14:57 07.04.2015

Rada passes laws required for World Bank, Japanese govt loans

1 min read
Rada passes laws required for World Bank, Japanese govt loans

The Ukrainian parliament on Tuesday passed without discussion at second reading draft laws on amendments to the Budget Code on state investment projects (No. 2258) and on amendments to some Ukrainian laws on the protection of investors' rights (No. 2259) the approval of which is a pre-condition for receiving $500 million from the World Bank under the Development Policy Loan (DPL), and $300 million from the Japanese government.

An Interfax-Ukraine correspondent has reported that a total of 248 and 236 lawmakers supported the documents.

"A World Bank pre-board [meeting] is on Wednesday. If there were no bills Nos. 2258 and 2259 [passed] by Wednesday noon, we won’t receive $800 million," Deputy Economic Development and Trade Minister Maksym Nefiodov wrote on his Facebook page on Monday.

Bill No. 2259 envisages the introduction of the institute of independent directors, tougher rules for deals with affiliated persons, the possibility of filing derivative complaints, toughening the responsibility of officials for damage caused to companies, and obligatory listing of private joint-stock companies.

Bill No. 2258 foresees the creation of an efficient and transparent state investment management system. The bill is aimed at increasing the effective use of state funds and the efficiency of investment projects.

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