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NBU approves concept of diagnostics of banks required for cooperation with IMF
KYIV. Jan 31 (Interfax-Ukraine) – The National Bank of Ukraine (NBU) timely completed another of the structural benchmark of cooperation with the IMF, in particular, agreed and approved the concept of diagnostics of banks and approaches to its implementation, NBU Governor Andriy Pyshnyy has said.
"One structural benchmark under the Program Monitoring with Board Involvement (PMB) is assigned to the NBU. By the end of January 2023, in consultation with the IMF staff, we had to set out technical terms of reference describing the methodology and procedures for conducting diagnostics of banks required to assess the adequacy of bank capital and determine priorities in working with non-performing loans. The relevant technical task… was agreed upon with the IMF and approved by the NBU Board on January 26, 2023. So, the structural benchmark has been completed," he told Interfax-Ukraine.
According to him, the important quantitative targets of the program assigned to the NBU are to ensure the proper level of international reserves and limit the volume of monetary financing of the budget deficit, and as of the end of December, these quantitative targets were achieved.
"This year, the target is the absence of monetary financing of the budget deficit and keeping an adequate level of international reserves. We are in a constructive dialogue with the government of Ukraine and together we are making efforts to achieve these targets," the governor of the National Bank added.
He said that in February and March, it is planned to work with the IMF mission to conduct the first review of the PMB and develop a new program that will provide funding.
