On June 2, First Deputy Prime Minister of Ukraine - Minister of Economy of Ukraine Oleksiy Lyubchenko met with Dr. Arup Banerji, World Bank Regional Country Director for Eastern Europe. The meeting was targeted at discussing the priorities of cooperation in reforming key areas of Ukraine's economy.
"At present, Ukraine is implementing a series of large-scale reforms aimed at economic growth and the creation of a favorable investment climate. In particular, the priorities are to continue corporate governance reform, land reform, climate modernization of industry, and the transformation of the coal industry. We look forward to further fruitful cooperation with the World Bank, financial support for projects in Ukraine and expert assistance, " First Deputy Prime Minister Oleksiy Lyubchenko stressed.
The First Deputy Prime Minister of Ukraine stressed, while speaking about corporate governance reform, that the Government had approved several documents seeking to improve the management system of key state-owned companies. In June, it is planned to resume the work of the Nomination Committee with the participation of representatives of international financial institutions to determine candidates for positions of members of supervisory boards and heads of state-owned enterprises (SOEs).
"Corporate governance will be in line with the best OECD standards, and the top 15 SOEs will soon receive appropriate ownership policies. We must, taking into account all the best world practices, the world's expert HR companies, select the best supervisory boards for these companies, which will effectively manage state property, SOEs. The main core is the efficiency of management, which ends in profit," Oleksiy Lyubchenko underlined.
The First Deputy Prime Minister commended the support of the World Bank in the preparation of important draft laws that formed the basis for the launch of the land market. In turn, Dr. Arup Banerji stressed the importance of land reform for Ukraine and the World Bank's readiness to continue to support its implementation.
"Land reform is the key to the future of Ukraine, its meaning is not only in the opening of the land market, but also in the functioning of the entire agricultural sector, including small farmers. From our side, we are ready to continue to provide support in advancing this important reform for Ukraine," the World Bank Regional Country Director for Eastern Europe said.
Apart from that, the World Bank stands ready to provide support to the Government of Ukraine in environmental protection and eco-modernization of domestic industry.
"Ukraine is a long-term partner for the World Bank," Dr. Arup Banerji stressed.
The participants of the meeting also expressed their readiness to kick off work on the preparation of a new Partnership Strategy between the World Bank and Ukraine, as the Country partnership framework for Ukraine for the period FY17-21 years ends this year.
The World Bank is an international development organization that aims to assist member countries in deepening economic and social progress through loans, grants and technical assistance.