Verkhovna Rada amends budget law to meet IMF conditions
18 March 2009
Yesterday the Verkhovna Rada voted to abolish two articles of the 2009 state budget law to bring it in line with IMF conditions for the distribution of the second tranche of its USD 16.4 bln standby loan facility. Specifically, the two articles required the National Bank of Ukraine to buy local government bonds in unlimited amounts and to seek approval for the recapitalization of banks with the Cabinet of Ministers. The vote garnered 333 votes, well over the 226 necessary in the 450 seat parliament.
