Serhii Rybalka: Financial sector reform is needed for Ukraine, not for Western creditors

A profanity of reforms, in particular, in the financial sector is the key reason for stopping foreign support programs for Ukraine. But financial sector reform is needed for Ukraine, not for foreign partners. This was stated by Ukrainian MP and member of the Verkhovna Rada Committee on Financial Policy and banking activity Serhii Rybalka.

“This is a striking example of the shameful attitude of the authorities to economic reforms – a bill on a credit register. Such registries exist in almost hundreds of countries around the world. Its creation can strengthen Ukrainian banks and protect citizens’ money. Our authorities took the obligation to create it back in 2015, when a memorandum with the European Union was signed. Then it was included in a memorandum with the IMF. The authorities have done nothing with it for two years. And they made a bill just before the Eastern Partnership Summit. The authorities need sharpening, not real reforms for the welfare of Ukrainian citizens," – said Serhii Rybalka.

According to Ukrainian MP, in the summer of 2016 they developed their own bill together with experts. "We understood that, if it came from the government, it was more likely to be accepted. We quietly sent the project, through acquaintances, to the NBU. We did not need orders, but the result. But nobody was interested in that," – said the former head of financial affairs Committee of the Parliament of Ukraine.

Serhii Rybalka was outraged that there weren’t any representatives from the National Bank or the Cabinet of Ministers there, even when it was considered in the Verkhovna Rada.

"The Deputy Minister of Finance came only after I appealed. Financial sector reform is needed for Ukraine, not for Western creditors. We need a strong banking system. Ukraine world leader when it comes to the level of unemployed loans. The large corporations are accustomed to not returning loans, and then, at the expense of all citizens, compensate for the payment deposits in "dead" banks," – said Serhii Rybalka.

Ukrainian MP stressed that he does not always agree with the proposals of foreign experts, but believes that they need cooperation and make the best use of their experience for developing the economy of Ukraine. As it was reported, the program of cooperation with the IMF was frozen because of the lack of progress in anti-corruption and other reforms.

On December 1, the European Commission officially refused to allocate to Ukraine another tranche of macrofinancial assistance to the amount of 600 million euros.

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