Amid the evolving landscape of global economics, policymakers and economists continuously deliberate on the intricate dynamics of central banking. In times of severe crises and large shocks this question receives a renewed attention as traditional policy frameworks face new challenges and constraints. This in turn pushes central banks to adapt their policies and improve analytical toolkits.
Today, the world faces a new normal marked by hurdles of post-pandemic recovery, russian full-scale aggression against Ukraine, and other structural shifts of the global environment. This prompts a question of how the central banks should navigate the changing landscape without compromising their independence and credibility.
The 8th Annual Research Conference jointly organized by the National Bank of Ukraine and the Narodowy Bank Polski with the support of USAID “Investments for Business Sustainability” and IMF will delve into the intricacies of central banking in times of large shocks and extreme uncertainty. Covering a broad range of topics, from monetary policy frameworks and financial stability considerations to post-war recovery, sanctions, and transition towards sustainable practices.
Gita Gopinath, First Deputy Managing Director of the International Monetary Fund, and Frank Smets, Adviser in the Counsel to the Executive Board at the European Central Bank, are confirmed keynote speakers.
The two-day event will take place in a hybrid format on 20-21 June 2024 in Kyiv (Ukraine).
The USAID Investment for Business Resilience (IBR) Activity
The USAID Investment for Business Resilience (IBR) Activity is a five-year program implemented by DAI Global LLC that supports systemic changes in Ukraine’s economy and increases the supply of finance available to Ukrainian businesses. IBR aims to transform the country’s financial sector into a well-functioning and competitive market that is aligned with European Union standards and integrated into international financial systems, while directly providing financing to enterprises for sustained economic growth. For additional information about the IBR, please visit its Facebook page at: www.facebook.com/IBRUAproject
International Monetary Fund
Ukraine became a member of the International Monetary Fund (IMF) in 1992. The main areas of Ukraine’s and the NBU’s cooperation with the IMF are as follows: cooperation related to the programs that support the balance of payments (the stand-by arrangement and the extended fund facility), annual consultations under Article IV of the Articles of Agreement of the International Monetary Fund, technical assistance, and other activities envisaged by Ukraine’s membership of the IMF.
The IMF has been supporting Ukraine since the full-scale invasion broke out. In March 2022, Ukraine received USD 1.4 billion in aid within the Rapid Financing Instrument (RFI). In October, the IMF provided USD 1.3 billion in additional assistance under the RFI’s food shock window to help countries survive the food crisis triggered by russia’s full-scale war against Ukraine. In March 2024, the IMF approved a 48-month extended arrangement for Ukraine under the Extended Fund Facility (EFF) with an amount of SDR 11.6 billion (or about USD 15.6 billion).
Since 2016, the IMF has been supporting the Annual Research Conference jointly organized by the NBU and Narodowy Bank Polski. Antonio Spilimbergo, Christopher Erceg, Davide Furceri, Jesper Linde, Maurice Obstfeld, Jonathan Ostry, and Olga Stankova are among the IMF-affiliated speakers that joined the event in previous years.