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IMF says Ukraine must preserve independence of central bank under IMF program

FILE PHOTO: IMF Managing Director Kristalina Georgieva speaks during a conference hosted by the Vatican on economic solidarity, at the Vatican, February 5, 2020. REUTERS/Remo Casilli

WASHINGTON (Reuters) - International Monetary Fund Managing Director Kristalina Georgieva said she told Ukrainian President Volodmyr Zelenskiy on Tuesday that his country was required to preserve the independence of its central bank under an IMF-supported program.

In a statement, Georgieva said she spoke with Zelenskiy on “concerns about the pressures being put on the National Bank of Ukraine” (NBU) and underscored the importance of an independent central bank to ensure economic stability and maintain investor confidence.

“It is in the interest of Ukraine to preserve the independence of NBU and it is also a requirement under the current IMF-supported program,” Georgieva said. “I urged President Zelenskiy to stay the course of sound monetary and financial policies – those are key to stronger investment and inclusive growth.”

Reporting by Andrea Shalal; editing by Jonathan Oatis