Ukraine must curb corruption, says EBRD

Ukraine must work harder on fighting rampant corruption that is hindering investment, the chief of the European Bank for Reconstruction and Development, Suma Chakrabarti, said Tuesday.

"We want to see much more action to tackle corruption at all levels," Chakrabarti told journalists after meeting Ukrainian President Viktor Yanukovych in Kiev.

"It is not enough to pass laws. They have to be fairly implemented to ensure a level playing field," Chakrabarti said.

"We'd like to carry on investing about $1 billion a year in Ukraine helping transition but the investment climate needs to be a lot better to help us to reach that goal," he said.

Corruption in Ukraine is regularly cited by investors as one of the main obstacles to doing business in the country.

Transparency International placed Ukraine 144th out of 176 countries in its index of perceptions of corruption published at the end of last year.