Parliament approves law on reform of state reserves

First Deputy Prime Minister - Minister of Economy Yulia Svyrydenko posted this on Facebook, Ukrinform reports.

"Today, the Parliament supported the law on the transformation of state material reserves (No.9079), developed by the Ministry of Economy of Ukraine. Unfortunately, many problems have accumulated in this area in the past 30 years. Among the main ones are the lack of necessary stocks, expired products, inefficient stock management," Svyrydenko wrote.

She noted that the adopted law fundamentally changes approaches to the formation of state material reserves. The main changes - the purchase of material assets of state material reserves will be held exclusively at electronic auctions; mandatory insurance of material assets of state reserves stored and reserved in Ukraine will be introduced; control over state reserves will be strengthened; a special institute of reservation will be established; the concepts of state material reserves and mobilization reserves will be demarcated; mechanisms for ensuring timely update of material values in reserves will be introduced.

Svyrydenko noted that the adopted law is an important step on the path to reforming state reserves, which will make it possible to get rid of the old Soviet approaches and introduce new principles to address the modern challenges that Ukraine is facing.

As reported by Ukrinform, in February 2023, the Ukrainian government supported the draft law "On State Reserves", which proposes creating state material reserves and separate mobilization reserves to provide Ukraine with the necessary resources in wartime conditions.