Press Release No. 20/259

Statement by the IMF Managing Director on Ukraine

July 14, 2020

Washington, DC – Ms. Kristalina Georgieva, the Managing Director of International Monetary Fund (IMF), made the following statement on Ukraine today:

“I had an open discussion today with President Volodymyr Zelenskyy on concerns about the pressures being put on the National Bank of Ukraine (NBU).

“The reform of the NBU and its performance over the past five years is a clear success story for Ukraine. An independent central bank helps macroeconomic stability, supports investors’ confidence, and protects the financial system—all crucial preconditions for investment and growth. The credible policy actions of the NBU have been instrumental in stabilizing the economy. The successful clean-up of the financial sector – which was ravaged by fraud – is also credit to the supervisory work of the NBU.

“It is in the interest of Ukraine to preserve the independence of NBU and it is also a requirement under the current IMF-supported program. I urged President Zelenskyy to stay the course of sound monetary and financial policies – those are key to stronger investment and inclusive growth.”