Ukraine’s economy, public institutions turned out to be much stronger than expected – Rashkovan

The relevant statement was made by International Monetary Fund (IMF) Alternate Executive Director Vladyslav Rashkovan in an interview with Ukrinform.

“Our government, our people have surprised the world,” Rashkovan said.

In his words, the latest confirmation is The Economist’s article, in which Ukraine was named the country of the year.

“Ukraine is an example for the world not only in terms of resistance to Russian aggression but also resilience, i.e. sustainability and adaptability in very challenging conditions. This deserves respect,” Rashkovan noted.

According to Rashkovan, he talks a lot on this topic with employees at the IMF and the World Bank.

“I am really sad to talk about the war, but I am proud to talk about the performance of the banking and financial system, and the fact that the single treasury account, Finance Ministry and Government as a whole, Parliament are working,” Rashkovan told.

In his words, Ukraine’s economy has suffered a lot. But, despite the war-related wounds and scars, public institutions have withstood.

“I say to many of our partners: we have lived for many years in the Russian narrative that Ukraine is a corrupt state. But, if it had been so, Ukraine would have collapsed long ago. Our institutions turned out to be much stronger than expected. Our economy is viable, although losses are, of course, huge,” Rashkovan noted.

A reminder that, on December 19, 2022, the IMF Executive Board discussed a Management-approved Program Monitoring with Board involvement (PMB) for Ukraine. The PMB is designed to help Ukraine maintain stability and catalyze donor financing amid very large balance of payment needs and exceptionally high risks.

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