Government of Ukraine fastens transition of state-owned enterprises to the State Property Fund for further privatization

The Resolution of the Cabinet of Ministers of Ukraine No. 993 as of 7 September 2022 changed the procedure for transferring property complexes of enterprises, institutions, organizations that are not included in the list of objects exempt from privatization, and do not fall within the list of objects that shall remain in state ownership, to the jurisdiction of the State Property Fund.

Now the Cabinet of Ministers, the Ministry of Economy and the State Property Fund can initiate the transfer of such objects apart from their management authorities. The Ministry of Economy will draft the relevant decisions, agree them with the Ministry of Finance and the State Statistics Service within three days, and submit to the Cabinet of Ministers for consideration within seven days. If the authority managing the asset does not agree to the proposals for the transfer of the object within the prescribed period, they will be transferred to the Government without its approval.

This will allow entrepreneurs to become owners of new assets, launch production, create jobs, establish product processing, and enter foreign markets.

As part of the new wave of small privatization, launched in September 2022, Ukraine plans to find investors for at least 150 enterprises. Received funds will be directed to the needs of the Armed Forces of Ukraine.

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