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Українські рефератиРусские рефератыКниги
НазваHistoric overview of privatisation process in Lithuania (реферат)
РозділІноземна мова, реферати англійською, німецькою
ФорматWord Doc
Тип документуРеферат
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Privatization process was launched in Lithuania in September 1991 and

since then it has constituted an integral part of Lithuania's economic

reforms. The entire privatization process may be divided into three

major stages:


The first stage covers the privatization that took place from September

1991 until July 1995. This phase may be called a mass privatization for

vouchers with some elements of cash sales. The voucher method was chosen

as the most effective way of transferring the ownership of the

state-owned enterprises. The privatization of state assets in Lithuania

during that phase has been based on the Law on Initial Privatization of

State Property passed in late 1991 and amended in 1993. As a result of

that phase, Lithuania has become a country with a majority of the GNP

generated in the private sector.


The second phase of privatization started in July 1995 with the

introduction of a new Law on Privatization of State and Municipal

Property. A State Privatization Agency and a State Privatization

Commission were established in late 1995 to administer the process.

According to the Law, the second phase will call for cash privatization

of remaining state and municipal property at market prices. Local and

foreign investors will have equal rights in purchasing the companies

offered for the privatization in Lithuania. During the second phase of

privatization the government will have to decrease its control in the

sectors of economy generally recognized as the state monopoly through

the cash sales. According to the Law on Privatization all bidders have

equal rights in the privatization process. Previously existing

concessions for the employees and management have been eliminated from

the new Law. During the second phase of privatization the amount of

investment into Lithuania was comparatively small. Investors had to

lodge documents with many different institutions, and therefore the

privatization procedure took some time. Individual ministries were not

interested in preparation of objects for privatization. Besides, legally

the former privatization institutions had no right to transfer

obligations of enterprises to the purchasers because they were not real

managers of enterprises.


New laws of privatization and State Property Fund (SPF) were passed in

November 1997. According to the aforementioned Law restructuring

Lithuanian Privatization Agency established the SPF and other related to

privatization and property management institutions. SPF holds in trust,

uses, disposes and privatizes securities and other state-owned property

transferred to it by the Government of the Republic of Lithuania.


There are several possible methods of privatization:


public subscription for shares;


public auction;


public tender;


direct negotiations;


lease with an option to purchase;


transfer of the state or municipal control of an enterprise controlled

by the


state or municipality.



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