The Verkhovna Rada made a step toward fulfillment of one of IMF requirements to Ukraine for getting current tranche of the credit. The government's draft law on abolishment of the mandatory purchase of "recapitalization" state bonds by the National Bank at their nominal value was approved in the first reading.

As the explanatory note to the document reads, adoption of amendments will ensure fulfillment by the Ukrainian party of the terms of the stand-by program, joint with the IMF, according to which Ukraine should get a current tranche to the amount of about USD 1.5 billion.

The case is that this norm, approved by the anti-crisis law in November 2008, should have been stopped its operation since the beginning of this year. However, its operation was renewed by the December legislative innovations.

Since existence of this norm puts in doubt operational independence of the NBU, the Ukrainian authorities should abolish it till the moment of allocation of next tranche, i.e. till March-April (as it was initially planned).

To remind, for an increase of statutory capitals of three banks, recapitalized by the state (Ukrgasbank, Rodovid Bank and Bank Kyiv), state bonds were issued totaling about UAH 17.2 billion (1 USD - 7.98 UAH), which were entered as authorized capitals of banks. Further, the regulator had to purchase them at their nominal value.

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