Arab Today, arab today budget critical calls for privatisation
Last Updated : GMT 18:42:31
Arab Today, arab today
Arab Today, arab today

Minister Alexei Ulyukayev:

Budget 'critical', calls for privatisation

Arab Today, arab today

Arab Today, arab today Budget 'critical', calls for privatisation

Economy Minister Alexei Ulyukayev
Moscow - Arab Today

Russia can no longer afford to wait for a market rebound, its economy minister said Tuesday, calling the budget situation "critical" and urging to restart a stalled privatisation drive.

The government is looking for ways to raise funds for the budget as its earnings dwindle due to low oil prices, with voices increasingly urging the sale of minority stakes in state-owned companies, carrying out plans put on hold since President Vladimir Putin returned to the Kremlin.

Speaking at a ministerial meeting, Economy Minister Alexei Ulyukayev said that Russia has been putting off privatisation plans for the past two years, as the market stopped growing, but that it no longer makes sense to keep waiting.

"Now we have come to realise that the situation is not going to change, that there is nothing to wait for," he said.

"The situation is critical for the budget, the general turbulence of financial markets does not give grounds for expectation of any rebound or restoration," he added.

"The challenge is to make high-quality, efficient deals in extremely adverse market conditions."

Privatisation in Russia is widely associated with controversial deals during the 1990s. The general public views those sales as having been rigged and leading to the robbing the nation's riches while most Russians saw their incomes plunge.

However some ambitious privatisation deals were seen through under the presidency of Dmitry Medvedev between 2008 and 2012, and privatisation has been increasingly brought up in recent months due to the economic slump.

Discussing the matter on Monday, Putin listed criteria for the new drive saying that privatisation must be "economically viable" and the government should "avoid selling stock for next to nothing".

He also said that "new owners of the privatised assets must be located in Russian jurisdiction".

His spokesman Dmitry Peskov on Tuesday told journalists that this does not rule out foreign investors, adding that "Russia is interested in getting new partners" but the deals should not go through any offshore companies.

Finance Minister Anton Siluanov last month said Russia may sell a 19.5 percent stake in oil giant Rosneft, while President Vladimir Putin mentioned national carrier Aeroflot.

Russia's Vedomosti business daily however was pessimistic about the renewed privatisation calls, saying in an editorial that "the authorities simply cannot say goodbye to property."
Source: AFP

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today budget critical calls for privatisation Arab Today, arab today budget critical calls for privatisation

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Egyptian tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Egyptian tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models

GMT 22:38 2017 Friday ,17 February

Investment promotion would be Sahar Nasr's main task

GMT 13:17 2017 Wednesday ,15 February

Yemeni accuses militias of challenging oil

GMT 09:12 2017 Saturday ,11 February

Algorithms: the managers of our digital lives

GMT 09:07 2017 Saturday ,11 February

The biggest players today on Wall Street? Algorithms

GMT 08:15 2017 Saturday ,11 February

Tesla chief in public feud with auto workers union

GMT 06:23 2017 Thursday ,09 February

Oil market can cope with higher shale output

GMT 14:10 2017 Friday ,03 February

Reasons of growth rate conflicting numbers
View News in Arabic - Business: حوارات وتقارير
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday