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NBU fulfills all liabilities under Stand-By Arrangement –results of meeting with IMF Mission

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Nov. 5, 2011, 1:25 p.m. | Business — by Interfax-Ukraine
November 5 (Interfax-Ukraine) – The National Bank of Ukraine (NBU) has fulfilled all of its liabilities in the realization of the Stand-By Arrangement to satisfaction of the International Monetary Fund (IMF) Mission, the NBU has reported on the results of a final meeting of NBU Governor Serhiy Arbuzov with the IMF Mission on November 4. "The constructive discussion both the NBU and other state organizations would continue to prepare and agree a report for the IMF leadership," reads the release, citing IMF Mission Head Thanos Arvanitis as saying.

In turn, Arbuzov as a governor in the IMF Board of Governors from Ukraine thanked the Mission for the fruitful dialogue and confirmed the Kyiv's readiness to continue the dialogue in the form of remote talks. He said that cooperation with the IMF is needed as obvious for the development of the Ukrainian economy. The NBU governor also expressed readiness to take into account the Mission's recommendations to realize them in the future.

The sides discussed the IMF's recommendations and agreed on a whole range of the issues, in particular, the sides agreed that the monetary and credit policy for next year should provide for the retaining of the acceptable inflation indicator, strengthening of the banking system and supporting of financial stability in the country.

As reported, earlier on November 4 the IMF Mission released an announcement after its work in Kyiv from October 25 to November 3, 2011, according to which the Mission had taken a pause to carry out additional technical work.

In addition, Ukrainian Deputy Prime Minister and Social Policy Minister Serhiy Tigipko and Finance Minister Fedir Yaroshenko left for Washington on November 2 to hold talks with the IMF.
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