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revenues generated from sale of tangible and intangible assets (net of revenues generated as a public share in profit products in executing production sharing agreements (PSAs) and federal budget revenues generated from disposal and sale of escheat and other property turned into public revenue, revenues from sale of sequestrated lumber), include revenues (i) from sale of apartments, (ii) from sale of the assets owned by FOUSs, (iii) from disposal of the property being in operating control by federal agencies, (iiii) from disposal of released movable and immovable assets of federal bodies of state authority in which military and equivalent services are provided for, (iiiii) from sale of military products from federal executive authorities as part of military and technical cooperation, (iiiiii) revenues generated from disposal of other federally-owned assets (property) which are referred to as federal budget revenues ;

r revenues generated from sale of federally-owned land plots (save for the land plots owned by federal autonomous institutions) which are referred to as federal budget revenues ;

Section 6.

Institutional Problems s revenues generated from sale of tangible and intangible assets (net of revenues generated as a share in profit products to which the state is entitled in executing production sharing agreements (PSAs), federal budget revenues from disposal and sale of escheat and other property converted into public revenue, money generated from sale of sequestrated lumber, revenues from sale of special raw materials and fissionable materials), include revenues (i) from sale of apartments, (ii) from sale of the property being in operating control by federal agencies (save for autonomous federal agencies), (iii) from disposal of released movable and immovable assets of federal bodies of state authority in which military and equivalent services are provided for, (iiii) from sale of byproducts resulting from disposal of military equipment and ammunition, (iiiii) from sale of military products from federal executive authorities as part of military and technical cooperation (only in 2008 and 2010.), (iiiiii) from sale of byproducts resulting from disposal of military equipment and ammunition as part of the Industrial Disposal of Military Equipment (2005 2010) Federal Special Program, (iiiiiii) revenues generated from disposal of other federally-owned assets (property), as well as revenues generated from sale of intangible assets (IAs) which are referred to as federal budget revenues ;

Source : laws on execution of the federal budget for 2000 2009, The Report on Execution of the Federal Budget as of January 1, 2011, www.roskazna.ru; The estimates were made by the Gaidar Institute for Economic Policy.

Property-related federal budget revenues generated from nonrenewable sources grew by more than four times in 2010 against the previous year.

Revenues from sale of shares grew up most (by 7,6 times), and revenues from sale of different assets (property) increased almost 1,7 times. In absolute values, the revenues from the latter source decreased drastically (about RUB 2,4 bln), whereas the revenues from sale of shares (RUB 14,9 bln) doubled, reaching more than 3/4 of the 2007 level, against the revenues. Revenues from sale of land plots grew up by 19.4% to reach about RUB 1,38 bln thereby outrunning the level of 2008.

Like in 2007, revenues from sale of shares accounted for almost 80% of the total revenues generated from nonrenewable sources against 43% in 2009. Other sources were less significant: sale of different types of property accounted for about 13% (against 31.7% in 2009), while revenues from sale of land accounted for only 7.4% (against about in 2009).

Total federal budget revenues generated from privatization (sale) and utilization of stateowned property (Table 12) grew up by more than 2,4 times in 2010 against 2009. The absolute value (RUB 88,4 bln) resumed the pre-recession level of 2008, in which case revenues from privatization (sale) of property outran it by more than 1\5 times, whereas revenues from utilization of state-owned property failed to reach this mark.

A share of nonrenewable sources in the structure of total revenues from privatization (sale) and utilization of state-owned property in 2010 increased up to 21%, which is markedly beyond the figures reported in 2008 2009 (12 14%). On the other hand, revenues from utilization of state-owned property continued prevailing to reach nearly 79%, likewise in 2001 2002 and 2006 2007. In terms of absolute value, it corresponded to the level of whereas revenues from privatization and sale of different types of property were found to be lower.

