KYIV (UKRAINE) – Ukrainian lawmakers voted to bring back powers of the NAZK anti-corruption agency on Tuesday in pursuit of securing new loans from the International Monetary Fund to tackle a sharp economic slump caused by the COVID-19 pandemic.
The constitutional court had made a ruling in October against some anti-corruption laws. It also cancelled some powers of the NAZK agency which is responsible for checking the asset declarations.
The decision hobbled a $5 billion IMF deal that was already entangled in concerns regarding Ukraine’s reform momentum and the independence of the central bank.
President Volodymyr Zelenskiy had warned the country could slide into “bloody chaos” and be deprived of its prized visa-free access to European Union countries in case of the anti-corruption reforms not being restored.
Ukraine’s economy is expected to contract by 5% this year, dragged into recession by the coronavirus pandemic.