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

German Gref

Photo: Ekaterina Kuzmina / RBC

According to the head of the savings Bank, the public sector should gradually reduce, and in existing state-owned companies to develop a modern control system

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 pererazbiyeniya the 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, the correspondent of RBC.

The head of Sberbank noted that existing Russian state-owned companies, first and foremost, need 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 of which must 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, arguing that large investment projects”, — said the head of the Ministry 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, while “does not give the benefits that we expect from him.”

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