Politics 2022-07-15T07:50:01+03:00
Ukrainian news
Administration reform is the first step towards realizing strategic goals regarding the state-owned banks’ dev

Administration reform is the first step towards realizing strategic goals regarding the state-owned banks’ development, – Rybalka

Verkhovna Rada, international monetary fund, USAID, Ministry of Finance, National Bank of Ukraine, Serhii Rybalka, Cabinet of Ministers of Ukraine

We need to accelerate the state-owned banks administration reform in order to fulfill strategic and tactical goals on the state-owned banks’ development. This is Serhii Rybalka, head of the working group on improving the corresponding bills - the government-sponsored bill No. 7180 and the alternative bill No. 7180-1 sponsored by the deputies, as well as the former chair of Verkhovna Rada financial committee.

According to Rybalka, it is critical to achieve consensus among the members of the committee, with the help of experts, representatives of the Cabinet of Ministers of Ukraine and international financial organizations, so that a solution could be agreed upon at a committee meeting.

"In such a scenario, the chances are much higher that the bill would be supported not only by the committee members but also by other deputies. Too often, we see other important bills for financial reform fail", - Serhii Rybalka said.

Among the participants of the meeting were members of the Verkhovna Rada financial committee, representatives of the Ministry of Finance, National Bank of Ukraine, International Monetary Fund, World Bank, EU Delegation, USAID, state-owned banks and independent experts.

Serhii Rybalka proposed to hold the next discussion on Monday, December 18. 

According to Rybalka, all bills should be considered taking into account the strategic goals for the state-owned banks' development which imply a structural transformation of the Ukrainian economy, a shift towards high technology and higher added value.

“Increasing the quality of administration is also important, including for solution of such tactical goals as reducing the share of non-performing loans. At the moment, state-owned banks account for 60% of Ukraine´s banking sector, and 77% of their assets are non-performing. Also, in the coming years, the state-owned banks must help the government, National Bank and the parliament to realize important financial reforms - increasing the trust, reducing the risks and the informality, increasing the share of cashless payments and introduction of modern technologies to raise efficiency of Ukraine´s financial system” Serhii Rybalka said.

He also mentioned that the pressure the parliamentary financial committee has put on the Ministry of Finance regarding the preparation of an updated strategy for the development of the state-owned banks and announcement of a contest to fill the vacancy of their supervisory board members resulted in the government´s introducing a bill on corporate administration reform in the parliament.

"Now, our common goals is to work diligently to produce as a result a single quality document", - Serhii Rybalka said.