The National Bank of Ukraine (NBU) hosted the Ukraine Financial Forum, a meeting of government officials, commercial banks, international financial institutions and other stakeholders in Kiev last week to address moving ahead with critical reforms in the financial sector.

Members of the private and public sectors examined the so-called Vienna Initiative approach that was taken to help protect the financial stability of emerging economies in Europe during the Great Recession, the European Investment Bank (EIB) said.

In addition to the EIB, international financial institutions participating in the talks included the International Monetary Fund (IMF), the European Bank of Reconstruction and Development (EBRD), the World Bank Group and the European Commission.

"By bringing together all the relevant stakeholders around one table, we have identified the key challenges in this sector as well as possible solutions to address them," NBU Governor Stepan Kubiv said after the meeting, according to the IEB. "The combination of views from both the public and private sectors helped identify a coordinated path to push reforms forward."

Participants reportedly discussed progress with reforms in the context of the IMF-backed program, focusing on bank restructuring, recapitalization, non-performing loans and banking supervision.

The next meeting of the forum is scheduled to take place in the fall.