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Yahoo
10-04-2025
- Business
- Yahoo
Ukraine Reforms Tracker Weekly — Issue 20
Editor's note: This is issue 20 of Ukrainian lawmaker Yaroslav Zhelezniak's weekly "Ukraine Reforms Tracker" covering events from March 24–April 6, 2025. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with permission. Another stage completed in selection process for director of Ukraine's Bureau of Economic Security On April 7, the second stage of the competition to appoint a new director of the Bureau of Economic Security — a legislation knowledge exam — took place. Sixteen candidates proceeded to the test. The selection commission earlier on March 29 formally approved the elimination of candidates who failed the general skills exam earlier in March. Meanwhile, four candidates have filed appeals contesting their initial test results. The commission had to review these complaints. In parallel, a special background screening of the remaining candidates has been launched to inform the next phases of the selection process. President signs law on Administrative Court reform, closing IMF benchmark Ukrainian President Volodymyr Zelensky signed draft law #12368-1, completing a delayed International Monetary Fund structural benchmark originally due by Dec. 31, 2024. The law restructures the administrative judiciary by establishing two specialized courts: a Specialized District Administrative Court and a Specialized Administrative Court of Appeal. The High Qualification Commission of Judges must announce a judicial selection competition within one month of the law taking effect. An Expert Council, composed of three Ukrainian judicial representatives and three representatives of international organizations, will oversee candidate evaluations for three years. Formation of customs chief selection commission delayed As of April 7, Ukraine's government has yet to form the selection commission tasked with appointing a new head of the State Customs Service, despite a legal deadline of Jan. 1, 2025. Under Ukraine's IMF memorandum, a new customs chief must be selected and appointed by the end of June 2025. According to our sources, the formation of the commission has been delayed for political reasons. Read also: New customs reform aims to tackle Ukraine's 'single biggest cash cow' of corrupt money in politics Ukrainian Parliament to review draft laws next week under Ukraine Facility commitments Next week, the Verkhovna Rada, Ukraine's Parliament, plans to review several legislative proposals tied to the country's obligations under the Ukraine Facility program. Lawmakers are expected to hold a second reading on draft law #12374-d, aimed at reforming the Asset Recovery and Management Agency (ARMA), and a government-backed bill on the digitalization of enforcement proceedings. In the first reading, parliament is likely to consider: draft law #13107 and alternative drafts on vocational education reform, draft law #5838 strengthening liability for misconduct by state regulatory officials as well as draft law #13150, recently registered by David Arakhamia, the parliamentary leader of President Zelensky's Servant of the People party, and others, which introduces new oversight mechanisms for local government decisions. Experts review Ukraine's tax collection trends in early 2025 Experts of the Parliamentary Temporary Investigative Commission have analyzed Ukraine's State Tax Service (STS) data for January–February 2025, providing an early assessment of revenue collection dynamics. Key findings include: The STS entered 2025 with seven initiatives ongoing and 43 initiatives completed under the National Revenue Strategy through 2030. Tax revenues continue to exceed Finance Ministry targets by Hr 22 billion ($530 million) in the first two months of the year. VAT collection efficiency was reported at 3.43% in January, though experts noted disproportionate declines in VAT accruals across 68 sectors. Excise tax revenues remained broadly consistent with previous trends. A moderate decline in electronic receipt turnover (RRO/PRRO) was observed, with final evaluations pending after March data is available. Read also: Ukraine's military reverses mobilization of former state tax chief accused of taking bribes We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
Yahoo
05-03-2025
- Business
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Ukraine Reforms Tracker Weekly — Issue 16
Editor's note: This is issue 16 of Ukrainian lawmaker Yaroslav Zhelezniak's weekly "Ukraine Reforms Tracker" covering events from Feb. 24–March 2, 2025. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with permission. Ukraine's Bureau of Economic Security leadership race narrows to 30 candidates The selection process for the next head of the Bureau of Economic Security (BES) has moved to the next stage, with the competition commission reviewing applications from 43 candidates. Following the initial document screening, 30 applicants have been approved to proceed, having met the formal eligibility requirements of the competition. The next phases will include skills assessments, legislative knowledge tests, and integrity checks. Ukraine passes overdue IMF-mandated judicial reform bill Ukraine's Parliament, the Verkhovna Rada, has approved draft law #12368-1, establishing a new judicial framework to replace the controversial Kyiv District Administrative Court (OASK). The bill, which received 234 votes in favor and was welcomed by the G7 Ambassadors, marks the fulfillment of a long-overdue International Monetary Fund structural benchmark, originally due by Dec. 31, 2024. However, the final version deviates from initial IMF recommendations, opting to create two separate courts: a Specialized District Administrative Court for key