Ukraine approves reform sought by IMF

RUSSIA / FSU POLITICS - In Brief 01 Jul 2021 by Alex Teddy
Parliament voted for several bills to reform the judicial system and stop corruption. The IMF has a USD 5 billion program for Ukraine but the loans are contingent on reform. Ukraine has only received USD 2.1 billion thus far.The draft law has reanimated the High Judicial Council (VRP), which is a commission to select judges, among other things. Most of the VRP members will be foreign experts. The VRP is needed because of the suspicion of corruption and partiality in the judiciary. The bill also introduced prison sentences for those officials who do not declare all their income or assets. Failure to comply will result in a fine of USD 150,000 or a year in jail.The bill is not yet finalized but it is probable that it shall be because it is so vital to the country's economic health. The IMF is also demanding firmer action against oligarchs such as Ihor Kolomoisky. This will be more problematic for the government.

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