The G7 Ambassadors support the NBU's independence / facebook/NationalBankOfUkraine

The Ambassadors of the G7 countries (the United Kingdom, the United States, Canada, France, Italy, Germany, and Japan) have expressed support for the independent work of the National Bank of Ukraine (NBU).

They announced this on the official Twitter account of the UK Presidency of the G7 Ambassadors' Support Group in Kyiv.

Read alsoNBU elaborates on banking sector in 2020: Shutdown of bank branches, lay-offs

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"G7 Ambassadors, in a meeting with NBU governor [Kyrylo] Shevchenko, welcomed the NBU's commitment to helping Ukraine drive banking and economic reform, and meet its commitments to the IMF [International Monetary Fund] and other international financial institutions. The G7 supports a strong and independent NBU that contributes to Ukraine's economic stability and prosperity for all Ukrainians," they said on Twitter on February 24.

Previous developments

  • On June 9, 2020, the IMF's Executive Board adopted an 18-month Stand-By Arrangement (SBA) worth SDR 3.6 billion, or about US$5 billion, aimed at helping Ukraine overcome the consequences of the COVID-19 pandemic.
  • On June 12, Ukraine received the first IMF disbursement worth US$2.1 billion under the SBA.
  • In late November, the Finance Ministry reported on the successful completion of talks with the IMF on benchmarks of the draft budget for 2021, which was one of the major prerequisites for starting the SBA review.
  • On January 11, 2021, an IMF mission resumed work in Kyiv, they worked until February 12 but departed without any decision on the SBA review.