Tashkent, Uzbekistan (UzDaily.com) -- At the next plenary meeting of the Senate of the Oliy Majlis, the Law of the Republic of Uzbekistan “On the privatization of state property” was considered.

The law was developed on the basis of international experience in this area, as well as in accordance with the administrative reforms carried out in New Uzbekistan and the Constitution of the Republic of Uzbekistan in a new edition. It establishes all stages of privatization at the level of direct action of the law.

The law regulates the processes of making decisions on privatization, conducting assessments, determining the starting price, attracting consultants, and holding tenders.

In addition, the main principles of the Law are legality, openness and transparency, accountability, ensuring an equal competitive environment and the inadmissibility of corruption.

Along with this, new types of privatization are being introduced that are not reflected in the current Law. Thus, the privatization of state property is carried out using an electronic online auction and exchange, as well as sales through a public invitation to negotiations, competitive dialogue, inclusion of an enterprise and real estate in the authorized capital of another company and lease of an enterprise and real estate with the condition of subsequent sale.

In addition, the Law clearly defines the powers in the field of privatization of the Cabinet of Ministers, local government bodies and the Agency for Management of State Assets.

The law introduced norms aimed at ensuring openness and transparency in the privatization process, according to which summary reports on privatization and information on the stages of the implementation of each state asset are published on the websites of the Agency for Management of State Assets, its territorial departments, the auction organizer and intermediary, as well as republican and local media, social networks.

At the legislative level, the possibility of payment in installments when selling state assets, the procedure and conditions for making payments are established, and the responsibility of the balance holder is increased.

The adoption of this Law will ensure acceleration of the privatization of state assets based on modern methods, openness and transparency of privatization processes, and the creation of an equal competitive environment for all buyers.

The law was approved by senators.