Zelenskyy Urges Parliament To Pass Bills Needed For Increasing IMF Support To Kiev

Zelenskyy Urges Parliament to Pass Bills Needed for Increasing IMF Support to Kiev

Ukrainian President Volodymyr Zelenskyy called on Monday on the Ukrainian parliament, the Verkhovna Rada, to pass bills needed for cooperation with the International Monetary Fund (IMF), saying that signing of a memorandum on increased financial support for Kiev is crucial for the Ukrainian economy amid COVID-19 pandemic

KIEV (Pakistan Point News / Sputnik - 31st March, 2020) Ukrainian President Volodymyr Zelenskyy called on Monday on the Ukrainian parliament, the Verkhovna Rada, to pass bills needed for cooperation with the International Monetary Fund (IMF), saying that signing of a memorandum on increased financial support for Kiev is crucial for the Ukrainian economy amid COVID-19 pandemic.

Last week, IMF Managing Director Kristalina Georgieva said that the IMF had made good progress in talks with Kiev on providing more financial support to Ukraine. If Ukraine adopts laws to improve the bank resolution framework and laws on land reform, the new agreement will be larger than previously envisaged, she noted. On Friday, Zelenskyy said that Kiev agreed with IMF to increase the size of the new program to $8 billion from $5.5 billion.

"It is important for us to support the economy of Ukraine and people who work at enterprises. It is important for us to sign the memorandum with the IMF. And we know very well that there are two conditions for that: land and banking system laws ... So, I ask you very much to support these bills," Zelenskyy said, addressing the Verkhovna Rada.

Later in the day, the parliament passed in the first reading a bill regulating withdrawal of insolvent banks from the market and prohibiting their return to former owners. The adoption of this law, which would make it impossible to return Ukraine's once biggest private lender PrivatBank to businessman Ihor Kolomoisky, is the main condition for obtaining the new IMF program. The bill was supported by 267 lawmakers, with a required minimum of 226 votes. The document is yet to pass the second reading.

On Sunday, the Ukrainian president said that his country was in a difficult economic situation due to the coronavirus pandemic and could face default if international partners did not provide Kiev with assistance.

Ukraine has so far confirmed 480 COVID-19 cases, including 11 deaths.