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World Bank, Ukrainian government work on pension reform
15:32, 15 November 2017
World Bank, Ukrainian government work on pension reform

The MPs added the amendments to the pension reform and adopted it without the discussion with the IMF and the World Bank

15:32, 15 November 2017

Open source

The World Bank and the government of Ukraine agreed to work on the pension reform and to check the amendments to it. Jim Yong Kim, the President of the World Bank claimed this as Reuters reported.

Ukraine adopted the pension reform to level the deficit in the sum of 5 billion dollars with the support of the International Monetary Fund (IMF) that provided 17.5 million dollars loan to the country.

Related: Ukrainian government, World Bank agree on attraction of IFC to privatization of Ukrgazbank

However, the MPs added the amendments to the pension reform and adopted it without the discussion with the IMF and the World Bank that constantly advised the government on this reform.

'There are extra provisions in the pension reform that we feel are very unfortunate. But we feel that, working with the ministry, there are ways of ensuring that the poor are targeted. In other words, we’re focusing on making the pension reform work in the form it currently is in'', Jim Yong Kim said at his visit to Kyiv.

Related: Ukraine can get part of $40 trillion of "free" investment - the World Bank

There are 12 million pensioners in Ukraine and the World Bank and the IMF think that the pension reform should firstly seize the number of the annual pension contributions and only after this the full state pension can be determined.

Related: IMF credits: Relief for Ukrainian authorities, debt yoke for Ukrainian people

Moreover, the World Bank insists on the implementation of the land reform that will allow to sale the land and attract more investments to Ukraine. Also, the anti-corruption court should be created in the near future to be a strong supporter of the work of the National Anti-Corruption Bureau (NABU).

 

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