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President of Ukraine Petro Poroshenko has signed the law on financial restructuring, which regulates the procedure for restructuring operating businesses' debts owed to banks, according to a post on the Ukrainian parliament's website.
Notably, adoption of the law will allow Ukraine to fulfill its obligations outlined in the memorandum [of cooperation] with the International Monetary Fund.
As UNIAN reported earlier, the bill was drafted by representatives of the country’s Finance Ministry, the National Bank of Ukraine, the Independent Association of Ukrainian Banks, the European Bank for Reconstruction and Development, and the World Bank.
Read alsoUkraine's Rada allows companies to restructure debts owed to banksIn addition, the law has been developed to help deal with the implications of the crisis in Ukraine and seeks to facilitate economic growth in the country by providing for the possibility of reciprocal out-of-court voluntary restructuring procedures.