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#13 - JRL 9117 - JRL Home
PUTIN ANNOUNCES LIBERALIZATION PLANS

HANOVER (Germany), April 11 (RIA Novosti) - Speaking at the opening ceremony of the Hannover Fair on Sunday, President Vladimir Putin said Russia intended to implement a series of measures to liberalize the economy and planned to join the World Trade Organization (WTO) on standard conditions.

"By 2007 Russia will be prepared for a complete currency liberalization and lifting all restrictions on capital transactions. Relevant decisions have been adopted already and are being implemented," said the president.

Putin said Russia's natural monopolies were continuing to be restructured, while the banking sector was being reformed, with an emphasis being placed on raising Russian lending organizations' competitiveness.

The state is prepared to give 3,500 joint stock companies and 8,000 state-owned enterprises into private hands, according to President Putin.

President Putin said the talk of the allegedly planned revision of privatization deals was totally ungrounded. "On the contrary, seeking to ensure stability in property relations and prevent possible redivision, we are drafting a decision to reduce the period of limitation with respect to privatization deals from 10 to 3 years," said the president.

Putin said Russia's private sector would expand through growing competition in education, the social sphere, and the housing and utilities sector. "Privatization will cover the bodies that do not perform direct public administration duties," said the president.

Putin added that Russia continued working to reduce the superfluous number of permissive documents required for economic entities.

Russia's immediate plans include further measures to reduce the tax burden on enterprises and streamline tax-related procedures.

President Putin said the state intended to use "modern market levers" to support promising hi tech sectors, and fundamental and applied science institutions.