Ukrainian presidential candidate Valery Konovalyuk speaks during a press conference on May 7, 2014
London:
The Ukraine government on Monday signed a pledge to tackle state-sector corruption, the London-based EBRD development bank announced in a move that could win the crisis-torn country greater foreign investment.
At a ceremony in Kiev, the government joined the EBRD and economic grouping OECD in signing a Memorandum of Understanding that promises an anti-corruption drive.
"We salute the government of Ukraine for its determination to tackle this fundamental problem regardless of the adverse geopolitical situation in the country," EBRD President Suma Chakrabarti said at the launch.
The signing comes as the European Bank for Reconstruction and Development prepares to host its annual conference in Warsaw on Wednesday and Thursday, where the EBRD will address the issue of anaemic recovery in former ex-Soviet bloc countries, including Ukraine and in particular Russia.
It will look also at the problem of stalled government reforms and how this is in part preventing former communist nations from delivering economic growth.
The EBRD said in a statement on Monday that "combatting corruption in Ukraine has become increasingly urgent because of the impact it is having on the willingness of companies to invest in the country".
It added: "The government of Ukraine has pledged to do more to combat corruption with the support of the EBRD, multilateral organisations as well as domestic and foreign business associations."
EBRD investment in Ukraine is rising back to 1.0 billion euros ($1.4 billion) this year compared with around 600 million euros in each of the previous two years, when the bank decided to pull out of public sector projects because of corruption.
"Corruption is a scourge, hollowing out the economy, eating away at political life and undermining democracy," Chakrabarti said on Monday.
"Signing this memorandum and launching this initiative will not stop corruption. It is, though, an important step, but just the first step, down a very long road," added the former top British civil servant.
At a ceremony in Kiev, the government joined the EBRD and economic grouping OECD in signing a Memorandum of Understanding that promises an anti-corruption drive.
"We salute the government of Ukraine for its determination to tackle this fundamental problem regardless of the adverse geopolitical situation in the country," EBRD President Suma Chakrabarti said at the launch.
The signing comes as the European Bank for Reconstruction and Development prepares to host its annual conference in Warsaw on Wednesday and Thursday, where the EBRD will address the issue of anaemic recovery in former ex-Soviet bloc countries, including Ukraine and in particular Russia.
It will look also at the problem of stalled government reforms and how this is in part preventing former communist nations from delivering economic growth.
The EBRD said in a statement on Monday that "combatting corruption in Ukraine has become increasingly urgent because of the impact it is having on the willingness of companies to invest in the country".
It added: "The government of Ukraine has pledged to do more to combat corruption with the support of the EBRD, multilateral organisations as well as domestic and foreign business associations."
EBRD investment in Ukraine is rising back to 1.0 billion euros ($1.4 billion) this year compared with around 600 million euros in each of the previous two years, when the bank decided to pull out of public sector projects because of corruption.
"Corruption is a scourge, hollowing out the economy, eating away at political life and undermining democracy," Chakrabarti said on Monday.
"Signing this memorandum and launching this initiative will not stop corruption. It is, though, an important step, but just the first step, down a very long road," added the former top British civil servant.
Track Latest News Live on NDTV.com and get news updates from India and around the world
