Ukraine's Verkhovna Rada on
Tuesday passed at second reading bill No. 3555 on financial restructuring,
which will introduce a mechanism of the voluntary financial restructuring of
debtor enterprises with a view to resolving the situation with problem loans
and resuming lending to the economy by banks.
An Interfax-Ukraine
correspondent has reported that 229 lawmakers backed the document.
The bill was drawn up by the
Finance Ministry jointly with the National Bank of Ukraine (NBU), the
Independent Association of Banks of Ukraine (NABU), the European Bank for
Reconstruction and Development (EBRD) and World Bank. It is a benchmark in the
Extended Fund Facility (EFF) program financed by the International Monetary
Fund (IMF).
"The bill is an important
tool for settling the situation with troubled loans of banks. It would help to
revitalize the banking system, restore solvency of companies and retain jobs.
Banks will be able to reduce the volume of troubled loans and send funds to
credit the economy," the Finance Ministry wrote on its Facebook page.
The NBU and Finance Ministry
welcome the adoption of the document.
"We have become one step
closer to the acceleration of restoration of the economy and settling the issue
of troubled assets in the banking sector," the NBU said on its website,
citing Deputy NBU Governor Vladyslav Rashkovan.
The NBU recalled that
financial restructuring foresees the revision of the payment terms, interest
rates and the provision of a new loan to the debtors and haircut of a part of
the debts.
No comments:
Post a Comment