’ revaluation of risks related to developing economies could negatively affect ukraine ’ s external trade and make it more difficult for ukraine to obtain financing. there are other significant risks. they include : an escalation of the military conflict in eastern ukraine and new trade restrictions being introduced by russia a drop in the harvest of grain, fruit and vegetable crops in ukraine in the wake of unfavorable weather the higher volatility of global food prices, driven by global climate change. therefore, the nbu board made its key policy rate decision when inflationary pressures were decreasing faster than expected, and the economy needed further support. 2 / 3 bis central bankers'speeches in view of the above, the nbu board continued its monetary policy easing cycle by cutting the key policy rate by 1 pp, to 10 %, as envisaged by the central bank ’ s january forecast. what matters to the nbu the most is that the cut will provide the necessary impetus to the economy, while also not preventing the central bank from achieving its inflation target, which is its priority. what will the nbu ’ s monetary policy stance be in future? as before, the nbu plans to decrease its key policy rate to 7 % by the end of the current year. in deciding on the pace of key policy rate cuts to that level, the nbu will closely monitor : the spread of the coronavirus around the world and in ukraine, and its impact on the domestic and global economy the response of governments and central banks to these developments any progress achieved in negotiating a new aid agreement with the imf, which will shape the expectations of financial market participants, and determine the prices of ukrainian assets. if there are favorable developments, and if the new ukrainian government speeds up reform, the nbu will be able to ease its monetary policy more quickly. conversely, if the above risks materialize, the nbu will respond quickly by deploying the monetary policy tools it has at its disposal. thank you for your attention! 3 / 3 bis central bankers'speeches

limited due to the war 1 / 4 bis - central bankers'speeches the waves of russia's attacks on the energy infrastructure, an increase in migration, and labor shortages slowed the economic recovery. however, real gdp kept growing, in both q2 and q3 2024. that said, smaller shortages of electricity and somewhat larger harvests of early grain crops enabled the nbu to revise its forecast for real gdp growth in 2024 upward, to 4 %. significant budget stimuli, backed by large volumes of international financing, rising household income, growing outputs in crop farming, and sustained external demand will support further growth in the ukrainian economy, at 4. 3 % – 4. 6 % in 2025 – 2026. the uncertainty about volumes of international assistance decreased. sufficient inflows of external support will allow the government to continue financing large budget expenditures and enable the nbu to maintain the sustainability of the fx market in october, the imf disbursed another tranche to ukraine in the amount of usd 1. 1 billion as a result of the fifth review of the extended fund facility. around usd 300 million of concessional financing came from canada. by the end of the year, ukraine is expected to receive more than usd 15 billion, of which usd 4. 8 billion under the world bank's spur program supported by financing from the united states. in addition, considerable progress was made in confirming future volumes of assistance. international partners came much closer to the disbursement to ukraine of a non - repayable loan secured by proceeds from frozen russian assets, to the total amount of usd 50 billion, as part of the era mechanism. therefore, international support for ukraine will remain significant. taking into account the expected inflows, the nbu has improved its assumptions about external financial support for 2024 – 2026. the total amount of international financing is expected to reach usd 41. 5 billion this year and usd 38. 4 billion next year. the continued external support, together with sufficient volumes of borrowing from the domestic market, will enable the government to keep covering the large budget deficit without resorting to monetary financing. for its part, the nbu will be able to maintain an adequate level of international reserves to preserve the sustainability of the fx market. the projections for these reserves have been revised upward compared to the july forecast – to usd 43. 6 billion for 2024, and to usd 41 billion for 2025. the course of the war continues to be the