Economic Development Ministry creates working group to implement land market law

Economic Development Ministry creates working group to implement land market law

Ukrinform
The Economic Development, Trade and Agriculture Ministry of Ukraine sets up a working group to implement the Law of Ukraine "On Amendments to Certain Legislative Acts of Ukraine on the Circulation of Agricultural Land", according to which the land market opening is scheduled for July 1, 2021.

"It is very important that the political forces managed to find a consensus, introduce additional safeguards and open a new page in Ukrainian history. Now our main task is to get ready for the opening of the land market and to create all the necessary conditions for a farmer to get access to credit resources, to prevent raidership and to set the rules that would allow creating new jobs and developing the agricultural sector. We start consultations with agrarians and set up a special working group on the implementation of this law," Economic Development, Trade and Agriculture Minister Ihor Petrashko said, the Ministry’s press service informs.

It is noted that the bill defines the key parameters of the land market functioning. In particular, it provides for the phased introduction of agricultural land circulation: from July 1, 2021 to January 1, 2024, only individuals who are Ukrainian citizens will be able to buy agricultural land plots; starting from January 1, 2024, legal entities will be able to buy land plots also. Until January 1, 2024, the restrictions on the acquisition of ownership of agricultural land with a total area of ​​up to 100 hectares will apply to citizens. This restriction does not apply to land acquired by a citizen before the law enters into force.

The law provides for the ban on the sale of agricultural land of state and municipal ownership that will remain a state strategic reserve.

As reported, the Verkhovna Rada of Ukraine adopted the Law of Ukraine "On Amendments to Some Legislative Acts of Ukraine on the Circulation of Agricultural Land" at an extraordinary sitting on March 30. A total of 259 MPs voted for the adoption of the corresponding bill No.2178-10.

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