The ICU group held the international conference dedicated to the investment perspectives of the Ukrainian debt market at the European headquarters of Bloomberg, London, the UK on June 8 as the press service of the group reported.
The leadership of Ukraine's Finance Ministry, National Bank of Ukraine, National Depositary of Ukraine, the biggest enterprises of the state and private sector and the representatives of the international companies, global banks, and funds that invest in the developing markets participated in the conference.
The event was opened with a speech by Oksana Markarova, the acting Finance Minister of Ukraine. "The voting for the Anti-corruption court that finishes the forming of the anti-corruption infrastructure is the historical decision for Ukraine," she noted.
"We expect the IMF response but we are sure that the implemented anti-corruption reforms correspond to the points of the IMF support program. Under my guidance in the ministry, Ukraine will continue to cooperate with the IMF and our international partners. Our main priorities are the macroeconomic stability, decrease of the fiscal risks, implemented reforms' programs, provision of the efficiency of the budget's expenditures and economic growth."
In his turn, Oleh Chyry, the Deputy Head of Ukraine's National Bank spoke about the macroeconomic predictions of the regulator and its further steps that depend on the progress of the holding of the structural reforms and cooperation with the official creditors of Ukraine.
"If reforms are implemented, the cooperation with the IMF will continue and any new factors that can provide the quicker decrease of the inflation than our current predict will not appear; it is not likely we can reduce the interest rate. But we will have an opportunity for the currency liberalization," he said.
"However, we have recently considered the alternative scenario – without reforms and financial aid of the official creditors. If the situation develops on such scenario and it leads to the strengthening of the risks of the inflation growth, we will be forced to raise the interest rate. At most, we can consider a possibility of the use of other tools, such as the currency restrictions if it is needed for the preservation of the financial stability."
Kostyantyn Stetsenko, the ICU managing partner revealed to the foreign investors that there is a number of the dynamically developing companies in Ukraine that need the financing in hryvnia for the further stable growth.
"The banking system of the country is not ready to finance them in the needed volume so the attraction of the investments by the issuance of the bonds remains to be the actual tool for the companies. The Ukrainian bond market recovers from 2014-2015 crisis step by step and offers relatively high incomes amid the improving of the macroeconomic situation, currency regime, and simplification of the access to the market for the foreign investors," he said.
Mindaugas Bakas, the Head of the National Depositary spoke in details about the simplification of the access to the Ukrainian market for the foreign investors. He told about the recently adopted law on the nominee holder.
"The Institute of the nominee holder removes the bureaucratic hurdles and in four months it will be able to open the first assets. Earlier the non-resident was obliged to personally come with the parcel of the documents to the Ukrainian depositary office, pass through the difficult legal procedures of the documents' execution, including its translation and legalization for the purchasing of the local assets. This process took more than three months. This autumn, thank new law; it will take up to 10 days."
The ICU is the independent financial group that provides the services for the managing of the assets and private share capital. The group specialized on the markets of Central and Eastern Europe.