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A part of public occupational schools and healthcare organizations are facing a strong competition and heavy pressure by the customers. These are economic, law and linguistic higher schools, IT and communication schools, some primary schools and secondary occupational schools, single-type clinics located at the same city, etc. Such organizations are advised to be transformed into public autonomous non-profit organizations.

So far, however, approval of the aforementioned draft laws by the ministries concerned has been delayed because of certain disagreements. The basic source of these disagreements is the property treatment suggested for an autonomous organizations. The Ministry of Economic Development of Russia has taken the view expressed by the specialists of the Center for Private Law, suggesting that the required property treatment for an autonomous organization is a form of the right of operating management. The view expressed by the General Law Department under the Cabinet of the President of the Russian Federation suggests that the corresponding scope of rights is beyond the scope of operating management and consequently can not be considered as one of its forms.

In November, the discussion of the above draft laws took a new dimension. The leaders of the Theater Association of Russia considered these proposals as an attempt to enforce administrative control over independent creative work and business of the Russian theaters. In this connection, they arranged some meetings to voice their protest with a wide coverage in the mass media. The keynote of reference to the government authorities was to urge them to protect the Russian repertoire theaters which are alleged to be doomed to collapse if transformed into the new forms of organization specified. As a matter of fact, the leaders of the theaters are trying to retain the current practice allowing them to wildly dispose of theater property and revenues generated from the use of the former with a minimum responsibility for the independent economic performance.

S. V. Shishkin Issues Reviewed at the Sessions of the RF Government on November 18 and 25, Of all issues reviewed by the Government in November the most interesting are as follows..

On November 18, the report of the Minister of Education and Science, Fursenko A.A. On Major Trends of Innovation Activity was reviewed at the Session of the RF Government, which reflected the Government general policy concerning the development of national innovation system. At the same Session, the concept of IT market development was considered, presented by the Minister of Information Technologies and Communications of the RF, Reiman L.D.

On November 25, 2004, the report On the Results of Federal Budget Execution for the 9 months of 2004. Major Characteristics of the Federal Budget Execution for the 9 Months of 2004 was submitted at the Session of the RF Government by the Minister of Finance, Kudrin A.L.

* * * On November 18, 2004, the report of the Minister of Education and Science, Fursenko A.A. On Major Trends of Innovation Activity was reviewed at the Session of the RF Government, which reflected the Government general policy concerning the development of national innovation system, namely:

- developing and perfecting the normative-legal base ensuring implementation of the intellectual activity results in business activity;

- pursuing economic policy in relation to the participants of innovation activity;

- forming infrastructure of the national innovation system for the development and improvement of innovation enterprise;

- government support of commercialization of intellectual activity results, preparing production and entering of innovation products (services) the market.

In addition, key measures were proposed in the report for implementation of the government policy for the development of national innovation system.

At this Session the concept of IT market development was presented by the Minister of Information Technologies and Communications of the RF, Reiman L.D.

The Minister noted the need to stimulate the development of the Russian market of information technologies, provided the characteristics of the IT market condition in Russia, and named reasons hampering its development. Also, the report reflected major trends of the government support for development of the IT market, perfection of basic legislation in this sphere, and also government support for the development of domestic market and export development in this sphere, as well as those - directed to forming the institutional basis of the IT market.

It is expected that, resulted from the implementation of such concept by the year 2010, it will be practicable to reach (as compared to 2003) a five-fold growth of the total volume of the IT market.

Russia may become one of the three leaders in the world market of export of services in this sphere.

Development of the industry will promote enhancing labor productivity in all branches of the economy, efficient use of human and material resource, which will contribute greatly to solving the task of GDP duplicating and lessening the primary dependence of Russian economy.

According to the report of the Minister of Finance, Kudrin A.L. On the Results of Federal Budget Execution for the 9 months of 2004. Major Characteristics of the Federal Budget Execution for the Months of 2004, presented at the Session of the Government of November 25, 2004, the federal budget revenues (with account of the single social tax (SST)) for the reporting period amounted to Rb 2425.0 bn, without account of SST - Rb 2103,8 bn. The federal budget expenditures (with account of SST) for the fiscal year amounted to Rb 1962.2 bn, for cash execution of the federal budget Rb 1837.0 bn. Financing federal expenditures (without account of SST) made up Rb 1641.6 bn.

For the reporting period, the financial aid from the federal budget was rendered to budgets of other levels of the RF to the amount of Rb 238.5 bn, that comprises 95,1% of that planned.

As of October 1, 2004, the volume of the State debt constituted Rb 4042.7 bn and lessened for the months of that year by 3,9%. The volume of the State debt in relation to the projected GDP of made up 25,1%.

In general reduction of the volume of public debt in the reporting period there occurred an increase of the size of the domestic public debt (+ 62.3 bn.) As of October 1, the share of foreign debt in the structure of obligations comprised 81,6%, domestic 18,4%. It is noted that, starting from 1999, the tendency for lessening of the foreign debt remains unchanged. Presently, the lowest debts in absolute terms have been fixed for the past six years (Rb 3298.4 bn).

