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Government of Ukraine is setting up state land bank

 

MyLand - 10/07/2012:

 

According to the official web-site of the Cabinet of Ministers of Ukraine, on July 2, 2012, the Cabinet approved a Resolution # 609 providing for the establishment of the State Land Bank. The Bank shall have a statutory capital of UAH 120 million (approx.USD 15 million) 100% of which shall be owned by the state.

Resolution #609 refers to the Law of Ukraine On Banks and Banking, but it is clear that this new Bank is rooted in the draft (!) law of Ukraine on land market. The said law shall put agricultural land market into functioning. While private players are going to be severely restrained on agricultural land market (only citizens of Ukraine are allowed to own and to trade farm land, top limit of landholding in one hand is 100 ha), this Bank will be able to operate on a national scale, without much restrictions and on account of the state budget. It will be able to accumulate agricultural land and to transfer it to "effective owners" - that is how officials define principles of Bank's operations. In our opinion, under present organization of political and economic life in Ukraine, such Bank will be dealing on account of taxpayers, to the detriment of landowners and farmers and to the benefit of the few currently running the country and holding the most of its economic wealth.

 

Center for Land Reform Policy in Ukraine - 2012

 

 

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