Tashkent, Uzbekistan (UzDaily.com) -- At the twenty-seventh plenary session of the Senate, the Law on State Property Management was discussed.

During the discussion, the senators noted that today there is no single law on the management of state property, the current legislation regulating this area does not establish clear criteria for the ownership of state property, in particular, which property should be state-owned and which should be privatized. 

In addition, it was noted that there are about 25 thousand state institutions and more than 2 thousand enterprises with state participation in the republic, the degree of state participation in the economy is high. For example, 2,113 enterprises operating in the republic are managed by more than 70 ministries and departments.

The new Law regulates relations in the field of state property management. 

In particular, the principles of state property management, criteria for the ownership of state property are established, state property is divided into republican and municipal.

The law defines the powers of local government bodies for the sale, leasing and trust management of municipal property within the established criteria.

The main directions for the implementation of corporate governance at enterprises with the participation of the state are determined

It also establishes requirements for accountability, transparency and disclosure of information in the field of state property management.

It was noted that the adoption of this Law will help reduce the participation of the state in the economy, further improve the sphere of state property management and clearly define the responsibilities and powers of the Government and local government bodies in this area, improve the efficiency of state property management.

The law was approved by the senators.