Head of European Bank of Reconstruction and Development: Corruption prevents bringing Ukrainian economy out of the darkness into light
Ukraine needs to strengthen its fight against corruption and continue reforms, the President of the European Bank of Reconstruction and Development (EBRD), Suma Chakrabarti, believes.
"European studies indicate the progress made in Ukraine. According to the American Chamber of Commerce, there are more investments and invertors now in Ukraine than ever, but we must admit: this is still not enough. The country has to do much more to strengthen the rule of law and respect of ownership, as well as strengthen its fight against corruption, which is the largest obstacle to continued investments, that will ensure further development. This corruption prevents bringing Ukrainian economy out of the darkness into light," he said at the 14th annual meeting of the Yalta European Strategy, which is taking place in Kyiv on Friday.
"You have to improve the business climate. I will say that even more so, Ukraine does not have the luxury of postponing reforms. It is necessary to restructure the economy immediately," Chakrabarti stressed.
The EBRD President advised Ukraine to strengthen supervision over banks, continue reforms to the energy sector, implement land reforms, and speed up privatization.
"You need to have the determination. The reforms should not be held hostage by electoral cycles. Delaying reforms is delaying improvements," he said.
The EBRD is the largest investor in Ukraine. As of late 2016, the European Bank’s overall investment in Ukraine reached 12.4 billion euros.