Press Releases

Ukraine President Supports Speedy Enactment of Five Laws Developed in Partnership with IFC

In Kyiv:
Natalya Shevchuk
Phone: +(38-044) 490-6400

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

Kyiv, January 28, 2008—IFC, a member of the World Bank Group, has helped Ukraine’s government develop five laws aimed at simplifying regulatory procedures for small and medium enterprises, which President Victor Yushchenko has submitted to the country’s parliament.  The five laws would bring essential changes to the country’s licensing, technical regulation, market surveillance, and permit systems.

Most significantly, the list of business activities requiring licenses will be shortened. Viktor Baloha, Head of the President’s Office, said, “We should abolish licensing for activities that do not threaten state security or the lives and health of our citizens and environment.”

Two of the bills bring changes to the law on permits, which was also developed with IFC’s help and adopted by Ukraine’s parliament in 2005. These documents standardize a number of terms for permit procedures and introduce an exhaustive list of permits. The amendments will ensure wider implementation of the law and bring Ukraine’s permit procedures into line with European best practices.

The draft law on market surveillance introduces European mechanisms for protecting consumers’ rights and guaranteeing high-quality goods in new markets for Ukraine.

An additional bill changes the law on protection of consumer rights by abolishing obligatory standards, which are affecting the country’s competitiveness.

“We expect that the parliament will pass these bills in the shortest time possible. Both the ruling coalition and the opposition recognize the importance of small and medium enterprises in Ukraine, and these laws will eliminate many barriers that hinder their development, allowing our country’s entrepreneurs to breathe easier. Other innovations will open doors for important investment initiatives,” said Baloha.

“The new laws address many of the regulatory barriers to business development in Ukraine. Their adoption could provide a major boost to the country’s competitiveness and growth. It is very encouraging to see that the President's Secretariat has made these issues a top priority,” said Florentin Blanc, Manager of the IFC Ukraine Business Enabling Environment Project.

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 poor people 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