,n:OKJla,u No. 18467-KZ


Ka3aXCTaH: CBO)1;HaH Ou;eHKa qaCTHOrO CeKTOpa


30 CeHTl!6pl! 1998 rO,lla

CTpaHOBoe CTAeJll!tme 8
PemOHbl EBponbl 11 CpeAHen A31111
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                       BanlOTHa}l enl1Hl1ua = TeHre



                 BaJIIOTHhIH 06MeHHhIH KypC
                         (Ha 31 Ma}l, 1998)

                          USD 1 = 76.10 TeHre



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Pa3BI.1TI.1e cpl.1HaHCOBOrO ceKTOpa .......................................................................................................... XV


BBE.QEHVlE ............................................................................................................................................ 2


rIlABA I. YllY"IWEHVlE ,lJ,EllOBOrO KllVlMATA ................................................................................ 3
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                                                        iii
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MOMeHT HaXO.1lHTCH Ha CTa.llHH peaJIH3auHH, BKJllOljaH YJlY41lIeHHlI B HaJlOroBOM anMHHHc'TpHpoBaHHH.
AnMHHHcTpaTHBHaH           peQ>0pMa BKJlIO'Iaer B ce6H            paUHOHaJ1H3aU\11O }leHTeJJbHOCTH pecnyfiJlHKaHcKoro
npaBHTeJlbCTBa       H     peq.opMHpoBaHHe            CtiCTeMbl     COUHaJlbHblX       yCJlyr     Ha     npe}lMeT       nOBblWeHl1l1
npoQ>eccHoHanH3Ma H Ka'leCTBa ycnyr. 3TH peq.OPMbl nOJlJKHbI .uocnl% ypOBHH MeCTHbiX anMHHHCTpaUHM,
B3aHM0,lleHCTBYIOIUHMH C MeCTHblMH npeJlnpHHHMaTeJJHMH.


8.       TpeTbe, CJIe.uyeT 3aBepwHTb C03}laHl1e npOljHOH IOpH.llH'IeCKOH H aD.MI1HHcrpaTHBHoH CHCTeMbi.                                B
.uononHeHHe K npHH.!ITHIO nepepa60TaHHoro 3aKoHa 0 KOMnaHHHX CJlenyeT nepepa60TaTb 3aKOH 0 3aJ10re,
HOBhlH 3aKOH 0 JlH3HHre, CYIUeCTBYlOlUHI1 opraH 3aKOHOnaTeJlbHhiX H perynHTOpHblX nOCTaHOBneHHH H
3aKOHOB Ha npe.1lMeT BbllIBJleHHSI npOTHBOpe'lHH H OCHOBHblX KOHuen1)'anhHhlX                               H peaJIH3aUHOHHhIX
np06J1eM. DOBhlweHHe KBaJlHQH!KaUHOHHbIX 'TpefiOBaHHH K IOpHnH'IeCKOH npOQ>eCCHH H 60Jlee OTKPblThlH
.uoc1)'n K IOpHD.HljeCKOH HHq.0PMaUI1I1 KaK .llJIH CY.1l0S, TaK H .1lJlH caMHX npennpHHHMaTe..'1eM n03BOJlllT
nOBblCHTh Ka'leCTBO H 3Q>Q>eKTMBHOCTb fOpHD.!14eCKOH CHCTeMbI.


9.       4eTBepToe, B03MOIKHO CneJlyeT C03JlaTb CneUHaJlhHOe areHTCTBO no paccMo'TpeHHIO npereH3HH H
JKaJl06 OT npeJlCTaBHTeJleH '1aCTHOro ceKTopa no nOBony I1X B3aHMOOTHOllIeHHH C npaBHTeJlbCTBeHHhlMH
'lHHOBHHKaMH. TaKoe areHTCTBO Morno 6bl 6hlTb HaJBaHO KOMHccHeil no :>Kano6aM HnH OTnenoM no
paccMoTpeHHIO npeTeH3HI1 rpalKllaH K npaBHTe,1bcTBeHHh1M cJlYlKawHM. TaKoe areHTCTSO CMorno 6bl


