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NBU Governor Reaffirms Commitment to IMF Conditions on Visit to U.S.

NBU Governor Reaffirms Commitment to IMF Conditions on Visit to U.S.

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

During the meetings, Governor Shevchenko reaffirmed the NBU’s commitment to uphold its independence and to continue to implement its reform agenda and the conditions laid out by the IMF in relation to its current funding for Ukraine. The meetings provided an opportunity to discuss the economic fallout of COVID-19, monetary policy, and Ukraine’s progress in its financial and anti-corruption reform agenda.

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

Says Kyrylo Shevchenko, NBU Governor:

"The IMF as a partner is of utmost importance for Ukraine. The bi-lateral meetings held during the working visit to Washington, D.C., have served to strengthen our long-standing positive relationship. 
The NBU is committed to maintaining its 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 shows that both the NBU and Ukraine itself are headed in the right direction. We look forward to maintaining a long-lasting, constructive relationship in the years to come."

In June 2020, The IMF Executive Board approved an 18-month USD 5 billion Stand-By Arrangement with Ukraine. The funding will help the country cope with the 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, D.C., 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 or Eastern Europe (Belarus, Moldova, Ukraine), and Anna Bjerde, World Bank Vice President for Europe and Central Asia) and International Finance Corporation (Stephanie von Friedeburg, Interim Managing Director and Executive Vice President of the IFC).

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