RUSSIAN ECONOMY IN trends and outlooks Table Structure of property-related federal budget revenues generated from different sources in 2000Total revenues from privatization Revenues from utilization of stateRevenues from privatization (non(sale) and utilization of state-owned owned property (renewable Year renewable sources) property sources) RUB mln as % of total RUB mln as % of total RUB mln as % of total 2000 50412,3 100.0 27167,8 53.9 23244,5 46.2001 39549,8 100.0 10307,9 26.1 29241,9 73.2002 46811,3 100.0 10448,9 22.3 36362,4 77.2003 135338,7 100.0 94077,6 69.5 41261,1 30.2004 120798,0 100.0 70548,1 58.4 50249,9 41.2005 97357,4 100.0 41254,2 42.4 56103,2 57.2006 93899,8 100.0 24726,4 26.3 69173,4 73.2007 105761,25 100.0 25429,4 24.0 80331,85 76.2008 88661,7 100.0 12395,0 14.0 76266,7 86.2009 36393,7 100.0 4544,1 12.5 31849,6 87.2010 88406,4 100.0 18677,6 21.1 69728,8 78.Source: laws on execution of the federal budget for 2000 2009; The Report on Execution of the Federal Budget as of January 1, 2011, www.roskazna.ru; The estimates were made by the Gaidar Institute for Economic Policy.

6.1.5. A New Stage in Implementation of the National Policy in the Field of Privatization of State-Owned Property: Basic Priorities and Objects, Actions and Risks A New Stage of Structural Privatization: Priorities, Objectives, and Guidelines Privatization of state-owned property nearly 20 years has been an integral part of the economic policy in the Russian Federation. The nature, scope, and shape of the process used to undergo fundamental changes more than once. Goals and implementation emphases of privatization were changed markedly; legal framework of privatization1 was revised dramatically twice.

The process of privatization gradually lost its large scale nature: while in the first half of the 1990s the number of annually privatized enterprises ran into tens of thousands, the respective federal budget revenues have dropped almost by half (in money terms) over the recent few years. Over the recent 34 years, in spite of reduction in the number of entities in the public sector, the role of the latter in the national economy even became more important, including through the processes of formation and expansion of integrated entities in which the federal government has an interest.

The global economic downturn forced the Government of the Russian Federation to take urgent measures aimed at supporting various large companies and banks thereby creating extra preconditions for enlargement and strengthening of economic potential of the Russian public sector.

Declaration of having to carry out a new stage of structural privatization in 2010 was governed mostly by the fact that the federal government realized the three fundamental principles available when the economy recovers from a severe stage of the economic downturn :

The third in succession legal act which sets forth the principles and arrangements of privatization the Federal Law dd. December 21, 2001, No. 178-FZ On Privatization of State and Municipal Property is currently applicable.

Section 6.

Institutional Problems excessive state participation in the economy which became even more excessive in the course of the downturn ;

insufficient competitive power of a series of large companies included into the public sector, the need for restructuring and upgrade thereof ;

limited capability of the federal government in effective management of state-owned property.

The risk of further strengthening of state participation in the economy in the post-recession period due to uncertainty as to what to do with companies blocks of shares which were pledged as security in providing public recession counter support, became a possible extra incentive to discuss at the government level the objectives of structural privatization.

In September October 2009, official statements of high-rank officials1 from the Government of the Russian Federation set a clear-cut objective of structural privatization aimed at reducing the scope of direct state participation in the Russian economy, developing competition in the industries, attracting investments for long-term development of companies, improving effectiveness of large companies in which the federal government holds an interest.

Legally, the beginning of a new stage of privatization can be related to November 30, when the Government of the Russian Federation approved a new plan, the Forecast Plan (Program) of Privatization of Federal Property for 2010 and Guidelines for Privatization of Federal Property for 2011 and 20122, which set forth the following objectives for the national policy in the relevant field :

carrying out structural reforms in relevant economic sectors ;

forming integrated entities in the strategically important economic sectors ;

privatization of federal property which is not involved in exercising public functions and authorities of the Russian Federation ;

creating conditions allowing extrabudgetary investments to be attracted for the development of joint-stock companies ;

generating federal budget revenues.

