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Politics 2019-08-15T04:13:40+03:00
Ukrainian news
IMF Considers Nationalization Of PrivatBank Legal

IMF Considers Nationalization Of PrivatBank Legal

The International Monetary Fund (IMF) considers the nationalization of PrivatBank to be legal.

The IMF announced this in a statement, the Ukrainian News Agency reports.

According to the statement, in 2016 Ukraine’s international partners supported the decision of the government and the National Bank of Ukraine (NBU) to nationalize PrivatBank, at the request of former owners, as the only effective method of protecting the bank’s depositors – the Ukrainian people and businesses – and the stability of the financial system.

“While this required the injection of about UAH 160 billion in Ukrainian taxpayer funds to restore the bank’s solvency, it secured PrivatBank’s long-term viability, safeguarded the money of millions of Ukrainian citizens, and strengthened the country’s economic health,” the statement said.

According to the statement, the IMF continues to support the National Bank of Ukraine’s efforts to reform Ukraine’s financial sector, including by introducing prudent corporate governance principles, and the Ministry of Finance’s efforts to reform corporate governance in state-owned banks.

It is important that the authorities continue their efforts to recover losses from former owners and related parties of failed banks, the statement said.

According to the statement, Ukraine’s international partners will be closely monitoring developments in this area.

As Ukrainian News Agency earlier reported, the District Administrative Court of Kyiv ruled on Thursday that the nationalization of PrivatBank was illegal after considering a lawsuit filed by the bank’s former co-owner Ihor Kolomoiskyi.

 


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