17:56 28.09.2020

Ukraine will remain dependent on external creditors in next few years - head of Raiffeisen Bank Aval

2 min read
Ukraine will remain dependent on external creditors in next few years - head of Raiffeisen Bank Aval

 Ukraine will remain dependent on external creditors in the next few years, Oleksandr Pysaruk, the chairman of the board of Raiffeisen Bank Aval (Kyiv), has said.

"I, unfortunately, think that Ukraine will not be able to get rid of its dependence on external creditors in the next few years ... so cooperation with the IMF, frankly, and the implementation of the program is our best chance," he said.

Pysaruk noted that the issue of concluding a program with the IMF is a risk of financing the 2021 budget.

"If external creditors are not comfortable with Ukraine, if the IMF program is not implemented ... then it is not clear how to fulfill the budget deficit," he said.

First Deputy Governor of the National Bank of Ukraine (NBU) Kateryna Rozhkova said during the discussion that the regulator continues to work on the implementation of structural benchmarks included in the program with the IMF, in particular is finalizing the laws on banks and individuals' deposits guarantees.

"Let's hope that all the participants in the process, and we have a lot of them: in fact, the Cabinet of Ministers, the National Bank, the President's Office, will do their homework, and we will have the opportunity to continue working with the IMF," Rozhkova said.

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