NBU Governor: Organizations Such as the IMF and World Bank Have to Walk the Path to Victory with Us

NBU Governor Andriy Pyshnyy's exclusive interview with Interfax-Ukraine

Text: Dmytro Koshovyi

– One of the main tasks at the IMF-WB Spring Meetings this year is to find the money for a quick recovery in 2023, Prime Minister Denys Shmyhal and Finance Minister Serhii Marchenko said. WB President David Malpass estimates the current shortage of such funds at USD 11 billion. A ministerial roundtable – the focus of Ukrainian-themed events at the meetings – was dedicated precisely to this issue. How can the NBU help resolve it?

– Prime Minister, the Minister of Finance, and I attended these Meetings. It's not in the NBU's mandate to raise funds outright. Our purview is price and financial stability, but, and this is an important point, the NBU's presence in the talks on raising financial aid is what highlights to donors and decision-making stakeholders that the Ukrainian team is well coordinated and capable.

Technically, I'm under the impression that uncertainty and capability have been the most used words during the Meetings. Effective interaction between the government and the NBU in ensuring stability and meeting challenges reduces uncertainty and fuels Ukraine's capability to attract support. The reset of relations between the NBU and the Ministry of Finance has significantly increased the effectiveness of our efforts, both within the institutional mandates of either authority, and within the framework of joint activities and tasks, including the rejection of the monetary financing of the budget deficit from 2023 forward. A common language, which was missing for the most part of last year, has been found, and our voice has been heard.

The Ukrainian government must continue to demonstrate an ability to ensure results