UARU
Zelenskyy Promises to "Make Every Effort" to Return Lost Privatbank Funds
11 November, 2019

Ukrainian President Volodymyr Zelenskyy has promised to apply as much effort as needed to return funds used to recapitalize Privatbank.

That’s according to a statement published by the presidential office's press service. The president has signed an order authorizing urgent measures to be taken to stimulate economic growth and strengthening the government, reported the press service of the presidential office.

READ MORE: “No Basis to Return Privatbank to Kolomoisky” - Zelenskyy Administration

“Our team, the government, the National Bank of Ukraine, the Deposit Guarantee Fund, and I personally will make all necessary efforts return funds spent repaying depositors in bankrupt and nationalized banks, as well as funds used to recapitalize state-owned banks who suffered losses due to unscrupulous borrowers,” stated the President.

Zelenskyy also called for lowering the share of non–performing loans in the banking sector, and for the implementation of international best practices for corporate governance in state-owned banks. 

READ MORE: "International Experts Should Decide on PrivatBank" – Ukraine’s Zelenskyy

The return of funds lost in recapitalization of Ukraine’s largest bank, Privatbank, has long been a core condition of Ukraine’s international creditors, including the International Monetary Fund and the European Bank for Reconstruction and Development. A previous meeting with the IMF in September ended unceremoniously, with the international lender leaving Kyiv without having agreed to a new loan, though an IMF mission is expected to return later this month.

READ MORE: "Privatbank Remains a Key Obstacle for the Zelenskyy Administration" – Economist Timothy Ash