Ukraine reforms tracker reveals critical updates amid ongoing turmoil

In Ukraine, significant reforms continue as lawmakers advance legislative measures crucial for the country's economy and international commitments. As noted in the latest issue of Yaroslav Zhelezniak's weekly newsletter covering events from November 24 to December 1, 2024, the Foreign Ministry took steps to reform the State Customs Service. On November 29, it dispatched official letters to embassies and international organizations, soliciting candidates for a commission responsible for selecting the new head of the customs service by the IMF-mandated deadline of June 30, 2025. This move aligns with Ukraine's commitment to establish transparent and efficient governance as stipulated in memorandums of understanding with international financial institutions. Additionally, the Ukrainian Cabinet approved four independent members to the supervisory board of Ukrenergo on November 27, an essential benchmark tied to international financial assistance. By making these appointments, the government aims to enhance oversight and accountability in state-owned enterprises. This is part of a broader strategy to fulfill obligations to the IMF and the European Union, thereby securing continued financial support essential for stabilizing the economy amid ongoing challenges. The reform efforts face scrutiny, as experts express concern over draft laws that may contravene international commitments. Moreover, amendments to the Criminal Procedural Code are due by the end of December 2024, necessitating revisions that address pre-trial investigation time limits. International NGOs have noted that proposed changes may inadequately address these legal requirements, potentially jeopardizing Ukraine’s financing arrangements. Amid these developments, new tax measures have been introduced as the parliamentary committee has advanced various draft laws aimed at complying with tax regulations set by the OECD. The approval includes an increase in excise tax on tobacco products, which seeks to bolster public finances. These developments are complemented by a recent agreement signed between Ukraine’s Finance Ministry and the EU for a €35 billion loan, highlighting Ukraine's strategic efforts to leverage international support as it navigates ongoing economic pressures.