Ukraine has a plan “B” in case EU money is delayed – NBU

Ukraine expects to receive funding from the European Union in the first weeks of April, despite the position of Hungarian Prime Minister Viktor Orban.

This was stated by the Chairman of the National Bank of Ukraine , Andriy Pyshny, in an interview with Bloomberg.

According to him , even in the event of a delay in funds, Ukraine has a backup plan.

Pyshny explained that it is difficult to replace EU assistance on such a scale , but the National Bank has prepared mechanisms that will maintain financial stability.

“I have a whole shelf in my office with all these Plan Bs . I could even start courses on how to make them , “ he said .

As the head of the NBU explained , there are two main sources that can help cover a possible shortage of funds. These are the domestic public debt market and the monetization of budget needs.

At the same time , Pyshny noted that increasing gold and foreign exchange reserves, which other central banks use during wars , is not an optimal solution for Ukraine .

According to him , in wartime , it is important for the country to maintain a high level of liquidity.

It was previously reported that Hungarian Prime Minister Viktor Orban is ready to unblock an EU loan for Ukraine of 90 billion euros if the European Commission approves Budapest’s application for a defense loan of 16 billion euros under the SAFE instrument.

We remind you that the National Bank of Ukraine sees no reason for a sharp increase in the exchange rate or a significant fall in the hryvnia.