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The Ukrainian Parliament adopts a law for the privatization of state property

The Ukrainian parliament today adopted a law for the privatization of part of state property, one of the key requirements of the International Monetary Fund and the European Union in the framework of economic cooperation and financial assistance to Ukraine.

Kiev, Nov 9 (EFE). - The Ukrainian parliament today adopted a law for the privatization of part of state property, one of the key requirements of the International Monetary Fund and the European Union in the framework of economic cooperation and financial assistance to Ukraine.

The document approved in the Supreme Rada (Parliament) of Ukraine, which obtained 258 votes in favor, will regulate the sale of more than 3,000 state-owned companies, with which it is expected to raise some 22,000 million dollars, and is aimed at making the privatization process more transparent and attractive for investors.

"It does not make any sense for the country to have more than 3,500 state companies, they generate losses to the State and profits to those who have fed on them. for decades, "said the Prime Minister of Ukraine, Volodymyr Groysman, during his speech at the plenary of the Rada.

Groysman said that the new legislation is important for the economic growth of the country, since the state public sector is "the biggest source of corruption" in Ukraine and most of these companies are not profitable.

The law will force that the process of selling large companies be studied by advisors of international investment banks, while the objects of privatization on a small scale will be sold exclusively in electronic auctions.

Likewise, it foresees the possibility that the sale of state properties is carried out under foreign jurisdictions, although it indicates that the Russian investors will not be able to participate in the process.

The privatization of state property is part of the reforms demanded by the International Monetary Fund for the transfer of the next tranche of the loan of more than 17,500 million dollars granted to Ukraine in 2015.

In addition, this is one of the requests that the European Union within the framework of the association agreement with Ukraine, which came into force last September and which obliges Kiev to adapt and gradually bring its laws into line with the rules and European standards.

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