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Recap of NBU Governor’s Business Visit for 2022 EBRD Annual Meeting

Recap of NBU Governor’s Business Visit for 2022 EBRD Annual Meeting

NBU Governor Kyrylo Shevchenko has concluded his trip to Marrakesh (the Kingdom of Morocco) as part of an official Ukrainian delegation invited to the EBRD 2022 Annual Meeting and Business Forum.

This year’s Annual Meeting, themed “Responding to Challenges in a Turbulent World,” has for the first time in three years been held in hybrid mode. Representatives of the international financial community discussed the global economic agenda, including rising inflation and possible changes in energy and food security in EBRD constituencies. The Annual Meeting was marked by the discussion of the economic fallout from russia’s war of aggression against Ukraine for countries where the EBRD operates. This was a standalone item on the event’s agenda.

The NBU Governor delivered a speech at a meeting of the EBRD constituency that includes Ukraine. He thanked all those supporting our country and putting the lives of Ukrainians above russian gas and oil, money, and economic and political benefits.

“The war on Ukraine has become a turning point that requires the world to come up with urgent, extraordinary solutions. An effective response to the threat to global economic security will be the strengthening of international sanctions on russia. Increased sanctions pressure will help reduce russia’s ability to finance its brutal war against our country,” Kyrylo Shevchenko stressed.

During the visit, the NBU Governor also held bilateral meetings with the EBRD’s leadership. Kyrylo Shevchenko thanked the EBRD representatives for everything the EBRD has been doing to support Ukraine as it fights against the russian invaders, and for the EBRD’s willingness to help our country’s post-war reconstruction effort.

“The EBRD’s Sustainability Package and decision to close its offices in Moscow and Minsk and suspend existing projects in russia and belarus are confirmation that a friend in need is a friend indeed, and that the EBRD is a true partner,” the NBU Governor emphasized in a comment he made while meeting with Francis Malige, EBRD Managing Director for Financial Institutions.

In a meeting with Christoph Denk, EBRD Managing Director for Economics, Policy, and Governance, and Alex Pivovarsky, EBRD Managing Director for Capital Markets Development, the parties discussed cooperation in the framework of a joint technical assistance project to align Ukraine’s regulatory framework and supervisory practices with EU prudential standards in the banking sector.

“Thorough work has already been done by the European Banking Authority to assess the equivalence of the Ukrainian and EU regulatory and supervisory frameworks. We hope that our cooperation with the EBRD within the framework of this project will continue, as it is one of the milestones on our way to European integration,” Kyrylo Shevchenko emphasized.

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