Wednesday, August 17, 2011

EBRD, IMF and World Bank asked Azarov to think well

The European Bank for Reconstruction and Development, International Monetary Fund and World Bank asked the government of Ukraine once again to analyze the effects of changes in the Law of Ukraine "On State Support of Agriculture of Ukraine said in a letter to the EBRD, IMF and World Bank in Ukraine by February 23 at the address of the Prime Minister of Ukraine Mykola Azarov, the UNIAN news agency reports. "We believe that this bill, if adopted, would create a state monopoly on grain exports and lead to a de facto elimination of private grain traders from the market" - said in a letter. Representatives of international financial organizations emphasize that the bill "sends a negative signal" to investors who are considering long-term investment in production and processing of grain. The letter emphasized that foreign grain traders have suspended work in Ukraine, and some of them are considering leaving the Ukrainian market. American Chamber of Commerce (AmCham) in Ukraine considers that the adoption of amendments to the Law "On State Support of Agriculture of Ukraine", the proposed bill number 8053, could lead to economic isolation of Ukraine.

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