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IMF accused Ukraine in the issue of fictitious securities

The mission of the International Monetary Fund (IMF) in Ukraine has found significant gaps in the regulatory framework of the National Commission on Securities and Stock Market (NKTSBFR), which led, in particular, to the illegal production of fictitious securities, according to the documents of the Fund.

"NKTSBFR Ukraine has significant gaps (in the regulations), the effect of which is aggravated by her lack of sufficient supervisory, investigatory and enforcement powers," - RIA "News" Post Fund.

"This has contributed to a lack of transparency and widespread misconduct in the market, including through the issuance and sale of" fictitious "securities", - adds the personnel fund.

IMF suggested changes in the Ukrainian legislation, "in order to bring it into line with international standards, to ensure that sufficient funds NKTSBFR that require disclosure and more information about the abuse in the market."

The task NKTSBFR, the only regulator in this area, is the state regulation of relations between the participants of securities market, as well as protecting the interests of Ukrainian citizens and the state in the sphere of relations that arise in the securities market.

Earlier in the Ministry of Finance of Ukraine reported that cooperation between Ukraine and the International Monetary Fund before the release of the third tranche of credit funds have a "small" delay until August.

Earlier this week it was reported that the IMF Board of Directors will almost certainly not have time to consider the allocation of the next tranche to Ukraine starting August 1 three-week break in their work.

19 July Prime Minister Vladimir Groisman said that Kiev expects to receive from the IMF loan tranche 1 billion dollars.

17 July Ukrainian Finance Ministry said that Ukraine still has a chance to get the tranche from the IMF in August. At the same time they noted that the tranche could be obtained later, as it remains to solve technical issues.

July 15 IMF chief Christine Lagarde told interference to allocate Ukraine tranche of financial aid.

17 May, Finance Minister Anton Siluanov said that Russia will not support an IMF program for Kiev without repayment of debt to Russia in 3 billion dollars.

A source: LOOK

Author: LOOK

Tags: Ukraine, the IMF, Economy

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