Medvedev calls for faster privatisation

April 12, 2012
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Russia approved a new round of privatization plans in the end of 2010/XINHUA
MOSCOW, Apr 12 – Russia’s President Dmitry Medvedev visited the country’s main stock exchange and chaired a conference on business issues including privatization of state owned assets.

He called on the Russian government to speed up privatization efforts, starting by making list of all state assets, including those which have not been included into the privatization plans.

The list will be ready before July 1. The asset list will be submitted for public discussion starting from October 1.

“Decisions are made, then the authorities have to face up to a throng of lobbyists, each with their own interests. Some of them are completely sincere in believing nothing needs to be privatized. Others think the time for that has not yet come. As a result, the decision on privatization, which is right in its essence, is undermined as people begin to view it as unfeasible. The government needs to muster up the courage to conduct all-round privatization, following its plan to the letter. If that is not done, that means privatization will not take place. ”

The Russian government approved a new round of privatization plans in the end of 2010, cutting government shares in ten state enterprises and banks.

However, such efforts were slowed down last year due to a sappy international capital market and the government weaker needs to use privatization funds to boost up revenue.

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