The Board of the National Bank of Ukraine (NBU), headed by NBU Acting Governor Yakiv Smolii, met with First Deputy Managing Director of the International Monetary Fund (IMF) David Lipton on Wednesday to discuss the current macroeconomic situation, recent developments in the banking sector and Ukraine's progress in implementing the IMF-supported reform agenda, the NBU said on its website.

"The Ukrainian side pointed out that despite the fact that the situation in the financial market remains stable and external economic factors are favorable, the overall macroeconomic situation still remains vulnerable to shocks," the NBU said.

The IMF representatives and NBU experts agreed that the factors that could have an adverse impact on the macroeconomic stability and undermine economic growth that has just returned to positive territory should be thoroughly analyzed by the central bank while implementing monetary policy.

During the meeting, the NBU Board members shared their vision on the measures needed to be taken to move the banking sector reforms forward, particularly legislative amendments required to improve corporate governance in state-owned banks and address non-performing loans.

At the end of the meeting, Lipton welcomed the reforms implemented by the NBU. "The NBU is a guarantor of stability, which is crucial for Ukraine. However, there is always work to be done for a good central bank."

As was reported earlier, Lipton is on a visit to Ukraine on September 12-14.