In March 2024, the State Property Fund of Ukraine should develop amendments to bill No. 7386 on property valuation, as well as present a roadmap for the implementation of international standards on valuation and the creation of a register for the valuation of financial assets, follows from the updated Memorandum of Economic and Financial Policies of Ukraine under the EFF program with the International Monetary Fund (IMF).

"In recognition of the need for prudent (fair) valuation of real estate and bank collateral for all economic entities and public authorities, the State Property Fund will consult with key stakeholders, including the NBU, the National Securities and Stock Market Commission and IFIs, and by end-March 2024: in coordination with the World Bank, develop provisions that will improve the draft amendments to the law registered in parliament on valuation of property, property rights and professional valuation activities in Ukraine (No. 7386) that closes the gaps with international valuation standards, and propose an implementation roadmap that includes transitional arrangements, details of supportive regulation and/or guidance, steps to strengthen the valuers profession including additional training requirements for valuation of financial assets (banking assets/insurance assets and collateral), and creation of a register of valuations for financial assets," the IMF said.

As reported, in 2020, the SPF and the World Bank signed a memorandum to reform the appraisal system in Ukraine. Bill No. 7386, which provides for the introduction of international assessment standards into national practice and the introduction of an electronic form of assessment reports, was registered in parliament in 2022.