Ukraine's Jaresko urges parliament to amend laws to receive IMF funds

By bne IntelliNews July 13, 2015

Ukrainian Finance Minister Natalie Jaresko has called on parliament to pass four bills, which are required by the International Monetary Fund (IMF) for Ukraine to receive a second tranche of a $17.5bn bailout, together with other loans from Germany, Japan and the World Bank, together totalling $3.2bn.

"This week, unfortunately, we were not able to move forward in adopting four very important draft laws that will help Ukraine to protect people's savings, to improve our energy sector, and to help to proceed in our relations with the IMF, the World Bank, as well as to receive loans from Japan and Germany," Jaresko blogged on Facebook, as quoted by Interfax. Jaresko said the total volume of loans dependent on the legislation was $3.2bn.

On July 14, the parliament will vote on amendments to existing laws on housing and utilities services, on the deposit guarantee system and withdrawing insolvent banks from the market, on ending a moratorium on the forced sale of property of the debtors of Naftogaz Ukrainy, as well as a bill regarding the activities of the National Anti-Corruption Bureau.

The IMF made these changes a requirement for the disbursement of further funds under the $17.5bn, four-year Extended Fund Facility (EFF) agreed with the Ukrainian goverment in March. An initial tranche of $5bn was immediately paid out that month.

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