Mylovanov: Restriction on purchase of land by foreigners not to create problems with IMF

A possible restriction on the purchase of land by foreigners will not affect Ukraine’s cooperation with the International Monetary Fund.

"I think this restriction will not create problems for us with regard to IMF," Minister of Economic Development, Trade and Agriculture of Ukraine Tymofiy Mylovanov said at a briefing, an Ukrinform correspondent reports.

According to him, the Ukrainian side discussed the land market model with international partners. "We cannot disclose all the details but there are no specific requirements or desires. It is our internal matter what land market we will create," the minister said.

Eleven bills on the circulation of agricultural land have already been registered in the Verkhovna Rada of Ukraine. One of the bills prohibits foreigners, foreign companies and companies owned by foreigners from purchasing land in Ukraine. This provision will remain in effect until 2024.

The Ukrainian authorities plan to launch the land market in the autumn of 2020.

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