Ukrainian lawmaker Yaroslav Zhelezniak’s newsletter, “Ukrainian Economy in Brief,” covers events from May 6-12, 2024, focusing on business, economics, and international financial programs. The newsletter highlights the Verkhovna Rada’s support for draft laws to meet requirements of international financial programs like the IMF. Despite government officials claiming reforms are hindered by parliament confrontation, an analysis shows that the Parliament has not rejected any necessary draft laws, with strong support exceeding required votes.
The Ukrainian Parliament has fully adopted nine draft laws since the beginning of the full-scale war to meet IMF requirements, taking an average of 49 days for adoption and receiving an average of 276 votes. Similarly, six draft laws were adopted under the World Bank Development Policy Loan and EU macro financial assistance program, receiving an average of 261 votes. Recently, the Parliament adopted draft laws aimed at implementing bankruptcy procedures in line with obligations to the World Bank, demonstrating progress on key economic issues.
The extension of martial law and general mobilization in Ukraine, along with the recruitment of up to 20,000 convicts into the army, were significant decisions made by the Parliament. Additionally, measures were taken to close a corruption scheme involving illegal grain export, with draft laws designed to combat tax evasion and money laundering practices. The National Bank of Ukraine reported losses from the Polish blockade partially offset by maritime trade, highlighting the economic challenges faced by the country.
Lawmakers submitted draft laws to establish a bank of development, aimed at transforming Ukraine’s economy and implementing recovery programs. Two ministers, including the Agrarian Policy minister and deputy prime minister/infrastructure minister, were dismissed by the Parliament, with acting ministers appointed in their place. As vacant positions await new candidates, the Parliament has not yet voted on successors, reflecting ongoing political changes and challenges within the Ukrainian government.
Overall, the Ukrainian Parliament is actively engaged in addressing economic issues, meeting international financial program requirements, and implementing key reforms. Despite challenges and political disagreements, progress is being made in crucial areas such as bankruptcy procedures, corruption schemes, and economic recovery. The dismissal of ministers and appointments of acting officials indicate a transitional period in the government, showcasing the dynamic nature of Ukrainian politics and the ongoing efforts to stabilize and develop the country’s economy.
