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Government strengthens role of SPMF in management of state companies

Regulations on state-owned enterprises and procedure for forming a reserve of managerial personnel of state-owned companies were approved in Kyrgyzstan. The Information Support Department of the Government’s Office of Kyrgyzstan reported.

The decision was signed by the Prime Minister Mukhammedkaly Abylgaziev. The documents were adopted to streamline the activities of state-owned enterprises and strengthen the role of the State Property Management Fund (SPMF), which currently works with 98 state-owned companies.

The regulations on state-owned enterprises administer creation, reorganization, liquidation of enterprises, specification of the powers of governing bodies, and details of the property status of state-owned companies.

«Within the framework of the adopted provision, practice of development and approving a medium-term strategic plan for the development of a state-owned enterprise and the annual budget developed on its basis will be introduced. In addition, a number of standards are being introduced that strengthen financial discipline at state-owned enterprises, aimed at rational and efficient use of state property, establishing the accountability and reporting of the head to the founder of an enterprise,» the report says.