On 17 November, Minister of Economy, Environment and Agriculture of Ukraine Oleksii Sobolev met with the International Monetary Fund mission led by Gavin Gray to discuss structural reforms, capital mobilisation and corporate governance.
“Together with the Government, the IMF is launching a new Extended Fund Facility (EFF) for Ukraine. The Programme aims to provide the financial support needed during wartime to maintain the country’s macroeconomic stability. The launch of the EFF includes structural reforms in tax policy, corporate governance, public procurement and other sectors of the economy. These were the key issues we focused on during the meeting with the IMF Mission,” said Oleksii Sobolev.
The parties discussed capital mobilisation as part of the broader effort to de-shadow the economy, which the Government is developing in consultation with the IMF. The discussion focused on creating incentives that would help businesses legally bring assets out of the shadow economy, reinvest them domestically and receive appropriate protection guarantees. International experience in implementing similar mechanisms was also reviewed.
One of the central topics of the meeting was the renewal of corporate governance in state-owned companies following recent developments at Energoatom. The Ministry of Economy presented a plan that includes: replacing state representatives on supervisory boards, launching competitions for CEOs and independent board members, updating charters and nomination committee procedures, and preparing the relevant legislation.
The parties also discussed the centralisation of certain supervisory board functions as the next stage of corporate governance reform, as well as the importance of financial reporting and independent auditing even during wartime
“All these steps are essential for modernising the economy and advancing Ukraine’s recovery. The new EFF programme will serve as a strong signal of trust from international partners and investors,” the Minister added.