International Finance Corporation Making Ukraine Better for Businesses, Says Yanukovych

KYIV, Ukraine, March 22, 2013 /PRNewswire/ --

The President of Ukraine, Viktor Yanukovych, has praised the International Finance Corporation for its "on-going assistance" which is helping to guide his nation's reform process.

Yanukovych made his comments during a meeting Thursday with International Finance Corporation Chief Executive Officer Jin-Yong Cai in Kiev.

"I would like to reiterate that we always remain your reliable partners and thank you for the cooperation that we have with you in Ukraine," Yanukovych said, adding that IFC officers based in Ukraine "positively affect the course of reform."

Jin-Yong Cai responded: "We want to be partners in this."

Ukraine is using an IFC report on the investment climate in Ukraine to advance a broader reform agenda aimed at making it easier for businesses to work with government agencies and to adhere to simplified technical regulations.

The IFC has praised Ukraine's reforms, saying they have "significantly reduced" the regulatory burden on businesses.

"For instance, fewer businesses now need permits (32 percent of enterprises obtained permits in 2010 compared to 54 percent in 2008)", the IFC stated.

This year, the government has been busy introducing other reforms to "match words with actions" in its drive for greater investment and European integration. They include improved data protection measures, a more business-friendly tax regime and a powerful new law to combat discrimination.

It has also pledged police and judicial reforms and the establishment of a Deep and Comprehensive Free Trade Area with the European Union. Later this year Ukraine is expected to sign an Association Agreement with the EU, an essential first step towards European Union membership.  

The International Finance Corporation was established in 1956 and now has 184 member nations. It is part of the World Bank with a remit to focus on the private sector. Ukraine joined in 1993.

Ukraine is ranked 15th in the IFC's global portfolio in terms of investments.