By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-The International Monetary Fund (IMF) on Friday hailed Ukraine’s parliament decision on Thursday to approve a legislation to strengthen independence of its central bank, the National Bank of Ukraine.

“I welcome progress made in Parliament yesterday in approving legislation to strengthen the National Bank of Ukraine’s independence, which is part of the far-reaching economic and structural reforms supported by the Fund to modernize the economy and restore robust growth,” Christine Lagarde, managing director (MD) of the IMF said.

Lagarde says the success of the program, however, also rests on the rapid completion of the debt operation with high participation. “In this regard, I also welcome the government’s continued efforts to reach a collaborative agreement with all creditors. This is important since this means that the Fund will be able to continue to support Ukraine through its Lending-into-Arrears Policy even in the event that a negotiated agreement with creditors in line with the program cannot be reached in a timely manner,’ she added.

According to the IMF chief, overall, she strongly believes that the Ukrainian authorities’ program and the determination and boldness, with which it is being implemented, despite considerable headwinds, warrant the support of the international community.