                                                                  vi
npOBOllHTb paCCnellOBaHHe ')I(ano6 rpa')l(llaH B OTHOWeHl'IH nlo6oro <l>ellepanbHOrO HllH penlOHaJlbHoro
npaBMTenbCTBeHHOrO cnY')l(amero, a TaK')I(e B OTHOlliemUI rocnpellnpHllTMit EllMHCTBeHHblM MCKnlO'"leHHeM
JlBnJlJlCJI 61.1 npe3HlleHT, napJlaMeHT H CMCTeMa IOCTHUHM. ECJlH KOMHCCHJI nOJlaraeT, '"ITO llaHHall ')I(aJl06a
JlBnJleTCJI o60cHoBaHHoH, KOMHCCHJI ./lOJl)KHa 3anpOCHTb OTBeTlIHKa 0 llJ1aHHpyeMblx ./leHCTBHJlX, BKJIlOlIaJI
MepbI, KOTopble npe./lnOnaraeT npe.unpHHJlTb '"IHHOBHHK HJlH areHTCTBO .!lJI$! HcnpaBneHH$! CHTYaUHH. B
cny'"lae 06HapY')l(eHH$! B03MO')l(HbIX KpMMHHanbHblx HapYll1eHHH, KOMHCCHJI MO')l(eT nepellaTb )KaJlo6y B
IOpH./lH'"IeCKHe        cnY)K6bl.      TaKaJI     KOMHCCHJI     n03Bomma         61.1        npaBHTeJJbCTBeHHblM            cnY')l(6aM    60nee
J<I><I>eKTMBHO COTpYllHM'"IaTb C npellCTaBHTeJJJlMH 'IaCTHoro ceKTOpa, yJly'"llllHTb Ka'"leCTBO npellOCTaBJleHHJI
rpa')l(llaHCKHx ycnyr H COKpaTHTb MaCWTaGbl KoppynUHH.


10.           npSlMble 3apy6f*Hble H"SeeTnonH. YpoBeHb np}lMblX 3apy6e')l(Hblx HHBeCTHUHH B KaJaXCTaHe
Ha llYlllY HaCeJleHMJI 3Ha'"lMTeJlbHO Bblwe, 'IeM B COCe./lHMX crpaHax, TaKHX KaK POCCHll, Y36eKHcTaH,
A3ep6aHll')l(aH        H     Tall)KHKHCTaH.       3apyGe')l(Hble    HHBeCTHUIUi         B     KaJaxCTIlH      npaKTH'"IeCKM        nonHOCTblO
OnpelleJ1l1lOTCll 3a C'IeT Cepbe3HbiX 3apy6e')l(HbIX MHBecrnUMH B ./l06bIBalOlllHe oTpacnH npOMbIWJleHHOCTM,
TaKHe KaK He$TexHMMli H MeTannyprHlI ~ npH6JHl3HTeJlbHO                        70%          3apyGe')l(HblX HHBecTHUMH npHXO./l$!TCli Ha
llaHHble          oTpacnH.     npolla')l(a     npellnpmmdt      3apy6e')l(HbIM     HHsecTopaM            BO    BpeMJI       HHllHBHllYaJlbHOH
(TO'le'lHoH) npHBaTH3aUliH OKaJanaCb BTOPbIM, HaMGonee Ba')l(HbIM HCTO'lHHKOM 3apyGe)KHblX HHsecTHUHH.
OllHaKo, ypoBeHb 3apy6e')l(Hbix HHBecTHUHH Ha llYWY HaCeneHH}I Bce eille Man no OTHOllleHHIO                                                   K
aHanOnl'lHblM          nOKa3aTemiM B TaKHX CTPaHax U,eHTpaJlbHOH EBponbl                                KaK nOJlbWa H BeHrpH$!, rlle
IfHBeCTHUHIf B npOH3BO./lCTBO CTanH OCHOBHblM KOMnOHeHTOM HHTepeca 3apyGe')l(Hblx HHBeCTopoB.


