Editor’s Note: This is the 78th issue of Ukrainian legislator Yaroslav Zelezniak’s weekly “Ukrainian Economy in Brief”, covering events between Oct. 14, 2024 and Oct. 20, 2024. The digest highlights the steps taken by the Ukrainian parliament in relation to business, economy, and international financial programmes.
The Kyiv Independent republishes with permission.
The memorandum of understanding with the IMF includes benchmarks and soft commitments
The President signed the draft law for customs reform.
On October 17, President Volodymyr Zelensky signed the draft law #6490 d on the full restarting of the State Customs Service. The key provisions of the draft, in particular the ones relating to the new procedures for selecting the service’s chief, will be implemented on October 31.
The draft law on tax increases has not been signed yet.
On October 15, the Speaker of the Parliament signed the draft law #11416 d on tax increases and sent it to President’s Office for signature. The office deemed the draft law urgent. The President has not yet signed it.
In Issue 77 we reported that a key amendment, which included all the major suggestions of the Tax Committee, was rejected in the voting. This included the norm allowing the draft law to be retroactively effective from October 1. As we reported in Issue 77, a key amendment which included all major suggestions from the Tax Committee was rejected during the voting, namely, the norm that allows the draft law to come into force retrospectively as of Oct. 1.
Next week, the parliament will examine the draft law for the reform of the accounting chamber.
The Verkhovna Rada will meet again in the week beginning October 28. The 2025 State Budget, as well as the draft law #10044 d on the restarting of the accounting chamber in Ukraine will be among the topics the parliament will discuss.
The competition to find new members of the Bureau of Economic Security Civil Oversight Council is underway.
CSOs were required to submit their documents and nominate candidates between Oct. 14-18 in order to participate in the competition for the new Civil Oversight Council of the Bureau. Online voting will take place between October 24 and Oct. 18. 27. The results must be announced on the official website of the Bureau by October 28.
World Bank Priorities
The World Bank required that the president sign three draft laws.
On Oxt. On 17th, the president signed, among others, draft laws #5819 on rating agencies, draft laws #11474 on Privatization of State Banks via Prozorro.Sale, and draft legislation #11063-d regarding the State Agrarian Register. (The latter is also a requirement under the Ukraine Facility). The World Bank required that all three be signed in order to receive further financial assistance.
The Committee on Economic Development has finalized the new draft of law on public contracts.
The Committee on Economic Development must finalize the text for the second and last reading of the draft law #11520 on Public Procurements on Monday. The committee must immediately send the draft to the European Commission for revision.
Yaroslav Zelezniak, the first deputy chairman of Ukraine’s Parliamentary Committee on Finance, Tax, and Customs Policy, is a member of the Ukrainian Parliamentary Committee on Finance, Tax, and Customs Policy. He is also co-chairman of the Ukrainian Chapter for the Parliamentary Networks of the World Bank, International Monetary Fund and the World Bank.
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