Editor’s note: This is issue 14 of Ukrainian lawmaker Yaroslav Zhelezniak’s weekly "Ukraine Reforms Tracker" covering events from Feb. 10–Feb. 16, 2025. The digest highlights steps taken in the Ukrainian parliament related to business, economics, and international financial programs.
The Kyiv Independent is republishing with permission.
Benchmarks and soft commitments with the IMF
Selection commission completes initial review of candidates for Bureau of Economic Security director
Last week, the selection commission wrapped up its preliminary review of applications for the position of Bureau of Economic Security director. The commission decided to reach out to several candidates whose documentation requires additional details or clarification, particularly concerning their previous experience.
This procedural step is part of the technical screening process, after which the commission will determine which candidates will advance to the next stage of the competitive selection process.
Obligations to the EU
Parliament backs ARMA reform bill in first reading
Ukraine's Parliament, the Verkhovna Rada has approved, in its first reading, draft law #12374-d, which introduces reforms to the Asset Recovery and Management Agency (ARMA). The draft law, drafted by Anti-Corruption Policy Committee Chair Anastasiia Radina and Economic Committee Deputy Chair Oleksii Movchan, was supported as the committee’s consolidated version.
The legislation outlines a competitive selection process for ARMA’s leadership, giving international experts a decisive vote in the selection commission. Under the Ukraine Facility, the bill must be adopted in full by March 31, 2025, to fulfill the country's reform commitments.
Kateryna Denisova
Other key economic issues
Ukrainian Parliament approves Energoatom's purchase of Russian-made nuclear reactors from Bulgaria
The Verkhovna Rada has passed an amendment to draft law #11392, granting state-owned Energoatom permission to purchase Russian-made nuclear reactors from Bulgaria for the Khmelnytskyi Nuclear Power Plant (KhNPP). The deal involves acquiring two Rosatom reactors initially intended for the unfinished Belene Nuclear Power Plant in Bulgaria. Energoatom plans to spend $1 billion on the purchase for further construction of reactor units #3 and #4 at the KhNPP.
This decision was made despite the fact that lawmakers haven’t yet passed the necessary legislation authorizing the actual construction of the new units.
Ukraine’s National Security Council imposes price regulation on essential medicines
Ukraine’s National Security and Defense Council (NSDC) has announced a 30% price reduction on the country’s most essential and in-demand medications, effective March 1, 2025. Moreover, the decision includes a recommendation for the Office of the Prosecutor General to work with law enforcement agencies in identifying and preventing potential financial abuses and non-transparent pricing practices in the pharmaceutical sector.
Our business survey
Ukrainian business supports general course of reforms but doubts anti-corruption efforts, – key findings from the Technology of Progress's business survey
The NGO Technology of Progress and the Gradus research agency conducted a survey of 75 owners, executives, and top management of medium and large businesses in Ukraine.
Sixty-one percent of respondents believe that Ukraine is moving in the right direction in implementing reforms in line with international commitments (to the EU, IMF, World Bank, etc.). This indicates a relatively high level of trust in the overall course of reforms in Ukraine. Additionally, 53% assess reform progress in 2024 as "moderate" or "high," while only 14% believe there has been no progress.
At the same time, survey results reflect a lack of business confidence in the government’s anti-corruption efforts. Fifty-three percent of respondents do not believe that the level of corruption in Ukraine decreased in 2024.
Moreover, 63% of respondents feel negative pressure from the current economic environment.These results indicate significant economic challenges faced by businesses in Ukraine, likely linked to macroeconomic instability, high business costs, and the impact of the war.
Read the full report.
Sonya Bandouil
