The International Monetary Fund has had productive discussions about assisting U...
KIEV - The International Monetary Fund has had productive discussions about assisting Ukraine with a new three-year loan program but stressed the need to safeguard central bank independence and financial stability, the IMF said on Friday.
Ukraine’s new government wants to secure an IMF program to underpin economic stability and as a signal to investors of President Volodymyr Zelenskiy’s willingness to tackle reforms and fight corruption. The current Central Bank Governor Yakiv Smoliy pointedly posted a picture of himself meeting the IMF mission on Thursday, saying the IMF’s main “headache” would be protecting reformers.
“It also underscored the importance of central bank independence and safeguarding financial stability, as well as the need to make every effort to minimize the fiscal costs of bank resolutions.” The central bank says a $5.6 billion hole had been left in PrivatBank’s finances due to shady lending practices under Kolomoisky’s ownership. Kolomoisky disputes that.
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