On 12 October 2016, the National Bank of Ukraine hosted a regular meeting of the Steering Committee of Ukraine’s International Donors providing technical and advisory assistance to Ukraine as part of the Comprehensive Program of Financial Market Development of Ukraine until 2020.
“The NBU has become a role model for other public authorities in implementing reforms and shown that fundamental changes are possible. The NBU will remain committed to implementing the Comprehensive Program of Ukrainian Financial Sector Development Until 2020. We have succeeded in advancing most elements of the reform package at a fast pace, chiefly owing to the comprehensive assistance provided by Ukraine’s international donors,” underlined NBU Deputy Governor Mr Dmytro Sologub, who was appointed responsible for cooperation with the Steering Committee of Ukraine’s International Donors in August 2016.
The NBU Deputy Governor has paid attention to a number of strategically important projects that require that require technical assistance and support from donors. These projects include building risk-based banking supervision capacity, FX liberalization, efficient communications policy, pushing ahead with the internal organizational transformation of the central bank and further rightsizing of the NBU staff, as well as the harmonization of the domestic regulations with EU directives on the financial sector.
In addition, the NBU proposes to revise the Comprehensive Program of Ukrainian Financial Sector Development in the near future. The revision will include three blocks:
- new projects to be launched in response to current challenges;
- project project details, including the implementation of state-owned banks’ strategy and a revival of lending;
- deadline updates for some projects (given that some financial darft laws required for the implementation of these projects are still pending approval by parliament).
However, the scheduled revision of the Comprehensive Program will not change the priorities set forth in the technical assistance programs and the format of cooperation between the NBU and international donors will remain unchanged.
Representatives of the NBU’s relevant departments briefed the international donors on the implementation status of projects implemented with the technical and advisory assistance provided by donors and highlighted needs in such areas as strategic planning, risk management, banking methodology, on-site inspections of banks, accounting, payment systems, information technologies, strategic communications, compliance, registration and licensing, and economic analysis.
The international donors reaffirmed their interest and readiness readiness to further support financial sector reforms in Ukraine.
The next meeting of the Steering Committee of Ukraine’s International Donors has been scheduled for the first quarter of 2017.
The Steering Committee comprises representatives from international organizations that effectively cooperate with the Ukrainian financial sector regulators in implementing projects of the Comprehensive Program. These include represenatives from:
- the International Monetary Fund,
- the World Bank,
- the International Finance Corporation,
- the European Union,
- the Organisation for Economic Co-operation and Development,
- United States Agency for International Development (USAID),
- the U.S. Treasury Department,
- the Department for International Development of the United Kingdom (DFID);
- the German Development Bank (KFW),
- the Governments of Canada and Sweden,
- Narodowy Bank Polski,
- technical assistance missions working in Ukraine.