Economy of Belarus - Privatisation

Privatisation

In 1991, state ownership restructuring began in the first 40 enterprises. On January 19, 1993 the Law "On destatisation and privatisation of state property in the Republic of Belarus" was adopted, which should have become the basis for wide privatisation in Belarus. On May 8, in his state-of-nation address to the parliament, President Lukashenko outlined his plans for partial privatization of enterprises. According to him, "In order to privatize an enterprise, a prospective buyer should go not to the president but to the enterprise, and it is the work collective that has to decide whether or not privatization will take place. Then the deal must be approved by local authorities, then departmental officials and then by the government which only after considering all pros and cons can submit it to the president”.