The position of the National Bank of Ukraine (NBU) on the need for the financial sector reform is principal, according to an NBU press release, with reference to NBU Governor Valeriya Gontareva.

"The NBU's position as for the need to reform the financial sector is principal. We understand that not all support and approve it, but this is the sense of reforms - they are, by definition, cannot be easy and painless," Gontareva said at a meeting with the ex-head of the International Monetary Fund (IMF), member of the supervisory council of Bank Credit Dnepr Dominique Strauss-Kahn in Kyiv.

According to her, in particular, due to the cleansing of the banking sector its transparency was increased, the level of lending to related persons was reduced, bank capitalization grew. However, Gontareva stressed, reforms need to be comprehensive, the economy without the drastic modernization of other areas cannot effectively function and develop.

"We see how it is difficult for our parliament to pass crucial and important financial bills or how courts operate, overturning central bank decisions on recognizing banks insolvent," she added.

According to Gontareva, without tough and effective anti-corruption measures at all levels and the elimination of political populism, the financial sector reform will not give that effect, which is expected by both Ukrainian citizens and the country's partners and donors abroad.