18:01 09.04.2020

NBU predicts tough macroeconomic scenario without IMF program

2 min read
NBU predicts tough macroeconomic scenario without IMF program

The National Bank of Ukraine (NBU) predicts a tough macroeconomic scenario without signing a new EFF program with the International Monetary Fund (IMF), including in terms of falling GDP, the regulator reported on Facebook.

"The National Bank will present an updated macro forecast on April 23. We expect that, given the signing of the program of cooperation with the IMF, Ukraine will not repeat the 2009 scenario when it was in the lead in terms of GDP decline ... At the same time, macroeconomic scenarios without the program with the IMF are quite tough," the board of the central bank said during an online meeting with the members of the American Chamber Commerce in Ukraine.

At the same time, the board members of the regulator emphasized that thanks to the reforms of the previous years, the country's economy is more balanced and prepared for the crisis. In addition, Ukraine is less dependent on international tourism and production chains than many other countries.

They also added that the crisis reduced the cost of energy imports for the country, while the demand for Ukrainian exported goods, primarily food, decreased slightly.

During the online meeting, the board members assured of their readiness to flexibly introduce the requirements of the new "anti-laundering law," which will enter into force on April 28.

"In general, this law is extremely necessary. It comprehensively addresses two issues: the first one is the introduction of a risk-based approach in banks, the second one is the possibility of remote identification," the report said.

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