The Council of the National Bank of Ukraine (NBU), the meeting of which was held on January 30 with participation of members of the Expert Advisory Board of the NBU, recommends coordination of fiscal and monetary policies and continuation of cooperation of Ukraine with the International Monetary Fund (IMF), Deputy Head of the NBU Council Tymofiy Milovanov has said.

"There will be several solutions... The first is coordination: the big problem lies between fiscal and monetary policies. That is, they need to be coordinated. This is one of several recommendations. The second is that we still need to continue improving the flexibility and structure of the economy so that it can respond to the challenges. Thirdly, it is important that these risks decrease so that the conditions of the IMF program are met," he said in a blitz interview with Interfax-Ukraine on Wednesday.

Milovanov pointed out the importance of continuing Ukraine's cooperation with the IMF.

"I believe that the things that the IMF asks for are good for the society. It is fighting corruption, a more disciplined budget policy, macroeconomic stability, if take this in big smears. In any case, the reality is that we have large payments in 2019. Tranches are delayed. This affects expectations, this affects the pressure on prices and the exchange rate. This affects economic activity, and we really need to somehow meet the conditions in order to get financing," he said.

At the same time, he said that the IMF financing is much cheaper than the financing that the country can get on the market.

"If we refuse to work with the IMF, for example, then we must understand whether we are ready to finance the markets or whether we will close it with a budget deficit with the corresponding consequences for inflation and for economic growth and even for political pressure, because there will be inflation - there will be political discontent. If we are ready to abandon the IMF and conducting structural reforms, then what is the alternative?" Milovanov said.