The Prime Minister: Ukraine and International Organizations are Finalizing the Memorandum on Capital Market

On February 18, 2021, the Prime Minister of Ukraine Denys Shmygal discussed the draft Memorandum on Capital Market in Ukraine with government officials and international partners.

The online meeting was attended by Denys Maliuska, the Minister of Justice of Ukraine, Timur Khromaiev, the Chairman of the National Securities and Stock Market Commission, Olena Kosharna, the Chief Executive Officer of Horizon Capital and the representative of the American Chamber of Commerce (ACC), Iryna Kravchenko, Deputy Head of Ukraine., the European Bank for Reconstruction and Development, Farhad Ghaussy, the Director of the USAID Office of Economic Growth, and representatives of the National Bank of Ukraine and the Cabinet of Ministers.

The Prime Minister reminded that during the previous meeting a roadmap for development of the capital market in Ukraine was presented and an agreement on developing a draft Memorandum was reached.

“The Memorandum should satisfy all the signatories. For me, the result and the correct process of attracting partners are important. The document should testify the intentions of the parties, enable us to start working on the road map and move forward”, Denys Shmygal said.

At the meeting, Tymur Khromaiev, the NSSMC Chairman, noted that the text of the Memorandum is agreed, only one issue still remains under discussion. According to Mr.Khromaiev, all constructive suggestions of the parties have been taken into account, and the Memorandum is almost ready for signing.

Farhad Ghaussy, the Director of the USAID Office of Economic Growth, noted that the parties have achieved great progress in developing the capital market concept, and USAID is ready to cooperate to realize it. He added that the process of finalizing the document will give an opportunity to take into account the opinion of the IMF and other international partners.

Besides, Farhad Ghaussy emphasized that USAID, as a sign of commitment to the implementation of the idea, will give instructions to start the procurement process and the process of technical and economic justification of the project to enable moving forward.

As Iryna Kravchenko, Deputy Head, the EBRD, noted, the document reflects the determination of all market participants to create an efficient market that will help to attract investments to Ukraine.

Olena Kosharna, the representative of the American Chamber of Commerce, emphasized that the ACC supports the Memorandum, as it is a unique opportunity to create a capital market in Ukraine. She added that it is for the first time that she can see the project for which all the parties have teamed up to achieve the result.

In conclusion, the Prime Minister thanked the participants of the meeting for their contribution and stressed the need to agree upon the text of the Memorandum as soon as possible to start active work on creating a financial capital market in Ukraine.

“I am convinced that with your help we will be able to quickly build an efficient stock market in Ukraine. This will bring our country into the circle of the world’s developed countries”, said Denys Shmygal.

Source: the Government Portal