1 I.          KaK H HeKOTopble llpyrHe CTpaHbl, KCi3aXCTaH npellnpHHHMaJl nonblTKH npHBne'lb 3apy6e)KHble
11HBeCTHUHH           3a     C'IeT   npellOCTaBneHH}I      llOnOJlHHTenbHblX        cTHMynoB            no    npoeKTaM         B   H36paHHbiX
nepBOOllepe,llHblX orpacmlx. OllHaKO, MHorHe HHBeCTopbl BblGHpalOT KOHKpeTHble CTPaHbl, B OCHOBHOM,
H3-3a       <pYHllaMeHTanbHbIX          3KOHOMH'"IeCKHX       <PaKTOPOB,      TaKHX          KaK   nOJlHTH'IeCKaJl      H    3KOHOMH'IeCKaJI
CTa6IUIbHOCTb, IleJlOBOe OKpY')l(eHHe, pa3Mepbl PbIHKa, reorpa<l>H'IeCKOe nOJlO')l(eHHe, CTOHMOCTb TpYDa. B
llaHHOM KOHTeKCTe, 3Ha'leHHe no6YDl-iTeJlbHblX cTHMynoB, B ny'"lll1eM cnyllae, npellCTaBJIlleTCSI BTOPH'IHbIM.
KpoMe TOro, TaKHe noGYllHTenbHble cTHMynbl (a OC06eHHO, rpaHTbI, Cy6CHllHH H HaJlorOBble KaHHKYnbl,
KOTopble Ha llaHHblH MOMeHT Hcnonb3YlOTCli B Ka3axCTaHe) MOryT OKaJaTbC$! cnHlllKOM ./lOpOrOCTO$!lllHMH
!lJlll npaBHTeJIbCna H MaJl03<p<I>eKTHBHbIMH .!lJISI npHBJle'leHHJI 3apy6e')l(HblX HHBeCTHl.J.HH. DHH 3a'laCTYlO
C03llalOT npOTHBOCTOllHHe Me')l(llY CTapblMH npellnpHSlTHSlMH, KOTopble He nony'lalOT nOlloGHblX CTHMyJlOB,
H HOShIMH, KOTopble HX nonY'IaIOT. TIPH JTOM C03DalOTCli ycnoBMlI .!lJIll pOCTa KoppynUHH B npouecce
npeDOCTaBJIeHHlI nOll06HbiX CTHMyJlOS. 3<1><peKTHBHOCTb Mcnonb3yeMbix HblHe n06YllHTenbHblX CTHMYJ10B
llJI}I npHBne'"leHIU' 3apyGe)KHblX HHBeCTHUHH B KaJaXCTIlH HaxOllHTCJI nOll BonpOCOM.


12.           TIporpaMMa cyGcHDHpOBaHl1l1 H npellOCTaBJIeHHll nbrOT JlIIlI 3apyGe')l(Hblx HHBecTHUHH Don')l(Ha
6b1Tb co BpeMeHeM npeKpameHa. EcnH ')I(e npaBHTeJJbcTBO TeM He MeHee HaCTaHBaeT Ha npOllOJI')I(eHHH
3TOM nporpaMMbl, n06Y.1llneJlbHbie cTHMynbl nOll06Horo pOlla llOn')l(Hbi 6blTb CTaHliapTH3HpOBaHbi H
llonlKHbI          aBTOManl'leCI01       npe.nOCTaBJlllTbC$I       J.lHBeCTOpaM,        Y.ll.OBJleTBOpllIOUlHM       KSaJJHqmKauHoHHblM
Tpe60BaHHHM, a He Ha HHDHBH.nyanbHoH OCHOBe, KaK :no npOHCXO./lHT CeH'Iac. TIpasHTeJlbCTBO llOJl)KHO
6YlleT onpellemnb o6DeKTHBHbIH KpHTepHH, KOTOPOMY JlOJl')l(eH Y./lOBJIeTBopllTb HHBeCTHUHOHHblM npoeKT,
a      TaK')I(e    COOTBeTCTBYiOWHe            no6YllHTeJJbHble     cTHMynbl,      KOTopble         6Yllyt     npe.nOCTaBlleHbl.         JIi060H
HHBeCTHUHOHHblH                npoeKT,       KOHKpeTHble       no6YDHTenbHbie               cTMMynbl.     TaKHM       OOPaJOM,           oTnalleT
He06xODHMOCTb B llOJlmX pacCMOTpeHl-IliX xapaKTepHCTHK Ka')l(llOrO OT./leJlbHOrO npoeKTa.


