The Cabinet of Ministers of Ukraine at an extraordinary meeting on March 14 approved the draft law on the establishment of a business ombudsman.

Deputy Minister of Economic Development and Trade, Trade Representative of Ukraine Natalia Mykolska said at the meeting that the adoption of this bill is necessary for business deregulation and cooperation between Ukraine and the International Monetary Fund (IMF).

"For the business ombudsman to exercise his powers and act in the legal field, it is necessary to regulate his activities at the level of laws," she said and added that a Cabinet decision is not enough for the regulation of the business ombudsman's activities.

According to Mykolska, after the law is adopted and comes into force, the election of a business ombudsman will take place, as per the procedure elaborated in the bill.

Mykolska represented the Ministry of Economic Development and Trade at the Cabinet meeting, substituting for Minister Aivaras Abromavicius.