The International Monetary Fund (IMF), in cooperation with Ukraine, is working to improve corporate governance in all state-owned enterprises, not just selected ones. This work includes transparency in the formation of supervisory boards, improving the efficiency of the decision-making process, and transparency, as reflected in the new four-year Extended Fund Facility (EFF) program, said Suchanan Tambunleurtchai, Deputy Head of the IMF Mission to Ukraine.
“One of the commitments made by the authorities is to start publishing the financial statements of key state-owned enterprises in order to make these key performance indicators available to the public so that the public and other stakeholders can also assess the performance of these state-owned enterprises,” she said at a briefing on Friday.
At the same time, Tambunleurtchai clarified that the IMF does not have specific quantitative targets for state-owned enterprises under the program.
According to Ukraine’s economic and financial policy memorandum published by the Fund on Friday, the publication of financial statements of leading state-owned enterprises in accordance with IFRS standards will resume by the end of June 2026, with appropriate edits to protect critical infrastructure and an extended publication period of up to one year.
“We will introduce mandatory annual financial audits for leading state-owned enterprises, for which adequate funding will be provided, by making appropriate legislative changes if necessary. We will ensure the publication of audit reports, starting with the 2025 financial audits, by the end of August 2026,” the memorandum also states.
By the end of June 2026, the development of an annual report for state-owned enterprises will also begin in accordance with the requirements of the Standard Operating Procedure (SOP), which will be appropriately expanded to include information on the financial performance of leading state-owned enterprises using a common set of indicators, payments to the state budget and fiscal support, specific PSO obligations, and quasi-fiscal activities of each enterprise. Such a report will be published annually, starting at the end of September 2026 for 2025, and will be gradually expanded to cover more state-owned enterprises.
In addition, Ukraine has committed to ensuring the publication of financial statements reflecting the separation of PSO-related and non-PSO-related activities for all state-owned enterprises subject to PSOs by the end of June 2027.
“We will amend the State Property Policy and the Law ”On Joint Stock Companies” (2465-IX) to provide that all charters of state-owned enterprises require a simple majority of votes for supervisory board decisions, except for the approval of the strategic development plan, and we will avoid provisions allowing veto or dominant majority requirements by the end of June 2026,” the memorandum also states.
According to the memorandum, all nominations and dismissals of CEOs of state-owned enterprises will be decided by a simple majority vote of the supervisory boards, with corresponding amendments to the charter, if necessary.
“We will ensure that a comprehensive financial audit, compliance audit, and performance audit for all non-defense state-owned enterprises by reputable independent auditors is initiated by the end of June 2026,” the document states.
Another commitment is to publish a revised State Ownership Policy by the end of May 2026, which will more closely align with the OECD Guidelines for Corporate Governance of State-Owned Enterprises, as recommended in the 2025 OECD Review.
The government also noted that, in close consultation with international partners, it is exploring options for improving the management of state-owned enterprises, which also includes the potential introduction of a centralized model. This involves, in particular, defining the roles and mandates of key state institutions involved in the management of state-owned enterprises, such as the Ministry of Finance, the Ministry of Economy, the Cabinet of Ministers, other relevant sectoral ministries, and the State Property Fund (SPF).
“We will ensure a strong role for the Ministry of Finance as the body responsible for financial oversight of state-owned enterprises, limit quasi-fiscal risks, and help protect debt sustainability. It is important that any new system of state-owned enterprise management should not erode the government’s authority over dividend policy, ensuring that dividends from state-owned enterprises are directed to the state budget and reported transparently to ensure accountability and oversight,” the memorandum also notes.
Overall, the ultimate goal of centralizing state-owned enterprise ownership should be to professionalize the state’s ownership function, and any centralized management system should operate with caution, the memorandum says.
“This should be based on a clear legal mandate, ensure proper oversight by the Ministry of Finance and fiscal transparency, include reliable safeguards against political interference to ensure professional merit-based management, and require strict, internationally agreed reporting and accountability,” the memorandum emphasizes.
Montenegrin authorities issued 679 temporary residence and work permits to Ukrainian citizens in 2025, which is 1.67% of the total number of 40,567 permits, according to the annual report of the Employment Plant of Montenegro (ZZZCG), citing data from the Ministry of Interior.
A total of 40,567 permits were issued to foreigners in Montenegro in 2025 – 2,548 (6.7%) more than in 2024. Of these, 27,689 came under the quota, while 12,878 were issued outside the quota.
Foreign workers came from 107 countries.
Permits for temporary stay and work in Montenegro in 2025, by nationality (from higher to lower)
Turkey – 10,346 (25.50%)
Serbia – 8,148 (20.09%)
Russia – 7,429 (18.31%)
Azerbaijan – 2,513 (6.19%)
Albania – 2,098 (5.17%)
Bosnia and Herzegovina – 1,902 (4.69%)
Kosovo – 1,543 (3.80%)
North Macedonia – 766 (1.89%)
Ukraine – 679 (1.67%)
Belarus – 469 (1.16%)
India – 364 (0.90%)
Mexico – 257 (0.63%).