13.           HaH60JlbWHe            YCHnHlI    HHBeCTHUHOHHoro             KOMHTeTa          Ha   DaHHOM      JTane        HanpaBJ1eHbl      Ha
paCCMOTpeHHe 3aJ1BJIeHHH 0 npellocTaBneHHH noGYlll-lTeJIbHblX cTHMynoB nOD HHBeCTI1UHOHHble npOeKTbl.
3a C'IeT paUHOHaJlH3aUHH oueHKH npOeKTOB HTaK orpaHH'IeHHble pecypcbl MOrJlH 61.1 6b!Tb Hcnonb30BaHbi
Ha 60JIee npODYKTHBHble uenH. KOMHTeT Mor 61.1 pa3BHTb CBOH B03MO)KHOCTH .!lJIli OKa3aHHll cOlleHcTBHlI H
nOMOlliH          3apy6e')l(HblM      HHBeCTopaM      llpyrHMH      cnoco6aMH,          a     He TonbKO       3a   C'IeT     npeDOCTaBJleHHlI
<pHHaHCOBbIX CTHMYJlOB. HHBeCTHUHOHHblH KOMHTeT Mor GI.l CTaTb "opaTopOM" IUIH "3amHTHHKOM"
IlpaSHTeJIbCTBeHHblX nporpaMM 11 MeTOllHK, KOTopble 1l0MOrnH 6b! BceM HHBeCTopaM, KaK 3apyoe')l(HbIM,
TaK H OTe'leCTBeHHbIM.


14.           06ecnoKoeHHocTb 3apy6e')l(Hblx HHBecTopoB CB1l3aHa H co ClIO')l(HOCTllMH IlpH nonYIJeHHI1 BH3bl, a
TaK')I(e JlPYrHMH npouellypaMH, 3aTpYllHlllOlllHMH BB03 3apyGe')l(Hblx pa60'lHX Jla')l(e B Tex cny'laJIX, Korlla B

                                                                      vii
CaMO'M Ka3aXCTIlHe HeT pa6O'qHX C Tpe6yeMblMH npO'QleCCHOHaJlbHblMH HaBblKaMM. flpllMepbl BKmOqalOT B
Ce6H 3aTHJKHbie nep"O,nbl OJKH,naHlIli BH3bl, Tpe60BaHHli no pemCTpaUHH nacnopTOB H BH3 B MeCTHblX
rO'CopraHlI3aUHliX, Hey,nOBIleTBOpHTeJlbHOe OTHoweHHe K lIHOCTpaHuaM, BKJllOqali apeCTbl Tex, KTO He
HMeeT npH ce6e HeO'6xo.llHMblX .Il0KYMeHTOB,                   KOHTpO'IIb 3a nepeilBHJKeHlIlIMH              nO' CTpaHe,       a TIlKJKe
He06xOilHMOCTb 06pawaTbCli 3a pa3pewemfeM nO'KHH)'Th CTpaHY ('ITO paCCMaTpHBaeTCli KaK HaH60Jlee
Q6peMeHHTeJlbHaH H "YCTpawalOwall" Mepa). H.HBecTHUlIQHHbtA KOMHTeT Mor 6bl npHJIOJKHTb YCHJlHlI .ll.Jl1I
TOro,   qT06bl    YCTpaHHTb       MHOfHe       H3    nepeqHCJleHHblX      a,IlMHHHCTpaTHBHblX        npenllTCTBHA          H    OKa3aTb
cO',nelkTBHe HHBecTOpaM B nOJlyqeHHH JlHueH3Hii, pernCTpaUil/:i H pa3peWeHHH Ha pa60T)', a TaKJKe
nOMOWb npH npO'XOJK.IleHHH TaMO'JKeHHblX npoue.llYp.


