Ukrainian Prime Minister Denys Shmyhal / Photo from UNIAN, by Volodymyr Hontar

Ukrainian Prime Minister Denys Shmyhal says it may take three years to create a platform for a full-fledged launch of the stock market in Ukraine.

The official made the comment at a meeting to discuss the creation of infrastructure for stock market development in Ukraine, which was attended by Chairman of the Read alsoPM hopes stock market to launch "in a year"National Securities and Stock Market Commission (NSSMC) Timur Khromaev, Director of USAID Office of Economic Growth Farhad Ghaussy, EBRD Senior Banker Iryna Kravchenko, and government representatives, the Cabinet's press service said on its website on October 22.

"There is a timeline – a three-year time horizon. The full-fledged creation of a stock platform in Ukraine will take some time because it requires a change in legislation and rules," the press service quoted Shmyhal as saying.

The prime minster expressed the hope that as many international experts as possible who already have working financial models in their countries would be involved in the activities.

"The time for experiments is over. We need clear project steps that will lead to the development of a competitive market. There is definitely the political will and support of the government," he added.

Shmyhal also supported the initiative to sign a memorandum with international partners and stakeholders, which will include step-by-step creation of the necessary financial infrastructure to develop the stock market in Ukraine and to prove the topmost priority of the reform in the sector for the Ukrainian government.

Implementation of the idea

In September 2020, Shmyhal announced that the Cabinet of Ministers had begun consultations with experts on the formation of the stock market in Ukraine and the government would start implementing the idea in a year.

In May 2020, the prime minister said launching the stock market is the Cabinet's priority task as it could attract billions of dollars in investment.