The privatization legislation brings Kiev in line with World Bank requirements, according to local media reports
Ukrainian leader Vladimir Zelensky has signed a law on the privatization of state-owned banks. The relevant document was published on the website of the Verkhovna Rada on Thursday.
According to local media, citing MP Yaroslav Zheleznyak, the legislation, adopted by the Rada on September 19, is aimed at reducing the state’s presence in the banking sector. This is one of the requirements of the World Bank and is a mandatory condition for providing loans to Kiev.
Ukraine’s $15.6 billion IMF loan program also calls for bank privatizations and these will be key to unlocking new tranches of aid.
The new law is reportedly also designed to attract potential investors. According to the National News Agency of Ukraine, the new rules expand the range of potential investors and allows for the sale of any state share (previously just 100% of the…