granted with the participation of a foreign export credit agency or a foreign state through an authorized institution or a foreign legal entity with shareholders, including a foreign state or a foreign state bank.<\/li>\n<\/ul>\nThe resolution also allows residents to conduct such operations according to the repayment terms and interest payments specified in the loan agreement.<\/p>\n
The business community expresses gratitude to the National Bank for considering one of the most prioritized proposals of the business community. Association experts support the regulator’s view that easing currency restrictions will boost the inflow of new credit funds to Ukraine. After all, the fulfillment of borrowing obligations by residents to foreign investors will enhance Ukraine’s investment attractiveness and facilitate the attraction of more funds for recovery projects.<\/p>\n
The European Business Association welcomes the gradual lifting of temporary currency restrictions by the regulator, introduced by Resolution No. 18 of the National Bank of Ukraine on February 24, 2022, and hopes for the maintenance of a stable situation in the currency market, which will create conditions for considering all proposals from the business community soon.<\/p>\n
Specifically, for businesses, there are still relevant issues regarding increasing limits for non-cash payments for goods and services abroad using hryvnia corporate payment cards, providing businesses with the opportunity to make payments for goods and services received from foreign partners before February 23, 2021, allowing companies to make cross-border currency transfers for Eurobond obligations (at least for coupon payments), particularly for companies acting as guarantors, whose parent companies are located in foreign jurisdictions.<\/p>\n
For example, a situation has arisen regarding the accumulation of debt by pharmaceutical distributors to foreign pharmaceutical manufacturers for the goods received (medicines and medical devices) that were effectively sold in Ukraine in 2021-2022. Fulfilling the obligations of distributors to foreign pharmaceutical manufacturers will ensure the continued availability of critically necessary medicines and medical devices for the population of Ukraine and its budgetary medical institutions.<\/p>\n
Additionally, the Association has requested permission to carry out cross-border transfers for payment of goods, works, and services specified in the resolution of the Cabinet of Ministers of Ukraine “On certain issues of ensuring import” No. 153 dated February 24, 2022, for supplies made\/being made after December 31, 2020 (according to the current version of subparagraph 2 of paragraph 14 of Resolution No. 18 – after February 23, 2021). Economic entities have annual contracts closed with acts in the first quarter of the year following the year of goods delivery or service provision. In other words, financial entities did not have enough time to make payments for goods and services provided under annual contracts in 2021 due to the time constraints before the full-scale invasion by Russia. Currently, they do not have the opportunity to make payments as some goods and services were provided or delivered between January 1 and February 23, 2021, as per Resolution No. 18.<\/p>\n
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On June 16, Resolution No. 73 came into force, adopted by the National Bank of Ukraine, which allows Ukrainian companies to transfer funds abroad to fulfill obligations to foreign investors. In particular, the regulator has permitted resident borrowers to transfer funds abroad to fulfill obligations related to external loans and borrowings that meet the following […]<\/p>\n","protected":false},"author":4489,"featured_media":485796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false},"categories":[4,5],"tags":[],"yoast_head":"\n
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