Ukrainian President Volodymyr Zelensky has just signed an important law that allows the government to sell state-owned banks. This decision, announced on the Verkhovna Rada's website, is a big step in changing how banks operate in Ukraine.
Why Is This Happening?
The law, which was passed by the Rada on September 19, aims to reduce the government’s involvement in the banking system. This move is part of Ukraine’s agreement with the World Bank, which has made privatizing these banks a requirement for providing financial help to the country. In fact, to access the $15.6 billion loan program from the International Monetary Fund (IMF), Ukraine must move forward with these privatizations.
What Does the Law Change?
The new law is designed to attract investors. It opens up opportunities for selling shares of state banks, not just the entire bank itself. This means that instead of having to sell 100% of a bank’s shares, the government can now sell smaller portions, making it mo...
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