Ukrainian Ministry of Finance presents reform strategy for state-owned banks
OREANDA-NEWS. The Cabinet of Ministers has approved the “Guidelines of the strategic reform of the state-owned banks” (hereafter referred to as “Strategy”) which were elaborated by the Ministry of Finance of Ukraine to solve the key issues hampering the effective work of the state-owned banks.
The Ministry of Finance is continuing its efforts to get Ukraine back on track of economic growth and, to make it possible, to enable the recovery of the national banking system. An important task in this area is to improve the effectiveness of the state-owned banks and to secure their transparent management.
With this purpose the Ministry of Finance elaborated the above Strategy which is aimed to reconfigure the principles and mechanisms of corporate management at the state-owned banks and to build up a management system for them which should be immune from political influence. One of the key points of the Strategy is the adjustment of the corporate management system to the OECD recommendations. This should contribute to more stability in bank operations, improve banks’ performance and result in their better assessment by potential investors.
«This is one of the key reforms which shall really have a significant positive impact on Ukraine, its banking sector and the entire economy», Minister of Finance Natalie Jaresko said during the presentation of the Strategy. These changes shall help save billions of UAH for the state budget every year, make the state-owned banks profitable, recover the entire banking sector and boost economic development.