14:34 23.10.2020

Ukraine's premier supports memo with IFIs on stock market development, worsens terms assessment from year to three

2 min read
Ukraine's premier supports memo with IFIs on stock market development, worsens terms assessment from year to three

Prime Minister of Ukraine Denys Shmyhal heard the concept of the stock market development in Ukraine and supported the initiative to sign a memorandum with international partners and stakeholders with a step-by-step implementation of the necessary financial infrastructure, which will prove the topmost priority of this reform for the government.

"The time for experiments is over. We need clear project steps that will lead to the development of a civilized market. There is definitely the political will and support of the government," the press service of the Cabinet of Ministers quotes the prime minister from a meeting he held on October 22 to discuss the creation of infrastructure for the development of the stock market in Ukraine.

The meeting was attended by Chairman of the National Securities and Stock Market Commission Timur Khromaev, Director of USAID Office of Economic Growth Farhad Ghaussy, EBRD Senior Banker Irina Kravchenko and government representatives.

According to a press release, Shmyhal noted that the creation of a stock market could take three years, whereas earlier, in September this year, he talked about the possibility of building a stock market in a year.

"There is a timeline - a three-year time horizon. The full-fledged creation of a stock platform in Ukraine will take some time because it requires a change in legislation and rules," the head of government said.

The prime minister expressed hope that as many international experts as possible who already have working financial models in their countries will be involved in the work.

Farhad Ghaussy, in his turn, expressed support for the stock market reform.

"It's more than an idea. We want the platform for trading different types of assets to be a reality," he said.

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