The National Bank of Ukraine has approached the European Bank for Reconstruction and Development with a request to provide technical assistance in support of the reform and development of Ukraine’s financial system, in particular by financing two Project Management Offices responsible for financial sector reform, more particularly an FSR PMO in the NBU and an FSR PMO at the National Securities and Stock Market Commission ("NSSMC").
Rationale for the establishment of the FSR PMOs
A key challenge for all reform projects 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 the two key institutions responsible for financial sector reforms for 2017/2018, both the NBU and NSSMC will require capacity building for implementation of financial sector reform projects. These two institutions are 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 Strategy and Reforms Department will facilitate and ensure effective intergovernmental coordination, collaboration and communication between all regulators and stakeholders on FSR matters - including the NSSMC and NBU - and prepare and provide proper monitoring and reporting to the EBRD.
The new FSR PMOs (NBU FSR PMO and NSSMC FSR PMO) will 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.
The overall outcome of this TC Project is that the FSR PMOs are operational and effectively fulfil their mandate to implement the Comprehensive Program for Financial Sector Development of Ukraine.
The TC Project comprises a joint team of FSR PMOs: the NBU FSR PMO and the NSSMC FSR PMO, which will collaborate and coordinate closely together with the NBU Strategy and Reforms Department.