April 10, 2014 / 11:16 AM / 4 years ago

Ukraine passes state procurement law to help secure IMF bailout

KIEV, April 10 (Reuters) - Ukraine’s parliament passed a procurement law on Thursday to end corrupt practice in state purchases and promote transparency in tenders, a move aimed at helping to secure a $14-18 billion bailout from the International Monetary Fund.

Prime Minister Arseny Yatseniuk, presenting the law to parliament, said about 300 billion hryvnia ($25 billion) was spent on state purchases every year.

It was estimated that malpractice meant about 40 percent of the money earmarked for state purchases “stays in the corrupt pockets of the people who carry out these purchases,” he said. (Writing By Richard Balmforth; Editing by Conor Humphries)

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