KIEV, Nov. 1 –The introduction by the Ukrainian authorities of the obligatory sale of part of a company's currency income and budget payments using promissory notes are steps in the wrong direction, according to Qimiao Fan, World Bank Country Director for Ukraine.

"This undermines the situation… It's a bad idea," he said, commenting at a conference organized by Fitch Ratings in Kiev on the use of promissory notes to return value added tax.