OREANDA-NEWS. March 19, 2012. Governor of the National Bank of Ukraine Sergiy Arbuzov held a working meeting with World Bank Vice President for the Europe and Central Asia Region Mr. Philippe Le Houerou.

During the meeting World Bank Vice President for the Europe and Central Asia Region Philippe Le Houerou introduced to the Governor of the National Bank of Ukraine the new World Bank Director for Ukraine, Belarus, and Moldova Mr. Qimiao Fan, who was appointed to this position on 1 February 2012. (Prior to the appointment of Mr. Qimiao Fan, Mr. Martin Raiser had served as Country Director for Ukraine, Belarus and Moldova from July 7, 2008. In January 2012, Mr. Raiser was appointed Country Director for Turkey).

In the course of the meeting, the sides discussed issues of further cooperation between the National Bank of Ukraine and the World Bank within the framework of the new World Bank Country Partnership Strategy for Ukraine for 2012-2016.

“I would like to remind you that the World Bank’s Board of Executive Directors approved a new Country Partnership Strategy (CPS) for Ukraine covering the period of 2012-2016, which supports the reform plan to be implemented by Ukraine. The strategy envisages the following:

continuation of implementation of the second project on the development of export, including additional funding for a total amount of USD 150 million;

continuation of implementation of measures aimed at rehabilitation and stabilization of the financial sector of Ukraine;

continuation of a technical assistance program focused on stabilization and modernization of the financial sector of Ukraine;

discussion of possible conditions for enhanced credit facilities provided to financial intermediation for small and medium-sized businesses and other areas and forms of cooperation to support economic growth and improve the investment climate in Ukraine,” stated World Bank Vice President for the Europe and Central Asia Region Mr. Philippe Le Houerou and emphasized that Ukraine and the World Bank had reached the record high level of cooperation.

Governor of the National Bank of Ukraine Sergiy Arbuzov confirmed the readiness of Ukraine to cooperate with the World Bank within the framework of a new strategy: “The National Bank of Ukraine is an independent institution and it should be emphasized that due to its efficient operation all conditions under our joint programs are met. It also pertains to bilateral relations with the World Bank and the International Monetary Fund. We have made best efforts to fulfill our commitments. As a result, we managed to improve macroeconomic fundamentals. Therefore, based on our own experience and recommendations provided to us by our partners, we built a model which stands out for its stable operation recorded last year. I hope that we will achieve good results this year”.

Governor of the National Bank of Ukraine Sergiy Arbuzov expressed his hope that Ukraine will deepen cooperation with the World Bank owing to the partnership with the new World Bank Director for Ukraine, Belarus, and Moldova Mr. Qimiao Fan.

In conclusion, World Bank Vice President for the Europe and Central Asia Region Mr. Philippe Le Houerou thanked the Governor of the National Bank of Ukraine and said:”We highly appreciate cooperation with the National Bank of Ukraine and intend to develop it. We will provide funding from different donors to assist Ukraine in strengthening its banking and financial sectors”.