Olha Stefanishyna, Deputy Prime Minister for European and Euro-Atlantic Integration and Minister of Justice of Ukraine, and Liudmyla Suhak, Deputy Minister of Justice for European Integration, met with Bob Saum, World Bank Regional Director for Eastern Europe. The purpose of the meeting was to discuss key areas of cooperation between Ukraine and the World Bank in supporting reforms aimed at European integration, as well as to agree on future joint initiatives.

In addition, attention was focused on the results of the World Bank’s analytical work on Ukraine’s economic development, its compliance with EU standards and the possibility of providing technical and expert support to the Ministry of Justice, in particular in the development and implementation of the Rule of Law Roadmap, which covers negotiating chapters 23 – Judiciary and Fundamental Rights and 24 – Justice, Freedom and Security, as well as the Roadmap for the Functioning of Democratic Institutions.

“EU membership is not something distant, but a reality that is getting closer every day. We are no longer foreigners to Europe – Ukrainians are part of the European community. Today we have held a series of meetings that confirm our progress on the path to EU integration. This is a crucial moment in the history of Europe for all of us. Our commitment and ambitious political decisions will be the key to Ukraine’s success as an EU and NATO member state,” said Olha Stefanishyna.

The Deputy Prime Minister thanked the international partners for their unwavering support to Ukraine: “We are grateful for the help, as our state is currently transforming its political and legal structure, forming the basis for our future in the EU. In particular, the Ministry of Justice plays a key role in this.”

“The World Bank has unique expertise in developing international standards for bankruptcy procedures. Recently, the Parliament adopted the Law on amendments to the Bankruptcy Code of Ukraine aimed at implementing EU Directive 2019/1023 on the introduction of preventive restructuring procedures. Thus, the World Bank’s support in engaging international experts to conduct training for insolvency officers, judges, debtors, and creditors in the field of preventive restructuring is extremely important,” said Liudmyla Suhak.

Following the meeting, the parties agreed on further cooperation and expressed their readiness to adapt the experience of other countries to the specific challenges faced by Ukraine during martial law and on its way to EU integration. The meeting was another step towards strengthening the partnership between Ukraine and the World Bank in implementing the reforms necessary for Ukraine’s accession to the European Union.

Background

The World Bank is a financial institution founded in 1945 and is one of the world’s largest development assistance providers. It includes the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA).

The cooperation between Ukraine and the International Bank for Reconstruction and Development and the International Development Association is carried out in accordance with the Articles of Agreement of the International Bank for Reconstruction and Development and the Articles of Agreement of the International Development Association, to which Ukraine acceded in accordance with the Law of Ukraine “On Ukraine’s accession to the International Monetary Fund, the International Bank for Reconstruction and Development, the International Finance Corporation, the International Development Association and the Multilateral Investment Guarantee Agency’ No. 2402-XII dated 3 June 1992.