Business welcomes the Strategy of Ukrainian Financial Sector Development until 2025
The European Business Association welcomes the Strategy of Ukrainian Financial Sector Development until 2025, approved by the National Bank of Ukraine, the Ministry of Finance of Ukraine, the National Securities and Stock Market Commission, the National Commission for State Regulation of Financial Services Markets, and the Deposit Guarantee Fund.
Transparent, the stable and competitive financial sector is an important component of a country’s economic growth and preservation of its macroeconomic stability. At the same time, a clear and consistent policy fosters greater business confidence as well as potential investors, which is a prerequisite for achieving the ambitious goal of 5-7% economic growth.
Undoubtedly, in the past years the financial sector has made a significant step forward – has been carried out the currency liberalization, sanitation of the banking system, etc. Besides, long-term vision, ability to plan and set goals are important achievements of the financial sector and the banking sector, in particular. However, today the situation is far from ideal. At the same time, strengthening financial stability, macroeconomic development, financial inclusion, innovation and financial market development will help to lay a solid foundation for the development of the financial system and the economy as a whole. For example, through reasonable fiscal policies, creating incentives for the development of cashless payments infrastructure, developing the BankID, enhancing the protection of creditors’ and investors’ rights, etc.
Obviously, the details and the mechanism of the implementation are very important. However, business is ready to support the qualitative changes.
At the same time, to reach economic growth, it is critically important to implement systemic reforms in the country – to ensure an effective system of fight against corruption, to enforce the rule of law and equal rules of the game and, we hope, they will be in focus as well.