Economy

Economy minister denies possible impact of restrictions on purchase of land by foreigners until 2024 on cooperation with IMF

International partners during the consultations did not give negative remarks regarding the model of opening the land market with restricting the access to beneficiaries-foreigners until 2024, as it is foreseen in one of the alternative bills, Minister of Economic Development, Trade and Agriculture Tymofiy Mylovanov has said.

"I think this restriction will not create problems for us from the point of view of international partners, the IMF," Mylovanov said at a press briefing in Kyiv on Tuesday.

The land market model was one of the issues discussed by the Ukrainian delegation with the IMF, the World Bank and the European Bank for Reconstruction and Development in Washington.

"Indeed, we discussed land market issues in Washington. We cannot disclose all the details, but there are no specific requirements or desires. This is our internal business what kind of land market we will create," Mylovanov said.

According to him, the main expectation of international partners is removing the land market from the shadows.

"That is, whether the land market will be phased, whether it will be opened at once, whether there will be restrictions, concentration... The main thing that the experts were interested in how we will provide support for medium and small farming, how we will ensure the ownership rights of people who own the land today, and how we will develop the cadastre, how we will connect financing with the data of the cadastre. For example, so that loans are issued in such a way that it would not be possible to steal the land when it is pledged, transferred or sold to someone," Mylovanov said.

In addition, issues of transparent privatization, improving corporate governance, and the creation of a national welfare fund were also discussed, the minister added.

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