Annual IMF and World Bank Meetings Held in Bangkok
From October 12 to 18, the annual gatherings of the International Monetary Fund (IMF) and the World Bank are taking place in Bangkok, Thailand. Leading the Ukrainian National Bank delegation is its Governor, Andriy Pyshnyi. Over Monday and Tuesday, the NBU leadership engaged in multiple high-level discussions with officials from the IMF, European Commission, European Central Bank, Bank of England, and other key global financial institutions. The agenda focused on Ukraine’s economic condition, international assistance, cooperation, and ongoing reforms.
On Monday, the National Bank of Ukraine signed a cooperation agreement with the International Finance Corporation (IFC), implemented in partnership with Switzerland’s State Secretariat for Economic Affairs (SECO). This pact targets three strategic areas:
- financial innovation, payment systems, and digital resilience;
- financial literacy enhancement;
- institutional capacity building.
Meetings with IMF representatives addressed the current economic situation in Ukraine, emerging risks, preparations for the next review of the Extended Fund Facility (EFF) program, and Ukraine’s external financing needs.
The NBU delegation held talks with IMF Executive Director Jeroen Klook, Deputies Marnix van Rij and Vladyslav Rashkovan, as well as Mateusz Szczurek, Director of the IMF’s European Department. Discussions included progress on structural benchmarks under the IMF program and potential delays caused by legislative decisions. The impact of Russian attacks on Ukraine’s energy infrastructure, industrial enterprises, and cities was also highlighted as a significant economic challenge.
Governor Andriy Pyshnyi met with Annika Eriksgaard, Deputy Director-General of the European Commission’s Directorate-General for Economic and Financial Affairs (DG ECFIN), to discuss Ukraine’s European integration, international financial support, financial sector development, and Ukraine’s funding requirements through 2027. Pyshnyi emphasized,
“The government and we are firmly committed to fulfilling the conditions of the EFF program.”
Additionally, Pyshnyi engaged with Christine Lagarde, President of the European Central Bank, covering topics such as euro integration, consequences of Russian aggression, sustained international backing, and the independence of central banks. A separate meeting with Andrew Bailey, Governor of the Bank of England, focused on support for Ukraine, safeguarding central bank independence, financial oversight, combating disinformation, risks from artificial intelligence, and the broad spectrum of financial, military, and political aid provided to Ukraine.
First Deputy Governor Serhiy Nikolaychuk held discussions with Tommaso Mancini-Griffoli, Head of the Innovation Hub at the Bank for International Settlements, and Stefan Ingves, Chair of the Toronto Centre Board. Meanwhile, Deputy Governor Yuriy Heletiy met with representatives from Deutsche Börse, Clearstream, and the European Bank for Reconstruction and Development (EBRD), including Jan Willems, Head of Global Markets Product at Clearstream, and Francis Malige, EBRD Managing Director for Financial Institutions. Nikolaychuk and Heletiy also conducted talks with officials from ASL Capital Markets Inc. and Citi banking group.
These meetings hold critical importance for Ukraine amid ongoing war and economic challenges. Strengthening ties with international financial entities is pivotal for economic stabilization, reform implementation, and banking sector resilience. The newly signed agreement with the IFC is particularly promising for advancing financial innovations and raising public financial literacy—key drivers for Ukraine’s long-term economic growth.
As the discussions in Bangkok continue to shape Ukraine's economic landscape, the ongoing efforts to bolster support and implement necessary reforms are equally crucial. These initiatives are essential for addressing the challenges highlighted during the meetings and ensuring sustainable growth amid ongoing geopolitical tensions.