing Director and Executive Vice President of the IFC).

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