Serbian Economist notes that the 6 largest labor source countries provided 79.96% of all permits issued.
https://t.me/relocationrs/2327
Ukraine is not mentioned in the CBRE European Investor Intentions Survey 2026 report and is not included in the list of markets that survey participants consider most attractive for cross-border investments in European real estate in 2026.
According to the report, investors associate the highest expectations for aggregate returns in 2026 with Spain, the UK, and Poland, while Italy, Germany, Portugal, the Netherlands, Denmark, France, and Sweden also made it into the top ten.
CBRE notes an overall increase in activity: 89% of respondents expect their purchasing activity in 2026 to remain the same or increase compared to 2025.
In the Medium and Long-Term Market section of the UEEX, trading in the resource continued in February and March 2026. A total of 9 companies formed positions for the sale or purchase of natural gas: Ukrnafta, MC Ukrnaftoburinnya, Ukrzaliznytsia, Tepla, JV BNK, etc. The section sold 1.58 mcm of natural gas. Natural gas was sold exclusively for delivery to the GTS in February and March. The prices of the sold items were in the range of UAH 19718-21150 per thousand cubic meters excluding VAT.
On the short-term natural gas market of the UEEX, participants placed bids on the intraday and day-ahead markets. In total, 36 deals were concluded with a total volume of 826 thousand cubic meters.
The gas markets started the week with a decline amid a sharp improvement in temperature forecasts for Europe and the UK by the end of February. In addition to the growth of wind power generation, this should limit the demand for gas in the electricity sector.
Geopolitical risk premiums were optimistic on Wednesday afternoon, when Iran temporarily closed part of the Strait of Hormuz, apparently in response to the increased US military presence in the Arabian Sea. Iranian news agencies reported that parts of the strait were closed for several hours (for the safety of navigation) to allow the Islamic Revolutionary Guard Corps to conduct military exercises. As a result, gas prices strengthened across the curve in the last session on Thursday, with the Dutch M+1 contract rising by 16% in intraday trade, supported by renewed tensions between the US and Iran, which further increased geopolitical risk and contributed to the rapid conclusion of contracts. The price increase became gradually more muted further down the curve, and the impact largely disappeared starting with contracts for summer 2027. Possible delays in LNG deliveries, the development of trade agreements, and the expansion of the global economy should not be dismissed as factors that contribute to growth in the long run.
Warmer temperatures next week will support stock levels in EU gas storage facilities, which are currently 33% full, compared to the 5-year average of ~49%. The key countries in terms of storage capacity – Germany, France and the Netherlands – are also depleted at 23%, 23.6% and 14.3% respectively, with the Netherlands facing potentially complete depletion by the end of winter.
Future growth in U.S. LNG supplies continues to ease concerns. Golden Pass (US) is close to starting LNG production, having received 300 million cubic feet of gas on Wednesday, February 18; the market is pricing in the possibility of first shipments in early March. Importantly, this is one of the largest export terminals in the US, so every step towards commissioning has a significant impact on expectations of the LNG balance for Europe.
Imports of natural gas from the European direction averaged about 25.3 mcm per day and were unchanged from the previous week. Imports were present from all neighboring European countries. The main imports were from Poland. Exports from the customs warehouse amounted to about 1.3 mcm per day, in the direction of Moldova. Ukraine’s storage facilities contained 9.78 (-2.2%) bcm of natural gas. Withdrawals amounted to about 45 million cubic meters per day.
Ukraine has won the Panorama section of the Berlinale for the first time — the film Traces received the Audience Award at the 76th festival, according to Deputy Prime Minister for Humanitarian Policy and Minister of Culture of Ukraine Tetiana Berezhna.
Ukraine won the Berlinale Panorama award for the first time — the film “Traces” received the audience award at the 76th festival.
“The world has heard Ukrainian women. Thank you to them for their strength and courage to talk about the most painful things,” Berezhna wrote on Facebook on Saturday.
According to her, the film “Traces” by directors Alisa Kovalenko and Marisa Nikityuk received the award in the Panorama Dokumente category based on the results of a vote by 26,500 viewers.
“Traces” tells the stories of Ukrainian women who survived sexual violence during the Russian aggression and decided to testify. Therefore, it is especially valuable that the award is the choice of the audience, a living response to the truth that cannot be ignored.
According to the UN, more than 90% of Ukrainian military and civilians who were held captive by Russia reported torture and inhumane treatment. Sexual violence is used as a weapon of war and remains one of the most silenced crimes. Traces breaks this silence, the deputy prime minister noted.
Director Alisa Kovalenko personally experienced sexual violence while in captivity in Donbas at the beginning of the war. She was one of the first women in Ukraine to speak publicly about this experience, and her story was the impetus for the film, Berezhnaya said.
