14:31 07.04.2015

Economy ministry calls on Rada to pass bills required for World Bank, Japanese govt loans

1 min read
Economy ministry calls on Rada to pass bills required for World Bank, Japanese govt loans

The Economic Development and Trade Ministry of Ukraine has called on lawmakers to support at second reading bills Nos. 2258, 2259, the approval of which is a pre-condition for receiving $500 million from the World Bank under the Development Policy Loan (DPL) and $300 million from the Japanese government, Deputy Economic Development and Trade Minister Maksym Nefiodov wrote on his Facebook page on Monday.

"A World Bank pre-board [meeting] is on Wednesday. If there were no bills Nos. 2258 and 2259 [passed] by Wednesday noon, we won’t receive $800 million," Nefiodov said.

Bill No. 2259 envisages the introduction of the institute of independent directors, tougher rules for deals with affiliated persons, the possibility of filing derivative complaints, toughening the responsibility of officials for damage caused to companies, and obligatory listing of private joint-stock companies.

Bill No. 2258 foresees the creation of an efficient and transparent state investment management system. The document is aimed at increasing the effective use of state funds and the efficiency of investment projects.

"[This will be] a powerful step on the way to creating a normal stock market in the country and the harmonization of laws with European ones," Nefiodov added.

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