Ukraine’s government submits bill on banks to parliament within new IMF cooperation program

Source : 112 Ukraine

The bill offers to finally ban the return of the nationalized banks to ex-owners
20:14, 24 March 2020

Open source

The Cabinet of Ministers of Ukraine submitted to the Verkhovna Rada the bill #3260 On amendment of the legislative acts of Ukraine on the improvement of some mechanisms of the regulation of banking business.

The draft law offers to finally ban the return of the nationalized banks to ex-owners, ban return of bankrupt banks to the market, which owners achieved at the courts the abolition of the regulation of the National Bank on their insolvency.

Besides, the bill provides the possibility for the former owners to get compensation from the state but only in case, if the court decides that the decision on the nationalization was illegal. The amount of compensation should be defined by the audit firm.

Related: Ukraine wants funding from IMF to get raised up to $10 billion, - media

The adoption of this bill is one of the key demands of the International Monetary Fund and Ukraine has not received the new credit program for $5.5 billion as this demand is not fulfilled.

On March 22, President of Ukraine Volodymyr Zelensky and IMF Head Kristalina Georgieva discussed an increase in assistance to Ukraine during the coronavirus epidemic in a telephone conversation.

As we reported, the European Investment Bank (EIB) plans to provide Ukraine with 40 million euros. These funds will be used in order to take the necessary measures in overcoming the spread of coronavirus in Ukraine.


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