Ukraine should get down to implementing the strategy of the banking sector recovery elaborated by the Ukrainian authorities together with international financial institutions.
International Monetary Fund's Mission Chief in Ukraine, Assistant Director of the IMF's European Department Ceyla Pazarbazioglu and World Bank Director for Ukraine, Belarus and Moldova Martin Raiser said this in an article published in the Saturday's issue of Dzeraklo Tyzhnia (Mirror of the Week).
Pazarbazioglu and Raiser noted that this strategy envisages the implementation of the governmental program for the recapitalization of institutional banks and the start of restructuring the commercial banks, which are not institutional but experience shortage of liquidity and capital, which cannot be replenished by their owners.
Now it's time to start implementing this strategy, as the delay would lead to further losing the assets and growing of the state's expenditures, they said.
According to the financial officials, the stabilization of deposits in May 2009 has created favorable conditions and raised the chances for success, whereas consistency and persistence will be of utmost importance for the program. The counterproductive steps, such as a recent ban on the sale of property used as collateral, should be avoided they added.
