President of Ukraine Petro Poroshenko has signed a law on amending certain legislative acts on the resumption of lending and on improving the functioning of the financial sector.

"There was a lot of discussion about this law, the signature under which Ukraine has been waiting during these days. I think that the law on amendments to some legislative acts on the resumption of lending is very necessary. The government should clear the way for economic recovery, and economic development is impossible without financial resources," Poroshenko said at a meeting with Ukrainian and foreign business representatives.

The head of state stressed the importance of further improving the mechanisms of the functioning of the financial sector and signed the relevant law.

"The mechanisms of corporate governance of state-owned banks need to be changed. To make it more transparent, more understandable, more predictable. This law provides for a new procedure for forming the members of supervisory boards and ensuring the transparency of state banks, which now account for more than half of the country's financial sector. The majority in these boards should be independent members, independent directors," Poroshenko said.