Clifford Chance

New Regulations for Municipal Borrowers

31 March 2011

In February 2011, the Cabinet of Ministers of Ukraine approved a new regulation on the procedure for municipalities to borrow money (the "New Regulation") which, while on the one hand clarifies certain aspects of the old procedure, on the other hand gives significantly more control to the Ministry of Finance of Ukraine (the "Ministry") in approving the terms of both new financial indebtedness, and any restructuring of existing financial indebtedness, of a Municipality.

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