The National Bank of Ukraine (NBU), the Ministry of Finance, the National Securities and the Stock Market Commission and the Deposit Guarantee Fund (DGF) at a meeting on August 19 approved a new Strategy for the development of the country's financial sector, the Ministry of Finance has announced on the official website site.

"The document establishes current priorities and goals for the development of the financial sector, focused on resisting Russian aggression and restoring the country. Its development is provided for by the Memorandum of Economic and Financial Policies between Ukraine and the International Monetary Fund," the ministry said.

According to the published information, the strategy is designed until 2025 and provides for joint actions of financial sector regulators, the Ministry of Finance and DGF, aimed at achieving such strategic goals as macroeconomic resilience, financial resilience, the work of the financial system for the country's recovery, modern financial services and the institutional capacity of regulators and DGF.

At the same time, the Strategy is open-ended and the measures envisaged by it are conditionally divided into short-term measures, which will be updated and added, aimed at ensuring resilience, preventing deterioration of the situation in the financial sector and the economy as a whole; and medium-term measures that will form the basis for future economic recovery and growth.

Particular attention in the document is paid to the implementation of European legislation and the best world practice in the field of regulation and supervision of the financial sector, resolution of insolvency and withdrawal from the market of participants in financial institutions.

"The focus is on the acquisition of an internal market regime with the EU in the field of financial services, because the unconditional common priority of all participants who have joined the implementation of the Strategy is the movement towards Ukraine's accession to the EU," the ministry added.

To track the implementation of the Strategy, short-term indicators have been fixed, but long-term indicators will not be set yet, since the achievement of strategic goals depends on the onset of relevant macroeconomic and other prerequisites, the timing of which cannot be reliably predicted.