WASHINGTON – In the aftermath of President Volodymyr Zelenskyy’s government shake-up on March 4 that brought to power a number of ministers with questionable reform credentials, observers were concerned that Ukraine would be backtracking on the progress that had been made by the previous Cabinet of Ministers.
Unexpectedly, the coronavirus pandemic and the ensuing global economic crisis have forced Ukraine to demonstrably recommit to reform efforts in order to access major loans from the International Monetary Fund (IMF), which have again become critical to the country’s stability. That funding comes with strings attached – conditionalities requiring that Ukraine stay on track with reforms, particularly through the passage of a banking legislation banning the return of nationalized banks to previous owners and a land market law that allows for the sale of farmland.