Ukraine to get loan from IMF within three weeks after passing law on banking activity, - MP

Source : 112 Ukraine

The Parliament will be able to consider the bill in the second reading by May 5, David Arakhamia says
14:21, 15 April 2020

Ukraine will get a loan from the International Monetary Fund within three weeks after the eventual approval of the law on banking activity. David Arakhamia, the head of the parliamentary faction of Servant of the People party said so on air of Channel 24.

'I'm 200-percent sure: after we vote for the draft law on banks, we'll get the tranche within three weeks", he said. 

The MP added that the IMF and the World Bank have no claims against Ukraine.

Arakhamia also said that the Parliament would be able to consider the bill in the second reading by May 5. If it fails to do so, the entire country may "face difficulties".

On March 30, the Ukrainian Parliament approved the law as the basis. The bill foresees that once a bank was nationalized, it cannot be returned to its previous owners anymore. The banks that ran bankrupt are prohibited to return to the financial market, even if their owners managed to get the court decision canceling the National Bank's decree about their bankruptcy. If the bank was eliminated or nationalized in breach of the legal procedure, the former owners can get a compensation of their expenses.

Related: Zelensky directs Finance, Health Ministers to sign two IBRD loan agreements for Ukraine

There are currently 16,000 amendments to the current edition of the law. The Parliament wants to change internal regulations so as to speed up its consideration.

The approval of this particular law is one of the key demands of the IMF that Ukraine has to live up to in order to get financial aid from the Fund.

Related: Ukraine to service IMF debt by taking other loans


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