UJ.com

Top 2 

                        MONDAY, JULY 7, 2025
Make Homepage /  Add Bookmark
Front Page
Nation
Business
Search
Subscription
Advertising
About us
Copyright
Contact
 

   Username:
   Password:


Registration

 
GISMETEO.RU
UJ Week
Top 1   

    
Nation    

Rada okays central bank independence laws
Journal Staff Report

KIEV, June 18 - Ukraine's parliament Thursday approved two laws on central bank independence, leaving five more to be passed in order to unlock the next tranche of financial aid from the International Monetary Fund, Prime Minister Arseniy Yatseniuk said.

Ukraine has so far received $5 billion from the Fund from its overall pledge of $17.5 billion. To get the rest, it must implement reforms including legislative changes to the banking system and energy sector, Reuters reported.

A further five laws must be passed within the next couple of weeks for Ukraine to receive the next tranche, worth $1.7 billion, in July, Yatseniuk told parliament.

"They won't give us the money for nothing, only in exchange for real reforms... By July 10 we have to go to the IMF board of directors meeting to receive the next tranche," he said. "We can't retreat, even by a half-step."

Of the remaining laws to be passed, four have already been backed in the first reading and require one more round of voting. They relate to state energy firm Naftogaz, utilities tariffs, anti-corruption efforts, and banking practices.

One law concerning the state utilities regulator was rejected in the first reading, but will be debated again by parliament.

The IMF cash is part of a broader $40 billion bailout program aimed at shoring up Ukraine's economy, which has been pushed close to bankruptcy by years of economic mismanagement and conflict with pro-Russian separatists.

Ukraine is expected to come up with $15 billion of this by restructuring its sovereign and quasi-sovereign debt, but talks with creditors have soured over the finance ministry's insistence on a writedown on bonds' principal.

Kiev's position has been bolstered by the IMF, which last week said it would continue to lend to Kiev even if debt talks failed.

The next tranche of IMF money will unlock funding from the European Union, amounting to 600 million euros ($684 million). (rt/ez)




Log in

Print article E-mail article


Currencies (in hryvnias)
  21.03.2025 prev
USD 41.54 41.57
RUR 0.489 0.497
EUR 45.00 45.32

Stock Market
  20.03.2025 prev
PFTS 507.0 507.0
source: PFTS

OTHER NEWS

Ukrainian Journal   
Front PageNationBusinessEditorialFeatureAdvertisingSubscriptionAdvertisingSearchAbout usCopyrightContact
Copyright 2005 Ukrainian Journal. All rights reserved
Programmed by TAC webstudio