administrative cases; a Specialized Administrative Court of Appeal, which will handle appeals from the first-instance court. The High Qualification Commission of Judges (HQCJ) is required to announce a competition for judicial appointments within one month of the law's enactment, with international experts playing a role in the selection process for the next three years. Ukraine's stock market regulator adopts updated ethics code in line with IMF commitments Ukraine's National Securities and Stock Market Commission (NSSMC) has adopted an updated Employee Ethics Code, aligning with recent amendments to the Law on State Regulation of Capital Markets and Organized Commodity Markets. The decision was announced by NSSMC Chairman Ruslan Mahomedov via Telegram on Feb. 28. The revision is part of a structural benchmark under Ukraine's Memorandum of Economic and Financial Policies with the IMF, with a deadline set for January 2025. According to Mahomedov, the updated code was developed in consultation with experts from the World Bank and the IMF, ensuring it meets international best practices. Read also: EBRD lowers Ukraine's 2025 growth forecast amid inflation, war impact Ukrainian government adopts new public investment allocation mechanism On Feb. 28, 2025, the Cabinet of Ministers of Ukraine approved a new framework for allocating public investment, aimed at prioritizing state-funded projects based on their strategic importance. The unified project portfolio will rank investment initiatives according to their relevance to Ukraine's national goals and regional development needs. The government has also established an Interagency Commission to oversee the distribution of state budget funds for investment projects, chaired by the Minister of Finance. The commission will include representatives from key ministries, including the economy, regional development, health, energy, and digital transformation ministries. Ukraine moves forward with $1 billion purchase of Russian-made nuclear reactors Ukraine's Verkhovna Rada has cleared the way for state-owned Energoatom to proceed with its $1 billion acquisition of Russian-made nuclear reactors from Bulgaria, after all blocking resolutions against draft law #11392 were rejected. The deal involves the purchase of two Rosatom reactors originally intended for the Belene Nuclear Power Plant in Bulgaria, to be used for the construction of reactor units No.3 and No. 4 at the Khmelnytskyi nuclear power plant. While the legislation allowing the purchase has been approved, Energoatom still lacks the necessary parliamentary authorization for the actual construction of the new units. Ukrainian law enforcements raid leading pharmaceutical plants amid pricing probe National Police of Ukraine conducted raids on three of the country's largest pharmaceutical manufacturers on Feb. 28, 'Economichna Pravda' reported. According to the National Police statement, raids were a part of ongoing criminal investigations. The searches follow a recent decision by Ukraine's National Security and Defense Council (NSDC) to introduce drug price regulations, cutting the cost of essential medications by 30% from March 1, 2025. The NSDC had also recommended that law enforcement agencies intensify efforts to combat price manipulation and financial abuses in the pharmaceutical sector. Read also: Police raid Ukraine's 3 country's largest pharmaceutical plants, media reports We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
Yahoo
18-02-2025
- Business
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Ukraine Reforms Tracker Weekly — Issue 14
Editor's note: This is issue 14 of Ukrainian lawmaker Yaroslav Zhelezniak's weekly "Ukraine Reforms Tracker" covering events from Feb. 10–Feb. 16, 2025. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with permission. Selection commission completes initial review of candidates for Bureau of Economic Security director Last week, the selection commission wrapped up its preliminary review of applications for the position of Bureau of Economic Security director. The commission decided to reach out to several candidates whose documentation requires additional details or clarification, particularly concerning their previous experience. This procedural step is part of the technical screening process, after which the commission will determine which candidates will advance to the next stage of the competitive selection process. Parliament backs ARMA reform bill in first reading Ukraine's Parliament, the Verkhovna Rada has approved, in its first reading, draft law #12374-d, which introduces reforms to the Asset Recovery and Management Agency (ARMA). The draft law, drafted by Anti-Corruption Policy Committee Chair Anastasiia Radina and Economic Committee Deputy Chair Oleksii Movchan, was supported as the committee's consolidated version. The legislation outlines a competitive selection process for ARMA's leadership, giving international experts a decisive vote in the selection commission. Under the Ukraine Facility, the bill must be adopted in full by March 31, 2025, to fulfill the country's reform commitments. Read also: What's at stake for Poroshenko, ex-president sanctioned by Zelensky? Ukrainian Parliament approves Energoatom's purchase of Russian-made nuclear reactors from Bulgaria The Verkhovna Rada has passed an amendment to draft law #11392, granting state-owned Energoatom permission to purchase Russian-made nuclear reactors from Bulgaria for the Khmelnytskyi Nuclear Power Plant (KhNPP). The deal involves acquiring two Rosatom reactors initially intended for the unfinished Belene Nuclear Power Plant in Bulgaria. Energoatom plans to spend $1 billion on the purchase for further construction of reactor units #3 and #4 at the KhNPP. This decision was made despite the fact that