The government has approved a draft law that will unblock large-scale privatization

On December 23, 2020, the Cabinet of Ministers of Ukraine approved the draft law "On Amendments to Section V "Final and Transitional Provisions" of the Law of Ukraine "On Privatization of State and Communal Property", which removes the legal restriction on privatization auctions for large-scale privatization.

The adoption of this draft law by the Verkhovna Rada removes the last barrier to attracting sustainable investment through privatization in Ukraine’s economy.

It will also allow the State Property Fund to successfully implement the established plan of budget revenues from privatization in 2021, set at UAH 12 billion.

The State Property Fund has successfully carried out comprehensive work on the preparation of objects for privatization, disclosure of information on assets and implementation of the principles of transparency and openness in privatization processes, resulting in more than 2,000 auctions in 2020, the results of which the budget should receive about UAH 3 billion.

The adoption of this draft law  by the Verkhovna Rada will allow the State Property Fund to privatize JSC "United Mining and Chemical Company" in the first quarter (subject to the relevant decision of the Cabinet of Ministers).

It is also worth noting that the relevant legislative changes are a confirmation of Ukraine's chosen course for transparent privatization, approved in the Memorandum with the International Monetary Fund.