Gref called “oversized public sector” a hindrance to economic development


A large number of state-owned companies does not allow to develop in the modern Russian economy, I’m sure the President and the Chairman of the Board of Sberbank German Gref.

“I have said many times, when we have such oversized public sector, I don’t see how we can develop a modern economy. The first thing to do is, of course, to reduce it, although to reduce it quickly will not work”, — said Gref, speaking Wednesday at the Exchange forum, reports .

The head of Sberbank noted that existing Russian state-owned companies first and foremost need of the modern management system, without which we can forget about “the possibility of achieving any performance parameters”.

Gref also called for the government to articulate its expectations regarding owned enterprises.

In turn Minister of Finance Anton Siluanov has proposed to introduce for top managers of state-owned companies key performance indicators: the main one should be the income they bring to the state.

“If we consider the state investment as an asset, this asset needs to generate income to the state. It will just be to talk about the effectiveness of the management: whether he pays those revenues that the state expects to receive, or attempts to evade, citing the large investment programs,” — said the Minister of Finance.

Siluanov’s opinion was supported by former Finance Minister and now head of the Center for strategic development Alexey Kudrin, who said that the public sector of the economy is “not the effect that we expect from him.”

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