Former deputy prime minister and former finance minister of Slovakia Ivan Miklos, who has been consulting Ukrainian finance and economy ministers in the past year, believes that Ukraine needs to step up reforms.

"Reforms should be stepped up. In two years after events on Maidan, more was done in Ukraine than in 20 years before the Madain. It is still not enough, as more could be and should be done. If it is done, Ukraine will have a very good future," Miklos said on Thursday at the third business forum "Ukraine 2016: Challenges and Opportunities held in Kharkiv.

Asked about the achievements of the two past years, he said this is macroeconomic, fiscal and exchange rate stabilization.

"They are very fragile. Without continuation of reforms and their deepening, a rollback could be seen," he said.

He said that the current situation in Ukraine is similar to the situation in Slovakia 15 years ago in many aspects – high corruption level, problems with attraction of investment, lagged industry and banks that do not credit the economy. Miklos said that deregulation, liberalization and privatization are required to create a favorable investment climate.

"The most effective method of fight against corruption is deregulation, liberalization and privatization. Small and medium-sized enterprises must fight for these reforms, providing a level playing field for business," the politician said.