Monday, July 18 2016 18:05 EEST
President of Ukraine Petro Poroshenko has signed the law on financial restructuring
Ukraine, Petro Poroshenko, law, financial restructuring, cooperation, Monetary Fund, obligations, National Bank of Ukraine, World Bank, economic growth, restructuring procedures

The law regulates the procedure for restructuring operating businesses' debts owed to banks, according to a post on the Ukrainian parliament's website.

UNIAN reports: 

'Notably, adoption of the law will allow Ukraine to fulfill its obligations outlined in the memorandum of cooperation with the International Monetary Fund. 

The bill was drafted by representatives of the country’s Finance Ministry, the National Bank of Ukraine, the Independent Association of Ukrainian Banks, the European Bank for Reconstruction and Development, and the World Bank. In addition, the law has been developed to help deal with the implications of the crisis in Ukraine and seeks to facilitate economic growth in the country by providing for the possibility of reciprocal out-of-court voluntary restructuring procedures.

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