The Ministry of Finance and Financial Regulators Will Jointly Develop a Five-Year Financial Sector Development Strategy

5/29/19

The Minister of Finance of Ukraine Oksana Markarova signed a Memorandum of Understanding and Cooperation between the Ministry of Finance of Ukraine, the National Bank of Ukraine, the National Securities and Stock Market Commission, the National Commission for State Regulation of Financial Services Markets and the Deposit Guarantee Fund, which defines the format of cooperation for the development and implementation of the Ukrainian Financial Sector Development Strategy Until 2025. The Strategy is to be developed and made public by the end of 2019.

Given that the Comprehensive Program of Ukrainian Financial Sector Development expires in 2019 and considering that the above said parties are determined to strengthen cooperation in the area of implementation of the financial sector reforms, all financial market regulators will jointly develop a medium-term strategy for the financial sector development for 2020-2025 and will take measures necessary for its implementation.

In order to coordinate the process, representatives of the parties have created an interagency working group, which conducted its first meeting on May 27. Heads of these agencies established a steering committee that will oversee the implementation of their own projects by the relevant departments, as stipulated by the strategy. In addition, the memorandum stipulates joint public events for the purpose of communicating the reform progress to the public.

"Strengthening the interaction between the Ministry of Finance, the National Bank of Ukraine, the National Securities and Stock Market Commission, the National Commission for State Regulation of Financial Services Markets and the Deposit Guarantee Fund is a logical step in Ukraine's transition to medium-term financial planning. State agencies with a direct impact on the operation of banks, insurance companies, financial institutions and the stock market should work together and coordinate in order to achieve synergy. The Memorandum is one of the steps to ensure such cooperation," said Oksana Markarova.

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