"The goal of the Ukrainian Sovereign Fund is to implement the best corporate practices in managing state assets and promote economic growth," said Oleksandr Fedoryshyn, acting Chairman of the State Property Fund of Ukraine

Today, on November 8th, Oleksandr Fedoryshyn, acting Chairman of the State Property Fund of Ukraine, presented the concept of the Ukrainian Sovereign Fund to the Committee on Economic Development of the Verkhovna Rada of Ukraine.

"The establishment of the Ukrainian Sovereign Fund is one of the priorities of the State Property Fund of Ukraine. All strategic state-owned companies that are not subject to privatization should gradually become part of the new structure," emphasized Oleksandr Fedoryshyn during the presentation. "These companies should transform into a driving force to help revive the Ukrainian economy. The Ukrainian Sovereign Fund's task will be to prepare development strategies not only for individual enterprises but also for entire industries. Additionally, the Fund will seek investments for implementation."

Currently, the State Property Fund of Ukraine, together with consultants, is working on a draft law that will define the fundamental principles of the Ukrainian Sovereign Fund's operation. The criteria for including state assets in the Fund will also be outlined in this law.

The structure of the USF will be based on international standards and norms, including those of the IMF and OECD. It will operate as a holding company, incorporating between 6 and 11 sectoral sub-holdings.

A CEO controlled by the Supervisory Board will head the Fund.

The Supervisory Board will have responsibilities such as appointing the CEO, approving the strategy and monitoring implementation of it, as well as protecting the State's rights, among other functions.

Meanwhile, the CEO, based on the approved sectoral strategy, will implement a roadmap for attracting investments and increasing the value of USF assets. The CEO will also be responsible for analyzing the Fund's work and preparing an annual report, which will require approval by the Supervisory Board.