Ukraine’s Verkhovna Rada has approved an unpopular pension reform bill set as a key requirement to unlock a US$15.6 billion aid package from the International Monetary Fund to the Ukrainian economy.
The bill, approved early Friday, is designed to overhaul Ukraine’s Soviet-era pension system as the government seeks to slash spending in the wake of the Global Financial Crisis.
Ukraine’s parliament approved a government bill on pension reform at first reading on June 16.