IMF praises Ukraine's decisions on land reform, banking law

KIEV (Reuters) - The International Monetary Fund welcomes the Ukraine's initial parliament's adoption of legislation to strengthen the bank resolution framework and looks forward to its final approval, IMF Resident Representative in Ukraine said on Saturday.

Last week Ukraine took some steps to qualify for an $8 billion loan deal from the IMF. Parliament voted to lift a ban on the sale of farmland and approved at the first reading the banking law, though failed to adopt a revised budget for 2020.

"We also look forward to the adoption of a revised budget for 2020 that will help the authorities to confront the tremendous challenges caused by COVID-19," IMF envoy Goesta Ljungman said in a statement, referring to the coronavirus. He also said the IMF encouraged the Ukrainian authorities to work with the World Bank to ensure the creation of an efficient, transparent and competitive land market.

(Reporting by Natalia Zinets; Editing by Mark Heinrich)