The Cabinet of Ministers is not planning to carry out 'temporary nationalization' of deposits belonging to Ukrainian citizens, the Finance Ministry has stated.

"Today the Ukrainian media published information, according to which the Finance Ministry proposed that a draft law allowing the carrying out 'temporary nationalization' of deposits of Ukrainian citizens in banks if martial law is introduced or in the situation with the fulfillment of the national budget is critical. The Finance Ministry said that the adoption of the radical steps that are painful for citizens is not planned," the ministry reported on its Facebook page.

Last year the Finance Ministry worked on a draft law on the Ukrainian financial system in the current special period, however the cabinet rejected the draft law and the government does not plan to continue discussion on the rejected draft.

"Today the economic situation in Ukraine is difficult, but manageable. The Ukrainian government is introducing structural reforms which will help stabilize the economy. In particular, the government is taking steps to expand the taxation base, fight avoiding payment of taxes, including via offshore companies and transfer pricing, and bringing the economy from the shadows," reads the report.

On the basis of reforms made and the current reform program, the government is concluding negotiations with the International Monetary Fund (IMF) on a new medium-term program to support the Ukrainian economy.

The ministry said that the Ukrainian government has no need and does not plan to introduce any radial measures to raise funds.