PM Shmyhal, international partners discuss draft memorandum on creation of financial capital market

The online meeting was held on February 18, the Government portal informs.

"The memorandum must satisfy all signatories. For me, the result and the correct process of attracting partners are essential. The document should confirm the intentions of the parties, allow us to trigger work on the roadmap and make progress in this direction," Denys Shmyhal highlighted.

The Prime Minister reminded that a roadmap for the development of the capital market in Ukraine was presented and an agreement on drafting a memorandum was reached during the previous meeting.

During the meeting, Acting Chairman of the National Commission on Securities and Stock Market Timur Khromayev noted that the text of the memorandum had been agreed on and one issue remained under discussion. According to him, all constructive proposals of the parties were taken into account, and the memorandum is almost prepared for signing.

For his part, USAID Economic Growth Team Leader Farhad Ghaussy noted that the parties had made great progress in developing a capital market concept and USAID is ready to work in synergy to make it a reality. He added that the process of finalizing the document would allow taking into account the opinions of the IMF and other international partners.

In addition, Ghaussy stressed that USAID, as a sign of its commitment to the idea, would order to start the procurement process and the process of feasibility study of the project to move forward.

According to Irina Kravchenko, a Senior Banker at the EBRD, the document reflects the desire of all market participants to create an efficient market that would help leverage investment to Ukraine.

Olena Kosharna, a member of the American Chamber of Commerce, stressed that the ACC supports the memorandum, as it is a unique opportunity to create a capital market in Ukraine. She added that for the first time she could see the project when all parties unite around the result.

The Prime Minister thanked the meeting participants for their contribution and stressed the need to agree on the text of the memorandum as soon as possible in order to ensure vigorous activities in creating a financial capital market in Ukraine.

"I am convinced that with your help we will be able to quickly build a quality stock market in Ukraine. That will bring our country into line with developed world countries," Shmyhal said.

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