Foreword 3

Acknowledgements 4

Abbreviations and acronyms 7

Executive summary 8

1 Recommendations and roadmap 11

1.1. Overview of the report and objectives 12

1.2. OECD recommendations to strengthen financial markets and institutions for Ukraine’s recovery 12

References 15

2 Ukraine’s financial system framework 17

2.1. Introduction 19

2.2. Increasing participation in the capital market 20

2.3. Strengthening the banking system for the post-war period 24

2.4. Supporting access to finance for businesses and households 28

2.5. Developing the sustainable finance and digital finance frameworks 39

References 40

Notes 45

3 Ukraine’s corporate governance framework 47

3.1. Introduction 49

3.2. Strengthening capital market infrastructure and regulation 50

3.3. Enhancing the NSSMC’s institutional capacity and independence 56

3.4. Improving the implementation and monitoring of corporate governance standards 60

References 64

Notes 67

4 Public debt management in Ukraine 69

4.1. Introduction 70

4.2. The institutional setup for public debt management in Ukraine 71

4.3. Portfolio strategy and instrument choice 75

4.4. Cash and liquidity management 80

4.5. Management of contingent liabilities and credit guarantees 82

References 87

Notes 89

5 Financial consumer protection and financial literacy in Ukraine 91

5.1. Introduction 92

5.2. Supporting financial consumer protection in Ukraine 93

5.3. Enhancing financial literacy in Ukraine 98

References 103

Notes 105

6 Guidelines to develop asset-backed pensions in Ukraine 107

6.1. Introduction 109

6.2. Developing asset-backed pensions in Ukraine 109

6.3. Stage one: Strategic considerations prior to introducing asset-backed pensions 110

6.4. Stage two: Design, regulation and supervision considerations when introducing asset backed pensions 113

References 118