The Russian government expects to raise 883 billion roubles ($29 billion) from the sale of state assets in 2011-2013 to boost investment and help bridge the budget deficit, according to budget policy guidelines published by the Finance Ministry on Thursday.
"Funds from the privatization of federal property amounting to 298 billion rubles in 2011, 276 billion rubles in 2012 and 309 billion rubles in 2013 can be considered as a non-inflationary source for covering the budget deficit in 2011-2013," the Finance Ministry document said.
Total proceeds from state privatizations will amount to 983 billion rubles in 2010-2013, taking into account 100 billion rubles which the government expects to receive from the sale of state property this year, the Finance Ministry said.
"The Russian economy is far less effective compared to other countries and requires structural reorganization. The economy's modernization and the improvement of labor productivity will be primarily based on private investment. The main task of the state is to create the necessary conditions for that," the document added.
The Economic Development Ministry said in July that the list of privatizations in 2011-2013 included oil pipeline monopoly Transneft, Russia's largest shipping company Sovcomflot, oil major Rosneft, the country's largest banks Sberbank and VTB, the Federal Grid Company of Unified Energy System, the Russian Agricultural Bank, hydropower holding company RusHydro and other assets.
MOSCOW, August 5 (RIA Novosti)
