Tashkent, Uzbekistan (UzDaily.com) -- At the regular meeting of the Senate Committee of the Oliy Majlis on Budget and Economic Reforms, the Law “On the Privatization of State Property” was discussed.

With the participation of senators, experts and representatives of relevant ministries and departments, it was noted that the Law under discussion was developed in accordance with the Strategy for the Management and Reform of State-Owned Enterprises in 2021–2025, aimed at reducing state participation in the economy to a reasonable level and radically improving the investment environment.

It was emphasized that when developing the law, international experience in this area was studied, and the norms of this Law were brought into line with the administrative reforms of New Uzbekistan and the new edition of the Constitution of the Republic of Uzbekistan.

Ensuring the rule of law, openness and transparency, accountability, an equal competitive environment and the inadmissibility of corruption are defined as the main principles of the Law.

Also, new norms are introduced into the Law, at the level of the Law the possibility of installment payment, the procedure and conditions of settlements for the sale of state assets are determined, on the basis of the Law the responsibility of the balance holder is increased, and the institution of the inventory commission is abolished.

At the meeting it was noted that the adoption of the Law serves to create conditions for equal competition in the privatization process, develop the country’s economy, ensure private property and its protection.

Following the meeting, a corresponding decision was made by the Committee.