Ukraine simplified the privatization of state-owned banks and is preparing to reform the Accounting Chamber.

The Ukrainian Parliament approved a draft law on the peculiarities of the sale of state-owned shares in the authorized capital of banks. The move expands the range of potential investors whom the state is ready to consider. The law allows the sale of any part of a state’s share in a bank (not just 100% of the share, as provided for in the current law).

In addition, the parliament supported a draft of a law on the reform of the Accounting Chamber. It provides for the expansion of the mandate to all public finances, strengthening the financial, political, and administrative independence of the Accounting Chamber, a transparent competition to establish the chamber members with the decisive vote cast by international experts, and a reduction of chamber members from 13 to 11 people. Adoption of the law is a requirement of the IMF and the US.

In addition, the Parliament approved the law to prevent bankruptcies for enterprises, providing for new preventive restructuring procedures to identify enterprises’ insolvency risks in order to prevent their bankruptcy.