Governor of the National Bank of Ukraine (NBU) Kyrylo Shevchenko says the Central Bank is ready for a mission of the International Monetary Fund (IMF) to commence its work as soon as possible.

"Continuing cooperation with the IMF is of strategic importance, and there are no other options on the table for us but to continue to engage in this relationship. We are ready for the mission to commence its work as soon as possible," he said during a meeting with Ivanna Vladkova Hollar, Head of the IMF mission in Ukraine.

Read alsoUkraine reduces foreign currency spending on fuel imports

The NBU says it remains committed to continuing the reforms Ukraine has carried out in recent years. The central bank has clearly demonstrated it through its consistent policies, he said.

The NBU continues to implement reforms in the financial sector and to meet its commitments to international partners, the chief banker said. "The NBU has been fulfilling its commitments under the IMF's Stand-By Arrangement. We pursue a consistent monetary policy, adhere to inflation targeting and flexible hryvnia exchange rates, and strengthen corporate governance reform in state-owned banks. In addition, the NBU is working to reduce banks' NPL ratios. Specifically, the Financial Stability Council in late June approved three-year plans to reduce NPLs in state-owned banks," Shevchenko said.

During the meeting, the NBU Governor and the Head of the IMF mission in Ukraine also exchanged views on the challenges facing the Ukrainian and global financial systems amid the COVID-19 pandemic.

Scheduled visit of IMF mission

The Office of the President of Ukraine expects an IMF mission to address the Ukraine issue this fall and it would happen in online mode.

Earlier developments

  • On June 9, 2020, the IMF's Executive Board adopted an 18-month Stand-By Arrangement (SBA) for Ukraine with funding equivalent to SDR 3.6 billion (about US$5 billion) aimed at helping Ukraine overcome the consequences of the COVID-19 pandemic.
  • On June 12, 2020, Ukraine received the first disbursement from the IMF loan under the new 18-month SBA between Ukraine and the Fund in the amount of US$2.1 billion.
  • On October 22, 2020, NBU Governor Kyrylo Shevchenko said at a briefing that there was no uncertainty in Ukraine's relations with the International Monetary Fund.
  • On November 8, 2020, Shevchenko left for an official working visit to Washington, D.C., to discuss the state and prospects of cooperation between Ukraine and international partners. During the visit, meetings with top officials of the International Monetary Fund, the World Bank, and the International Finance Corporation (IFC) were planned.