Three more indicators of the Ukraine Facility Plan fulfilled
30.09.2024 | 12:52 | Section for Public and Mass Media RelationsThe Verkhovna Rada of Ukraine has passed a number of important European integration laws, each of which is an indicator of the implementation of Ukraine’s plan to advance the EU’s Ukraine Facility initiative. Parliamentarians voted to simplify support for the agricultural sector, privatise state-owned banks and reform the bankruptcy sector.
“This week, the Verkhovna Rada has passed 3 important indicators of the Ukraine Facility Plan. In particular, the adopted laws will facilitate the digitalisation of the agricultural sector, attract investment in the banking sector, and improve the bankruptcy procedure with a focus on preserving the solvency of borrowers. The Ministry of Economy, as the national coordinator of the Plan, provides support to the responsible authorities and will continue to ensure the implementation of the Ukraine Facility. Therefore, we are grateful to the parliamentarians for their fruitful work and look forward to the adoption of the new indicators,” Oleksii Sobolev, First Deputy Minister of Economy of Ukraine, noted.
Indicators of the Plan of Ukraine adopted by the Verkhovna Rada:
- Law On the State Agrarian Register. Its key goal is to digitalise and make the agricultural sector more transparent, and its implementation was scheduled for Q4 2024. The adoption of the law will expand state support for entrepreneurs in the sector. In addition, the Ukrainian agricultural sector will continue to be digitised, and the State Agrarian Register should become a single electronic window for agricultural producers to communicate with the authorities. Such mechanisms work well in Europe and are used to obtain financial assistance;
- Law of Ukraine On Peculiarities of Sale of Stakes Owned by the State in the Authorised Capital of Banks in Which the State Participated.
The revised legislation allows for both the sale of stakes of different sizes in public sector banks and a full sale, based on the principles agreed with international donors in accordance with the World Bank’s recommendations. This will increase competition in the banking sector, encourage banks to innovate, provide better services and more favourable conditions for consumers, and attract private investment in the banking sector;
- Law of Ukraine on Improvement of the Bankruptcy Regime and relevant bylaws, which introduce an insolvency prevention system and an early warning tool for legal entities and entrepreneurs in line with the principles of EU Directive 2019/1023 on the Preventive Restructuring Framework. This will help Ukraine improve its international reputation as a reliable jurisdiction for doing business. It will allow for effective preventive restructuring of solvent debtors in financial difficulties, minimise job losses and costs for creditors in the supply chain, preserve production and technology, and thus benefit the Ukrainian economy as a whole.
According to the Ukraine Plan, the Ministry of Economy is the national coordinator of the Ukraine Facility. The Ministry is responsible for organising and monitoring the implementation of the Plan and preparing quarterly reports to the European Commission.
In total, Ukraine had to meet nine indicators of the Plan this quarter, of which five have already been successfully implemented. Work has been completed on one more indicator, which is awaiting approval, and the remaining three are in the final stages of implementation.
For more information about the Plan for the implementation of the Ukraine Facility and the status of implementation of indicators please refer to https://www.ukrainefacility.me.gov.ua/
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