Financial stability crucial to Ukraine - G7 ambassadors

MOSCOW. March 23 (Interfax) - Financial stability, a reasonable fiscal policy and support for the economy through favorable business climate are crucial to Ukraine's sovereignty and independence, Ukrainian media said, citing greetings of G7 ambassadors to the National Bank of Ukraine (NBU) on its 35th anniversary, published on a social network.

"The task for coming years is to strengthen this institutional foundation and to develop the financial system consistent with European standards," NBU head Andrei Pyshny said during jubilee celebrations at the bank headquarters.

He said it was also important to preserve the NBU's institutional independence.

In turn, Finance Minister Sergei Marchenko thanked the National Bank for cooperation, which allowed passing eight reviews of the International Monetary Fund (IMF) arrangement for the first time in the history of Ukraine. The arrangement is the four-year Extended Fund Facility (EFF) launched in March 2023 and replaced with a new four-year EFF in late February this year.

The National Bank of Ukraine was founded under the Law on Banks and Banking, adopted by the parliament of the Ukrainian Soviet Socialist Republic on March 20, 1991, on the basis of the Ukrainian republic's branch of the Soviet State Bank.