AUB News

Andriy Dubas, President of the Association of Ukrainian Banks, stated in a guest studio on Channel 5 that Ukraine's cooperation with the International Monetary Fund remains a key signal to international partners regarding the country's readiness to continue financial support.

“For a large circle of international partners, the indicator is very simple: if a country is working within the IMF program, it is possible and necessary to continue talks with it about additional financial assistance,” he stressed.

According to Andriy Dubas, in the context of a full-scale war, Ukraine's state budget is almost half financed by international support.

“Our defense and security expenditures have increased significantly, while budget revenues have decreased. Today, only about half of our expenditures are covered by taxes and fees, while the other half is covered by our international partners,” explained the AUB president.

He also drew attention to the Ukraine Facility program, under which Ukraine is to receive up to €50 billion over several years.

"The last tranche under the Ukraine Facility arrived in December. There is a long list of ‘homework’ that Ukraine has completed, and the latest statements from the European Commission confirm that we are moving very quickly and efficiently along the path of European integration," said Andriy Dubas.

Commenting on the possible risks of a reduction in international aid, he warned against a return to emission mechanisms.

“In 2022, Ukraine was forced to resort to emissions because international financial support was delayed at the time, and the army and defense needed to be financed immediately. Today, without this assistance, the figures could be simply staggering,” he stressed.

According to the AUB president, 2025 is already fully covered by financial inflows, and half of 2026 is covered thanks to the ERA loans program, which provides for the use of income from frozen Russian assets.

“I am impressed by the European Union's position: we cannot end the year without agreeing on financing for Ukraine for 2026–2027. There are several instruments, and a reparations loan is one of the best because it allows Ukraine to plan not for 3–6 months, but for at least two years,” he stressed.

Separately, Andriy Dubas drew attention to the change in the financial behavior of Ukrainians and the growing popularity of hryvnia deposits and government bonds.

“We have seen that over 3.5 years, hryvnia deposits have yielded approximately 20% better results than keeping funds in cash currency. These instruments have effectively offset both inflation and the devaluation of the hryvnia,” he noted.

According to him, this is evidence of confidence in the national currency and the actions of the National Bank.

“Today, the NBU has record gold and foreign exchange reserves of $54.7 billion. This allows it to ensure currency and price stability, and this is what builds confidence in hryvnia assets,” added the president of the AUB.

Commenting on the high-profile situation involving a soldier who encountered difficulties during bank verification, Andriy Dubas emphasized the need for profound changes in the banking sector's approach.

“First of all, I want to apologize on behalf of the entire banking community to our soldier. But that's not enough. We must learn from this and change—not only at the management level, but also at the level of each employee,” he stressed.

According to him, the banking system must systematically take into account the needs of veterans and military personnel.

“We must ask military personnel and veterans what problems they encounter in their interactions with financial institutions and what we can do better. This respect for our defenders must be permanent, not situational,” concluded the president of the Association of Ukrainian Banks.