Latest news with #IMF-mandated
Yahoo
12-03-2025
- Business
- Yahoo
Ukraine Reforms Tracker Weekly — Issue 17
Editor's note: This is issue 17 of Ukrainian lawmaker Yaroslav Zhelezniak's weekly "Ukraine Reforms Tracker" covering events from March 3–9, 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 President signs IMF-mandated budget code amendments on public investments President of Ukraine Volodymyr Zelensky has signed draft law #12245, introducing amendments to the budget code to enhance the management of public investment projects. The legislation fulfills one of the International Monetary Fund's structural benchmarks. The reform establishes a general public investment fund, which will be allocated by the newly formed Strategic Investment Council within the government — a body that mirrors the composition of the Cabinet of Ministers. Under the new framework, multiple budget allocations will be consolidated into this 'fund of funds." The government will then oversee its distribution across priority projects. Ukraine's Parliament to vote on two Ukraine Facility bills Ukraine's Parliament, the Verkhovna Rada, is set to hold final votes on two legislative proposals tied to the country's commitments under the Ukraine Facility program. Lawmakers will consider draft law #8222, which introduces a new civil service pay structure based on Organization for Economic Co-operation and Development SIGMA principles. The bill aims to classify government positions by function and align public sector wages with the private sector. Over the next five years, salaries for government employees are expected to reach 70-90% of the equivalent private-sector compensation for positions of similar complexity and responsibility. The reform is a requirement of Ukraine Plane under the Ukraine Facility program, with a Q1 2025 deadline. Additionally, parliament will review draft law #11290, which is said to be aimed at strengthening cybersecurity measures and enhances protection of state information resources. Anti-Corruption Committee to review ARMA reform bill ahead of final vote The parliamentary committee on anti-corruption policy is set to review draft law #12374-d, a piece of legislation aimed at reforming the Asset Recovery and Management Agency (ARMA), ahead of its second and final reading in parliament. The bill introduces a competitive selection process for ARMA's leadership, granting international experts a decisive vote in the selection commission. Under the Ukraine Facility program, the legislation must be fully adopted by March 31, 2025, to meet Ukraine's international reform commitments. Ukrainian government allocates additional Hr 570 million for delayed payments under winter support and national cashback programs The Cabinet of Ministers of Ukraine has allocated Hr 570 million (approximately $13.5 million) from the state budget's reserve fund to cover delayed payments under the winter support program and the national cashback program. The decision follows a public statement by the Economy Ministry, which cited operational issues as the reason for payment delays for December and January. The funding will be used to ensure beneficiaries receive their overdue financial assistance. Last week, Prime Minister Denys Shmyhal confirmed that the national cashback program would be extended for the coming years, signaling continued government support for the initiative. Read also: EU retaliates against new US steel, aluminum tariffs We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
Yahoo
05-03-2025
- Business
- Yahoo
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.
Egypt Today
02-03-2025
- Business
- Egypt Today
IMF to review Egypt's loan program on March 10, paving way for $1.2B
CAIRO – 2 March 2025: The International Monetary Fund (IMF) is set to review Egypt's loan program during its upcoming meeting on March 10, 2025. Pending approval, the country is expected to receive the fourth tranche of its loan agreement, valued at $1.2 billion. A senior government official told Youm7 that the funds are anticipated to be disbursed next month following the IMF's confirmation. The source also noted that Egypt has been officially added to the IMF Executive Board's agenda for the March 10 session. The official underscored that this tranche will play a crucial role in bolstering Egypt's foreign exchange reserves, which have reached a record high of $47.3 billion, according to data from the Central Bank of Egypt (CBE). Earlier, the IMF announced it had reached a staff-level agreement with Egyptian authorities for the fourth review under the Extended Fund Facility (EFF). In February, IMF Managing Director Kristalina Georgieva reaffirmed the organization's commitment to supporting Egypt's economy alongside the country's ongoing economic reform efforts. Speaking at the AlUla Emerging Markets Economies Conference in Saudi Arabia, Georgieva highlighted Egypt's progress in implementing IMF-mandated reforms, emphasizing that these measures are strengthening the nation's financial position. Meanwhile, the IMF has adjusted its projections for Egypt's economic growth, lowering its estimates for real GDP growth in FY2024/2025 and FY2025/2026 by 0.5 percent and 1 percent, respectively. The latest World Economic Outlook report also revised the forecast for the current fiscal year, reducing it to 3.6 percent from the earlier estimate of 4.1 percent published in October.
