KIEV, May 14 (Xinhua) -- The Ukrainian parliament has passed a law on preventing the return of nationalized or liquidated commercial banks to their former owners, meeting the last requirement to get 5.5 billion U.S. dollars in loans from the International Monetary Fund (IMF).

This handout picture taken and released by Ukrainian President press-service on May 13, 2020, shows the President Volodymyr Zelensky (R) attending the Parliament's extraordinary hearing in Kiev. Photo by AFP

The adoption of the law on Wednesday was hailed by Ambassador of the European Union (EU) to Ukraine Matti Maasikas as "a vital measure to protect public finances and Ukrainian taxpayers."

It is vital "for economic stability, fairness, rule of law, continuing IMF and EU financial assistance," Maasikas said on Twitter.

In December 2019, the Ukrainian president, the government, and the National Bank of Ukraine agreed with the IMF to open a three-year financing program, which amounts to 5.5 billion U.S. dollars.

The final decision has to be made by the Fund's management and board of directors after Kiev meets all requirements, including the adoption of several laws.

In late March, the Ukrainian parliament voted to lift a ban on sales of farmland to meet one of the requirements needed to unlock the IMF loan program.