Press Releases

President of Ukraine Supports IFC’s Regulatory Reform Efforts

In Kyiv
Victoria Tetyora
Phone: (+38044) 490-6400

In Moscow
Ilya Sverdlov
Phone: (+7 495) 411-7555

Kyiv, Ukraine, July 10, 2008—IFC, a member of the World Bank Group, has contributed to Ukraine’s third Presidential Forum, entitled “State and Business Are Partners.” IFC conveyed a clear message about the need and urgency to reform the country’s regulatory environment. The forum was facilitated by President Victor Yushchenko, the Prime Minister, and the Head of Parliament. It brought together policymakers, government officials, regional executive authorities, business representatives, and business support organizations from across the country.

During the past year, IFC, through its business enabling environment project, has actively engaged with the president’s secretariat on reform issues. This cooperation led to a request from the secretariat that IFC prepare presentations and other analytical materials for the forum and contribute to the president’s speech. Two sessions of the forum were dedicated to issues of reforming the permit, inspection, and technical regulations systems. IFC used the opportunity to emphasize the urgency of reforms in these areas.

One highlight was President Yushchenko’s support for IFC’s messages on reform.  The president identified the proposed reforms as catalysts for improving the business environment and for building effective relations between the state and businesses. He said, “Today, mandatory certification and standardization are among the major barriers to innovation and development in Ukraine. They make introducing a new product next to impossible, and they lead to corruption.”

IFC plans to build on the outcome of the forum and will continue to promote reform of the main constraints for businesses. This will involve developing relevant regulatory solutions and holding consultations and meetings with stakeholders, including opponents of the reforms, for effective implementation.

About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that people should have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit

The IFC Ukraine Business Enabling Environment Project works to promote the development of small and medium enterprises and to improve the country’s investment climate. Donors include the governments of Canada, the Netherlands, and Sweden.

For more information about IFC’s partners, please visit:
The Canadian International Development Agency,
The Dutch Agency for International Business and Cooperation,
The Swedish International Development Cooperation Agency,