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In October 2009, USAID announced a three-year project to help Ukraine build a sound, transparent and resilient financial system. In particular, the project will focus on assisting the banking sector to recover of the financial crisis aftermath.
The goal of the Financial Sector Development Project or FINREP is to assist Ukraine in rebounding from the economic and financial crisis and in establishing a sound financial sector. FINREP advances the following objectives:
- Strengthen the legal and regulatory environment for a stable, transparent, and resilient financial sector;
- Enhance organizational capacity of financial sector institutions to implement reforms and raise performance to international best practices;
- Assist vulnerable Ukrainians with financial relief and awareness and increase demand for responsive financial intermediation and government intervention;
- Expand the domestic securities markets to mitigate financial stress and broaden the financial base;
- Strengthen the institutional capacities of Ukraine’s regulators to provide prudential oversight and supervision of the non-bank capital markets;
- Develop appropriate financial instruments for portfolio investment, especially for contractual savings institutions; and
- Strengthen the capacities of pension fund providers, including regulators, pension fund managers, financial intermediaries, actuaries, accountants, and auditors.
These objectives are mutually interdependent. Financial institutions need reforms to the legal-regulatory framework to proceed adeptly with restructuring and reorganization. Likewise, financial sector institutions need a deeper, more liquid domestic securities market to more effectively build capital cushions. Also, advancing the legal-regulatory reforms requires greater understanding and support from the public.
FINREP will be implemented in close coordination with a wide range of Ukrainian partners, including the Government of Ukraine and profile ministries, the Verkhovna Rada, the National Bank of Ukraine, the Securities and Stock Market National Commission, the Financial Services Regulator, and the Deposit Guarantee Fund. In addition, project partners will include private financial market organizations and consumer groups.
USAID has been seeking broad-based economic growth for Ukraine since 1992. FINREP is part of this endeavor and will build on previous programs. Robert Bond, Chief of Party for FINREP, will be supported by expatriate and Ukrainian financial markets experts.
FINREP is implemented by Booz Allen Hamilton Inc., with Financial Markets International, Inc. (FMI), Bankworld Inc., and Cardno Emerging Markets USA, Ltd., all U.S.-based consulting firms.
Project Contacts:
7/9 Yaroslavskyi Lane, 2nd Floor, Kyiv 04071, Ukraine
Telephone: +38 044 379-1375 Fax: +38 044 379-1376
Email: office@finrep.kiev.ua
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