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8 months ago
IMF: nationalizing Ukraine's PrivatBank important for stability
December 19, 2016 / 12:42 PM / 8 months ago

IMF: nationalizing Ukraine's PrivatBank important for stability

International Monetary Fund logo is seen inside the headquarters at the end of the IMF/World Bank annual meetings in Washington, U.S., October 9, 2016.Yuri Gripas

KIEV (Reuters) - The International Monetary Fund said on Monday that the Ukrainian authorities' decision to nationalize PrivatBank was an important step in their efforts to safeguard financial stability.

The Fund, which is supporting Ukraine with a $17.5 billion ongoing bailout, said in a statement that it would continue to help Ukraine "in its efforts to build strong institutions, enhance transparency, and advance structural reforms."

Ukraine took over its largest bank on Monday in one of the biggest shake-ups of the war-torn country's banking system since Ukraine plunged into economic and political turmoil more than two years ago.

Reporting by Matthias Williams, editing by Louise Heavens

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