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Effort underway to delay IMF-backed bill
Journal Staff Report

KYIV, April 7 – A crucial bill that the International Monetary Fund wants Ukraine to approve quickly may face delays after a group of lawmakers submitted 16,000 amendments ahead of its second reading.

The sheer number of amendments submitted over the past five days suggests that the group has been trying to delay the legislation and perhaps derail Ukraine’s cooperation with the IMF.

The bill, which was approved in the first reading on March 30, seeks to prevent the former owners of banks that were nationalized or liquidated in recent years during a widespread financial sector clean-up from regaining ownership rights or receiving monetary compensation.

Analysts said the bill’s main purpose was to prevent one of Ukraine's most-powerful tycoons, billionaire Ihor Kolomoyskiy, the former co-owner of PrivatBank, from regaining ownership rights to the bank.

Most of the lawmakers that submitted the amendments are believed to be loyal to Kolomoyskiy.

Ukraine has been desperately seeking to resume cooperation with the IMF in order to support the economy battered by falling prices of steel on world markets and by the raging coronavirus pandemic.

Ukraine and the IMF discussed $5.5 billion Extended Fund Facility (EFF) loan in December 2019, but the subsequent outbreak of coronavirus had increased the burden on the country with the government now seeking to expand the program to $9.5 billion.

The IMF wants to prevent Kolomoyskiy from regaining ownership of PrivatBank amid concerns of corruption and that the tycoon may illegally get access to public assets.

Kolomoyskiy on Tuesday denied speculations that he was seeking to derail the bill but had clearly stated that he had opposed the legislation that he had attacked as ‘anti-Ukrainian.’

“I wouldn’t call this bill as anti-Kolomoyskiy, but rather as anti-Ukrainian,” Kolomoyskiy said in an interview with Novoye Vremia newspaper. “It’s trading sovereignty and the Constitution for 30 pieces of silver, although very expensive” pieces.

Kolomoyskiy is believed to be an early financial backer of President Volodymyr Zelenskiy, but the two have split over the banking bill, partially due to the IMF’s strong support for the legislation.

"Supporting the Ukrainian economy is very important to us,” Zelenskiy told lawmakers. “It is important that a memorandum with the IMF is signed and you know perfectly well that the two main conditions are the land bill and the banking bill.”

“I have many questions about this situation, too, but I ask you very much please support these bills. They are important for the Ukrainian people,” Zelenskiy said. (tl/ez)




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