Business news from Ukraine

EUROPEAN COMMISSION PROVIDES EUR 500 MLN OF ASSISTANCE TO UKRAINE

Ukrainian President Petro Poroshenko has said that the European Commission has made a favorable decision on the provision of a first tranche of the fourth macrofinancial assistance of the European Union (EU) to Ukraine in the amount of EUR 500 million and thanked the European Commission for its decision. “Sincerely grateful to the European Commission for positive decision to disburse to Ukraine first tranche of the 4th EU macrofinancial assistance program in the amount of EUR 500 mln,” Poroshenko said on its Facebook page on Friday.

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GERMANY TO PROVIDE UKRAINE WITH EXPERT ASSISTANCE IN PRIVATIZATION OF STATE ENTERPRISES

Prime Minister of Ukraine Volodymyr Groysman and German Chancellor Angela Merkel at a meeting in Kyiv have agreed to provide German expert assistance to Ukraine in the privatization process of state enterprises, Minister of the Cabinet of Ministers of Ukraine Oleksandr Sayenko has said. “We have agreed that there will be a separate expert from Germany who will work with the working group on privatization,” Sayenko said on the air of Novoye Vremia (New Time) Radio station, the press service of the Cabinet of Ministers said on Saturday.
According to the minister, not many state-owned objects fall under the criteria of “large-scale privatization,” and each of them has significant problems (either toxic shareholders, or large debts, or the production process is made dependent on a particular intermediary, etc.). “Considering this, the term of preparing the objects of the “large-scale” privatization for sale will take a long time – from six months and more,” Sayenko said.
The minister recalled that today Centrenergo is the closest to the sale – the auction for the sale of the state package will be held on December 13 of the current year. “And the next year we will advance in sale of the following objects from this list,” he added
As reported, on October 29, the State Property Fund of Ukraine (SPF) announced a tender to sell 78.289% of shares in PJSC Centrenergo. A tender to sell a 78.289% stake in power generating enterprise PJSC Centrenergo is to begin at 11:00 a.m. Kyiv time on December 13, 2018. The tender will take place, if at least two bidders register for the tender. The SPF also selected investment advisors to prepare 11 out of 23 objects for the sale from the list of “large-scale” privatization for 2018. In particular, the state has hired advisors with the highest reputation, including White & Case, E & Y, KPMG, BDO, Baker McKenzie.

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IMF ASSISTANCE TO ALLOW UKRAINE TO CALMLY PASS AUTUMN AND WINTER

Ukraine would calmly pass this autumn and winter thanks to the assistance of the International Monetary Fund (IMF), Ukraine’s Alternate Executive Director in the IMF Vladyslav Rashkovan has said. “I am sure that we would calmly pass this autumn and next winter, including thanks to assistance from the IMF,” Rashkovan said in an interview with the Novoye Vremia magazine.
He said that Ukraine would soon receive the next tranche from the IMF under the Extended Fund Facility (EFF).
“I still hope that Ukraine will receive this money. I would think in terms of how it will help us to further implement the reforms that have been launched. Over the past four years it has been done more than in 23 years. The World Bank, the EBRD [the European Bank for Reconstruction and Development] and all international investors admit it, but we have lost a lot of time and we need to develop faster. The IMF is able to help us,” Rashkovan said.

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CANADA WILL ISSUE $30 MLN FOR NEW PROJECT OF ASSISTANCE TO UKRAINE

Canada will issue $30 million to finance a new project of assistance to Ukraine aimed at development of entrepreneurship, Canadian Minister of International Development and La Francophonie Mandate Letter Marie-Claude Bibeau has said.
“We have announced a preliminary selection of projects from Ukrainian, Canadian and international organizations. Projects should be aimed at strengthening the role of women in economy and business. The program of assistance to Ukraine will be designed for five years,” she said asked by Interfax-Ukraine at a press briefing in Kyiv.
According to First Deputy Prime Minister and Minister of Economic Development and Trade of Ukraine Stepan Kubiv, currently Canada is implementing 11 international technical assistance projects in Ukraine for a total of $116.8 million.

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