Russian Leaders Order the Privatization of Industry – Will Punish Bureaucrats Who Hamper Investment
And, now this… Russian leaders are ordering the government to privatize successful companies and will punish bureaucrats who hamper investment. At the same time Obama and democrats continue to attack America’s capitalist system.
The Moscow Times reported:
President Dmitry Medvedev on Thursday ordered the Cabinet to sell off more government stakes in successful companies to private investors over the next two years.
The Cabinet must submit proposals for increasing the number of “major … strategic companies that are attractive for investment” in its privatization plan by March 15, the Kremlin said on its web site.
The current plan, which Prime Minister Vladimir Putin signed in November, already seeks the sale of stakes in several strategic companies, such as shipper Sovkomflot. Medvedev has the responsibility of striking these companies off the list of strategic assets for the stakes to change hands. He hasn’t approved their exclusion as yet.
Medvedev’s order for a greater sale of key assets comes after he conferred with officials last week about ways to encourage investment — and as the government is facing a budget deficit for a second straight year.
Medvedev also instructed the Cabinet to come up with a proposal to punish more severely those bureaucrats that hamper investment, probably targeting those engaged in corruption. The Kremlin didn’t elaborate on the measure.
Hat Tip Tim Newport