Reform Index. Release 4 | VoxUkraine
28 February 2015

Reform Index is calculated once in two weeks based on an expert survey. Reform Index value for the fourth monitoring period (February 9th –22nd 2015) stood at +0.3 points out of the possible range from -5.0 to +5.0 points.

Chart 1. Reform Index dynamics

Chart 2. Reform Index and its components in the current round

Reform Index value for the fourth monitoring period (February 9th –22nd 2015) stood at +0.3 points out of the possible range from -5.0 to +5.0 points. It is the lowest value since the start of monitoring  – index values varied in the range 1.3-1.5 in the previous three rounds.  Low Index value is partially explained by the fact that many regulatory acts approved during the monitoring period were not signed or published, and thus were not evaluated in this round.

In particular, there were no signed/published regulatory acts, which could be classified as reforms in Public Finance, Energy Independence and Monetary policy and financial markets. These sub-indices received 0.0 grades. As for Monetary policy and financial markets direction, there were several positive decisions in the banking sphere, which we classify as policy measures, not reforms.

Chart 3. Value of Reform Index components and number of events February 9 – 22, 2015


In this round the highest grade of +2.0 points  was given to Cabinet of Ministers decision to collectively appoint senior managers of strategic state enterprises. Experts noted that this decision will contribute to greater transparency, attraction of professionals to the state sector and corruption reduction. On the other hand, experts negatively assessed government’s decision to limit salaries of top state employees (-1.0 points), noting that this measure is useless in terms of budget savings and is harmful in terms of potential increase in corruption. Overall progress of the Governance and anti-corruption sub-index is estimated at +1.0 points.

External Trade sub-index received +0.5 points reflecting the decision to abolish import duty on hybrid cars. However, the event is of minor significance, which is reflected in the low grade for this event.

Reform Index aims to provide a comprehensive assessment of reform efforts by Ukraine’s authorities. The Index is based on expert assessments of changes in the regulatory environment in five areas:

  1. Governance and Anti-Corruption
  2. Public Finance and Labor Market
  3. Monetary Policy and Financial Markets
  4. Industrial Organization and Foreign Trade 
  5. Energy Independence

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