Tashkent, Uzbekistan (UzDaily.com) — At the 57th plenary session of the Senate, a law was reviewed that introduces amendments and additions to various legislative acts of the Republic of Uzbekistan, aimed at improving the management of state property.

It was noted that the country is undergoing systematic reforms to regulate relations in the management of state property, create a favorable investment climate, reduce state participation in the economy, and promote the privatization of state property.

The law introduces several key changes and additions to various laws.

One of the provisions establishes that state property assigned to a state organization under the right of operational management cannot be used as collateral from the day the decision is made to transform this state organization into a business entity until the completion of this process.

Additionally, amendments were made to the Law "On Charity." It is now stipulated that the annual expenses of business entities with more than 50% state share in their charter capital for charitable activities should not exceed 3% of their net profit earned in the previous year.

Furthermore, these expenses are only permitted if the business entity meets the profit targets outlined in its business plan for the previous reporting period.

The adoption of this law is intended to improve the management of state property. Private ownership is being expanded through the clarification of the powers and priorities of a specially authorized body. The processes of privatization are becoming more transparent and open.

After active discussions, the law was approved by the senators.