An International Monetary Fund (IMF) mission to Ukraine has recommended authorities conduct an independent audit of the country’s banks to increase confidence in the sector.

Between 17 October and 29 October an IMF mission led by Nikolay Gueorgiuev visited the country to hold discussions for the 2013 Article IV Consultation and the first Post-Program Monitoring review.

Gueorgiuev said, overall, Ukraine’s economy was showing signs of improving, but that considerable challenges remained.

In order to meet these challenges, Gueorgiuev made a number of recommendations, including "the use of independent bank audits to ascertain asset quality and the adequacy of loan classification, provisioning, and collateral."

Talking about the IMF’s suggestions, Gueorgiuev said "improving the business climate is imperative for high and sustainable growth."

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International Monetary Fund