IMF: Ukrainian Businesses Suffer From Regulatory Bodies Corruption

© AP Photo / Pablo Martinez MonsivaisInternational Monetary Fund
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IMF said in a report that many Ukrainian regulatory bodies force local businesses to pay bribes to continue operations.

WASHINGTON (Sputnik) — Many Ukrainian regulatory bodies force local businesses to pay bribes to continue operations, the International Monetary Fund (IMF) said in a report on Monday.

"Businesses report high levels of corruption, with regular "inspections" by various regulatory bodies requiring bribes to continue operations," the report stated.

The IMF argued that the existing Ukrainian corporate legal code is overcomplicated and internally contradictory.

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These complications provide "state authorities with significant latitude in determining when and how to apply it," the report explained.

In addition, the IMF stressed "widely reported" concerns of taxpayer harassment.

On Wednesday, Ukraine’s Economic Development Minister Aivaras Abromavicius announced his plans to resign because he was unable to work effectively. In his resignation letter, the minister named corruption and political pressure as reasons for the decision.

IMF Managing Director Christine Lagarde said on Thursday that Abromavicius’s claims about corruption could indicate failure of reforms, introduced by the Ukrainian government.

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