lawmakers haven't yet passed the necessary legislation authorizing the actual construction of the new units. Ukraine's National Security Council imposes price regulation on essential medicines Ukraine's National Security and Defense Council (NSDC) has announced a 30% price reduction on the country's most essential and in-demand medications, effective March 1, 2025. Moreover, the decision includes a recommendation for the Office of the Prosecutor General to work with law enforcement agencies in identifying and preventing potential financial abuses and non-transparent pricing practices in the pharmaceutical sector. Ukrainian business supports general course of reforms but doubts anti-corruption efforts, – key findings from the Technology of Progress's business survey The NGO Technology of Progress and the Gradus research agency conducted a survey of 75 owners, executives, and top management of medium and large businesses in Ukraine. Sixty-one percent of respondents believe that Ukraine is moving in the right direction in implementing reforms in line with international commitments (to the EU, IMF, World Bank, etc.). This indicates a relatively high level of trust in the overall course of reforms in Ukraine. Additionally, 53% assess reform progress in 2024 as "moderate" or "high," while only 14% believe there has been no progress. At the same time, survey results reflect a lack of business confidence in the government's anti-corruption efforts. Fifty-three percent of respondents do not believe that the level of corruption in Ukraine decreased in 2024. Moreover, 63% of respondents feel negative pressure from the current economic results indicate significant economic challenges faced by businesses in Ukraine, likely linked to macroeconomic instability, high business costs, and the impact of the war. Read the full report. Read also: European Business Association calls on Ukraine to declassify mineral deposit data We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
Yahoo
28-01-2025
- Business
- Yahoo
Ukraine Reforms Tracker Weekly — Issue 11
Editor's note: This is issue 11 of Ukrainian lawmaker Yaroslav Zhelezniak's weekly "Ukraine Reforms Tracker" covering events from Jan. 13–19, 2025. This newsletter was until recently titled 'Ukrainian Economy in Brief." The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs. The Kyiv Independent is republishing with permission. Application process closes for head of Bureau of Economic Security The submission period for applications to compete for the position of head of the Bureau of Economic Security (known in Ukraine by its acronym BEB) has officially closed. While the exact number of candidates remains undisclosed, preliminary indications suggest a strong turnout, with over 40 individuals expected to have submitted their applications. Detailed information, including the list of candidates, is anticipated later this week. The selection process will now move to the verification stage, where applications will be reviewed for compliance with requirements. Following this, candidates will undergo a rigorous six-stage evaluation. The process includes assessments of general competencies, legislative knowledge, and the ability to resolve practical cases. Integrity checks will also be a mandatory component of the selection process. Ultimately, the commission overseeing the competition will choose no more than two finalists to advance. Ukrainian business associations warn against risks of repealing 'Lozovyi amendments' According to Forbes Ukraine, several Ukrainian business associations, including SUP (Union of Ukrainian Entrepreneurs), United, and the Federation of Employers of Ukraine, along with six other industry organizations, urged lawmakers to reject four draft laws proposing the repeal of certain provisions of the "Lozovyi Amendments." The amendments, which regulate pre-trial investigation time limits, are part of a commitment Ukraine made under its memorandum with the IMF, with implementation expected by the end of December 2024. Business leaders warn that repealing these provisions could expose entrepreneurs to increased pressure from law enforcement and delay the closure of legal cases, further burdening the business environment. Integrity checks will also be a mandatory component of the selection process. Ultimately, the commission overseeing the competition will choose no more than two finalists to advance. Ukrainian defense minister replaces Defense Procurement Agency head, defying supervisory board decision On Jan. 23, the Supervisory Board of the Defense Procurement Agency (DPA) voted to extend the contract of Maryna Bezrukova, the agency's current head, for another year. According to anti-corruption watchdogs, this decision fully complied with the law governing state-owned property and the agency's charter. However, on Jan. 24, Defense Minister Rustem Umerov publicly rejected the board's decision, refusing to recognize the contract extension. The minister also removed two state representatives from the Supervisory Board, Yuriy Dzhyhyr and Taras Chmut, and recommended dismissing Deputy Minister Dmytro Klimenkov, who oversees the DPA's operations. Umerov further announced plans to appoint Arsen Zhumadilov, head of the State Operator for Non-Lethal Acquisitions (DOT), as the new DPA Director. The leadership change has already been reflected in YouControl, a Ukrainian public registry system. On Jan. 25, Anastasia Radina, head of the Ukrainian parliament's anti-corruption committee, called on Umerov to resign. Radina accused the minister of undermining defense procurement reform and engaging in manual interference with procurement processes. Read also: Defense Minister Umerov dismisses top official who stood up to him We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
