Ukraine needs to step up the fight against corruption and press on with reforms, the president of the European Bank for Reconstruction and Development, Suma Chakrabarti, said at the 14th annual meeting of the Yalta European Strategy Annual Meeting taking place in Kyiv on Friday, 15 September.
"European studies indicate the progress of Ukraine. According to the American Chamber of Commerce, there are more investments and investors now in Ukraine than ever, but we must admit: this is still not enough. The country must pay more efforts to strengthen the rule of law and respect for ownership which ensure further development," Chakrabarti said.
"Corruption is the greatest obstacle that prevents the transfer of the economy out of the darkness into the light," he said.
The EBRD president stressed that Ukraine needs to improve business climate. "Ukraine just cannot delay reforms any longer. The economy needs immediate restructuring," said Chakrabarti.
He advised the Ukrainian government to strengthen bank supervision, continue energy and land reforms and speed up privatization.
"You need to have the determination. Reforms should not be held hostage to electoral cycles Delaying reforms is delaying improvements," he said.
The EBRD is the largest investor in Ukraine. As of late 2016, the bank's total investments in Ukraine have reached 12.4bn euros.