According to the statement of budget credits and the budget loans provided by the Ministry of Finance of the RF, and their repayment, aggregate arrears before the federal budget for October 1, made up Rb 2786.4 bn, and within the 9 months of 2004 decreased in absolute terms by 71.9 bn. The major share of obligations before the Russian Federation falls on debts of the governments of foreign states (82,2%).

Also, a report of the head of the Federal Service on Financial Markets, Vyugin O.V., On the State and Development of the Financial Markets in the Russian Federation, had been presented at this Session of the Government, in which it had been outlined that within the past four-year period the financial market of the country, represented by banks, pension and investment funds, general funds of banking administration and security funds, accumulated an overwhelming part of the fast-growing domestic savings, which rate in Russia was one of the highest in the world and comprised 32 - 35% of GDP.

That became the result of the balanced policy pursued after 2000, which had a positive impact on taking business-decisions by Russian companies.

The report touched the situation on the stock market, securities market, banking services market, issues of functioning of the collective investments institutions, described the present-day situation in regulation of the financial market.

In particular, it had been outlined in the report that a number of domestic industrial companies began to actively use security issuing in order to attract the investment resource, i.e. to treat the securities market as one of investment sources.

Over the last few years, the corporate behavior of many companies has noticeably changed, they became to focus on those advanced standards that are contained in the Corporate Behavior Code. The securities market has developed most rapidly just in recent years, when radical changes (mentioned above) became evident in the behavior of the Russian leading companies.

By capitalization-to-GDP ratio, the Russian stock market achieved the level of some of developed countries and surpassed many of the developing economies, but still it is considerably lower than in developed economies.

At the background of growing of investment influx into the country, and the marked positive steps in the development of financial market, problems gradually accumulated by the end of the 2004, which showed themselves in that largest Russian companies do not consider the national financial market as a major source for t attraction of the investment resource, while many middle-sized companies could not gain access to it.

The volume of funds attracted by enterprises on the national stock market constitutes only fractions of percent of the volume of investment in fixed capital.

Despite rapid growth of the volumes of trade of securities, the level of liquidity of the Russian securities market still ranks below the developed markets and a number of developing markets. One of the main cause of the above is explained by imperfection of existing infrastructure of the Russian stock market.

Despite the fact that all previous years investors regarded Russian shares as underestimated, as investors believe, the investment climate in Russia had been improved due to both, poetical and macroeconomic stabilization, and because of the development of financial sector and financial legislation.

The Russia's banking sectors assets-to-GDP volume ratio remains not high. The same is true for the level of Russian banking system capital. This year the growth rates of the banking system have reduced. The main reason for reduction of the growth rates of banking sector assets, beginning from May this year, he resource base of the credit institutions began decreasing due to so-called credibility crisis, expressed in the negative reaction of depositors and market participants to insolvency and recall of license from several banks. Despite decreasing of the resource base, basically, the banks maintained the level of credit investments in the non-financial sector of the economy.

In recent years, substantial growth is observed of the long-term (for a period over a year) deposits of population in the banks. If at the beginning of 2000, long-term deposits of population were practically non-existent, then, by August 2004, they made up around Rb 1 trln, and, for the first time, their share in the total volume of deposits of population in the banks exceeded 50%.

The normative-legal base of pension reform was principally formed in 2002-2003. The completion of forming the normative-legal base of pension reform, defining the subjects of the pension accruals market, conducting the main institutional arrangements on securing realization of the right of choice by the insured persons with regard to pension accruals administration, basically, allowed to take another step investing pension accruals in the stock market.

The first experiment showed stability of the system of control of investing pension accruals, so, together with the following development of the securities market, it is possible to soften the requirements to the structure of portfolio of management companies, engaged in investing pension accruals, so that they could have a possibility to enhance efficiency of investing this capital.

Potential of the pension accruals market determines its significance for the development of both, the securities market on the whole, and collective investments institutions, in particular. Therefore, the task of organization of professional private administration of a part of pension accruals capital is one of most important in the pension reform.

The following essential growth of the compulsory contribution system will require higher demand for reliable and sufficiently earning assets, wherein such accumulations could be invested. From the point of view of strengthening the competitive ability of the national capital market, entering the market of Russias best companies is a priority task for the strategy of development of collective investments in Russia.

It is mentioned in the report that the process aimed at improving the system of regulation and supervision on the financial market had started in Russia. According to Decree of the RF President On the System and Structure of the Federal Bodies of Executive Power in the Federal Service on Financial Markets (FSFM) of Russia the functions were combined on regulation and supervision regarding professional participants of the securities market, collective investments institutions, and nongovernmental pension funds, as well as functions on control and supervision of management companies activities and specialized depositary institutions in the sphere of forming and investing pension funds. Furthermore, commodity exchanges also became within the competence of the FSFM, which, basically resolved the problem of regulation and supervision on the market for stock derivatives of financial instruments. However, the process of establishing a single regulator on the financial market has not yet completed.

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