Though the general goal in the field of privatization set forth in the Forecast Plan of Privatization of Federal Property for 2010 was defined in detail achieve a strict compliance in the composition of state-owned property with public functions, however, both the contents and priority of privatization objectives became an evidence of the development of a new public approach towards privatization of state-owned property.

A new vector in the priorities of privatization can be seen clearly by comparing the forecast plans (programs) of privatization of federal property which were adopted in the period between 2002 and 20093.

See, for example,: a opening statement made by the Chairman of the Government of the Russian Federation Putin V.V. at the meeting held on October 6, 2009 on the subject matter of guidelines of privatization of federal property for 2010-2012 and shortening the list of strategically important enterprises and joint-stock companies (http://premier.gov.ru/events/news/5104/); specific theses in the statement and answers to the questions, by the First Deputy Chairman of the Government of the Russian Federation I. Shuvalov as part of the report on implementation of recession counter measures at the State Duma I. Shuvalov: Russia needs new privatization // Vedomosti, 16 September 2009. http://www.vedomosti.ru/politics/news/2009/09/16/839587; I. Shuvalov: Corporization of SUEs must continue// RIA Novosti, September 16, 2009 http://www.rian.ru/economy/20090916/ 185258340.html).

Approved by the Order of the Government of the Russian Federation dd. November 30, 2009, No. 1805-.

The Forecast Plan (Program) of Privatization of Federal Property for 2003 (approved by the Order of the Government of the Russian Federation dd. August 20, 2002, No. 1155-); The Forecast Plan (Program) of Privatiza RUSSIAN ECONOMY IN trends and outlooks Such objectives as privatization of property which is not involved in ensuring execution of public functions, and generation of federal budget revenues remained unchanged for all of the forecast plans (regardless of their versions). The objective of reducing the number of unitary enterprises was set in most of the plans of privatization (for 2005 2009)1. With regard to the forecast plan for 2010, it should be noted that at the moment of approval it contained no list of unitary enterprises subject to privatization, and only mentioned competed privatization of nearly 250 FOUSs for which relevant procedures were initiated in 2009 (as early as March 2010, however, a fairly extensive list of FOUSs subject to privatization was attached to the program).

Another general feature pertaining to all of the programs of privatization was the goal of reducing the number of state-held small blocks of shares2: each of the forecast plans contained (not among the official objectives though) provisions under which all of the stateheld interest were subject to privatization in the foreseeable future, save for the shares in joint-stock companies which fall under a specially stated categories strategically important joint-stock companies, organizations participating in formation of integrated entities, enterprises in specific industries (the programs for 2003 2005 provided for sale of blocks of shares constituting an interest of not more than 25%, whereas the programs for 2006 and beyond allowed for sale of blocks of shares constituting an interest of up to and including 50%).

Together with the common features pertaining to the plans of privatizations under review, it is noteworthy specifying differences in the composition of the objectives set forth in the plans :

the objective of attracting investments in the real sector, which was mentioned in the forecast plan for 2003, was not included into the plans for the subsequent six years, but appeared in the plan for 2010 ;

tion of Federal Property for 2004 and Guidelines for Privatization of Federal Property till 2006 (approved by the Order of the Government of the Russian Federation dd. August 15, 2003, No. 1165-); The Forecast Plan (Program) of Privatization of Federal Property for 2005 (approved by the Order of the Government of the Russian Federation dd. August 26, 2004, No. 1124-) ; The Forecast Plan (Program) of Privatization of Federal Property for 2006 and Guidelines for Privatization of Federal Property for 2006 - 2008 (approved by the Order of the Government of the Russian Federation dd. August 25, 2005, No. 1306-); The Forecast Plan (Program) of Privatization of Federal Property for 2007 and Guidelines for Privatization of Federal Property for 2007 2009 (approved by the Order of the Government of the Russian Federation dd. August 25, 2006, No. 1184-);

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