Policy Progress: Verkhovna Rada of Ukraine Passed Draft Law #7066 "On Privatization of State Property" in the First Reading as Advocated by the Chamber

On November 9, the Verkhovna Rada of Ukraine passed in the first reading Draft Law #7066 “On Privatization of State Property” which is aimed at introducing transparent mechanism of privatization of state property in Ukraine.

The Draft Law is also aimed to ensure proper monitoring of public procurements process through the implementation of systematic analysis of compliance with legislation in the field of public procurements by financial authorities in order to prevent violations. New legislation is supposed to increase the efficiency of public enterprises, create new jobs and increase the investment attractiveness of Ukraine.

Reform of the state-owned enterprises' sector is one of the priorities of the American Chamber of Commerce in Ukraine as stated in 5 Steps for Ukraine’s Sustainable Economic Recovery developed by Chamber experts. The importance of privatization and related aspects is also determined by the obligations of Ukraine under the Memorandum with the International Monetary Fund.

The Chamber welcomes decision of the Verkhovna Rada of Ukraine and supports this important step towards transparent privatization.