07.03.17 12:53

Ukraine-IMF Memorandum has provisions on pension reform and land market, - Finance Minister Danyliuk

The renewed text of the IMF Memorandum on Ukraine that was signed last week includes items on the pension, land, bank, and other important reforms.

This was announced by Ukraine's Finance Minister Oleksandr Danyliuk on Monday in Washington, D.C., Censor.NET reports citing Ukrinform.

The minister confirmed the signing of the memorandum as agreed by both parties. On Ukraine's side, the document was signed by the president, the prime minister, the finance minister, and the National Bank chief.

Danyliuk confirmed the document also included a provision on the pension reform.

"We have to understand the most important thing: both we and the IMF want a fair and balanced pension system," the minister said.

Read more: Finance Minister Danyliuk: Ukraine may receive next IMF tranche in late March

For that, Danyliuk said, a pension reform must be implemented to balance the Pension Fund so that it has no more deficit.

"Not immediately, of course, it must take some time, some vector...," he said.

The IMF memo also includes a provision on the market of land. Having a land market is of crucial importance for Ukraine's agrarian sector, Danyliuk said.

Read more: IMF approved tranche of $1B for Ukraine

Another important reform covers the state banks. Danyliuk says Ukraine as a state owns 55 percent of the banking system, and this needs to be changed.

"The state should not own 55 percent of the market, it's bad for the economy development," Danyliuk said.
← Back to the section