Stepan Kubiv, the governor of the National Bank of Ukraine (NBU), met with representatives from the World Bank last Thursday to discuss enhancing cooperation through the funding of projects that would help ensure a smooth functioning financial sector and also mitigate risk in the banking system.

Kubiv met with Frank Heemskerk, the executive director of the Dutch constituency of the World Bank Group, and Roman Zhukovskyi, the alternate executive director of the World Bank.

"In recent weeks, the National Bank of Ukraine, in cooperation with the government and the Verkhovna Rada of Ukraine, with assistance from the experts of the World Bank Group and the International Monetary Fund, have made good progress in many areas, including in the legislative sphere," Kubiv said, adding, however, that cooperation would help the country reform its banking system.

Kubiv said the committee of the Verkhovna Rada of Ukraine recently tabled the discussion of a draft law that would forestall the adverse impact on banking sector stability. The draft law, which was created with experts from the World Bank Group, would amend certain laws in Ukraine to help protect the banking sector.