The financial and economic crisis in Ukraine in 2013 laid bare systemic failures and a fundamental loss of trust in the country’s financial system and institutional framework. Since 2014 the relevant authorities have driven an ambitious program of national financial sector reform, the aim of which is to build a resilient, competitive financial system in line with EU standards that can ensure sustainable economic development. Reform of the financial sector is considered to be among the most successful transformations undertaken since the Maidan revolution and the National Bank of Ukraine (NBU) has been on the forefront of these efforts. In January 2020, the Ukrainian financial sector’s regulators have approved the Strategy of Ukrainian Financial Sector Development until 2025 defining the rest of the financial sector reform priorities. More than 30 new projects are expected to be launched by the NBU in the five strategic directions as defined by the strategy: financial stability, macroeconomic development, financial inclusion, financial markets development, and innovation development (a detailed list of the projects is in the Annex 1 of the ToR). Set of deadlines to achieve the goal and meet the objectives of Strategy 2025 are included in the Roadmap for the implementation of Strategy 2025.
The project builds on the previous successful cooperation with the NBU. Particularly, in 2017-2020 EBRD provided capacity building and project management support for implementation of financial sector reform projects to the NBU and the National Securities and Stock Market Commission (NSSMC) (TCRS id 7257). Initial duration envisaged for 12 months with the possibility to extend for another 12 months, subject to satisfactory progress on reform and the availability of funding.
The TC Project is fully aligned with EBRD’s Medium Term Directions ('MTDs') which support the building of resilience into reforms and the reform of institutions in the Bank's countries of operations which support policy and institutional reforms. The project is also in line with the priority 4 of the Ukraine country strategy: enhance resilience of the financial system by strengthening the banking sector.
A key challenge for all reform measures and actions under Strategy 2025 is ensuring that proper project management processes are followed from concept development through to post-implementation analysis. A significant lack of both project management expertise and coordination among the wider financial sector continues to be a serious impediment to achieving progress in this area. As one of the key institution responsible for financial sector reforms, NBU will require capacity building for implementation of financial sector reform projects. NBU is under-resourced and not presently able to attract people of a sufficient calibre to ensure implementation of the reform process to the highest possible standards of project management. The NBU FSR PMO will continue to work across the financial sector, providing robust project management approaches across all projects and at all stages, ensuring better delivery of projects and coordination of deliverables. They will provide project management expertise, coordinating the efforts of different stakeholders, and ultimately boosting activities under implementation of projects according to the Program.
This TC Project comprises the appointment of 10 skilled consultants (a combination of project managers/senior project managers, analysts and an office manager) who contribute to the implementation of the Ukraine financial sector strategy by providing expertise to the clients in order to ensure that the reform process is implemented to the highest possible standards. Experts will be based at the National Bank of Ukraine.
The team will comprise of:
- 1 senior project manager to work on improving the digital financial services efficiency and availability to population;
- 1 senior project manager to work on financial/capital market infrastructure development;
- 1 senior project manager to work on improving financial consumer protection, incl. alternative dispute resolution mechanism;
- 1 senior project manager to work on the FinTech market, digital technologies and regulatory platforms development;
- 1 senior project manager to work on the cybersecurity;
- 1 project manager to work on the restart of the lending;
- 1 project manager to work on environmental and social governance and sustainable, green finance;
- 1 analyst to work on the restart of the lending;
- 1 analyst to work on program cashless economy;
- 1 office manager/support staff. The NBU Strategy and Reforms Department will facilitate and ensure effective intergovernmental coordination, collaboration and communication and prepare and provide proper monitoring and reporting to the EBRD.
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