In the period of post-crisis development, it is necessary to reduce state participation, the head of the Accounts Chamber Alexei Kudrin told the magazine “Company” in an interview.
“The public sector can play an important and positive role at times, but it is time for it to start shrinking,” Kudrin said.
According to him, state-owned companies are poorly managed but play an important role in the economy. Among the ten largest Russian companies, only four are private, and the rest are state-owned.
“Privatization can change the situation, which will give enterprises effective owners” and “increase the efficiency of the economy as a whole,” Kudrin said.
According to the Federal Antimonopoly Service (FAS), before the 1998 crisis, the state share was approximately 25% of GDP, in 2008 – 40-45%, by 2017 – 60-70% of GDP. The situation has not improved since then.
Now the state share in the banking market has reached 70% after the rehabilitation of the largest banks. The ban on the purchase of banks applies primarily to the Central Bank of the Russian Federation, regions, state and municipalities, companies, or banks with state participation over 50%.
