Ukraine's business environment improves: World Bank

Ukraine went up to the 83rd place in the latest World Bank business ranking, which signals that the country has become more business-friendly, a senior World Bank official said here Wednesday.

"The advancement by four notches is a significant improvement in a single year," Fan Qimiao, the World Band country director for Belarus, Moldova and Ukraine, told reporters, when commenting on the bank's "Doing Business 2016 Report" published on Tuesday.

The reform to shorten business registration from 40 days to 7 days was the key factor behind the improvement of Ukraine's position in the ranking, Fan said.

The ranking, which evaluates how easy it is to conduct business in 189 global economies in reference to 10 indicators, also noted progress in Ukraine in terms of getting electricity and registering property.

Among the indicators showing downward trend, the World Bank listed the issuing of construction permits, credit provision, the protection of minority investors and tax payment. Endi