15.      MaJiLIe       H Cpe.llHHe npe.!lnpHSITHSI.          O<jlHUHaJlbHble ilaHHble n03BOJllllOT npe,nnOIIOJKHTb, 'ITO'
MaJlble H Cpe.llHHe npe,nnpWlTHIi HrpalOT 3HaqHTeJlbHO' MeHee BaJKHYIO POJlb B Ka3aXCTaHe (OKOJlO                                8%    OT
BBn) nO' cpaBHeHHIO co MHO'fMMH pa3BHThlMH cTpaHaMH Ii .!laJKe C HeKQTQPblMH cTpaHaMH C 3KO'HOMHKOH
nepeXQ.uHoro nepHQ.na. KaK nOKa3blBaeT O',nHO H3 HCCJle.uQBaHHH, Ha .Il0JllO MaJlblX H cpe,nHHx npe):mpHlITHH
npHxo.uHTCIi     53%    pa60TO'3aHIITbIX B CWA,           64% -    B repMaHHH H         800/0 -    B HTaJlHH. Cpe.nH CTpaH C
3KOHO'MHKOH       nepeXO'.uHQrO'    nepHo,na,        Ha ,nOJlIO MaJlblX H Cpe.nHHX        npe.nnpHIITHH          npHXQilHTCIi       58%
pa60TQ3aHlITblx B rpY3HH,         37% -      B 4ewcKoM pecny6JlHKe,       24% - B BeHrpHH      H   23%       B nQJlbwe. ECJlH .nIDKC
CKQPpeKTHPQBaTb QQlHUHaJlbHble .IlaHHble C yqeTO'M                      pa3MepOB     He<jlQPMaJlbHQrQ ceKTopa,             Ka3aXCTaH,
B03MO'JKHO', QICaJKeTCIi nO'3a.llH .upyrnx cTpaH. nO':nQMY, y npaBHTeJlbCTBa eCTb HeKali npe.llQCTaBIleHHII
nQ.n.uepJKKH MaJlblM H Cpe.llHHM npeilnpmlTHIiM. HeKoTophie MeJK.IlYHapO'.IlHble H .nBYCTOPQHHHe areHTCTBa
TaKJKe npe.llQCTaBIllilOT nO'.n.uepJKKY .uaHHQMY ceKTQPY.


16.      Bbl.uaqa JlHueH3HH H Ha,Il3QP 3a .ueJJO'BQH aKTHBHO'CThlO B Ka3aXCTaHe HaKJla,llbiBalOT O'rpO'MHble
TpaH3aKUHO'HHble H3.1lepJKKH Ha cpe,nHHe H MaJJble npe.llnpHIiTHIi H C03.1lalOT YCJlOBHII MH B03HHICHO'BeHHlI
ICoppynUl-IH.    Pa3JlH'IHble      BH.Ilbl    .ueHTeJlbHOCTH     npHxo.uHTCIi      JIHueH3HPO'BaTb           ewe    .no    TO'ro,     KaK
npe.unpHHHMaTeJlb MOJKeT npHcrynHTb K .uellY. ,n:aHHble npoue.uyPbl ilO'BOllbHO CllO'JKHbl, B HIlX BOBlle'leHbI
pa3llll'lHble npaBIlTeJIbCTBeHHble areHTCTBa, 'ITO' npHBOJIHT K YBenHqeHHIO CTOHMOCTH, COCTQHweH He
TOJlbKO H3 O'nnaTbl C60PO'B, HQ H BpeMeHH, 3aTpa'leHHOrO Ha 3anOllHeHHe 6YMar.                           B   QTllHqHe QT KpynHblx
npe.unpHHTHii, MaJlble H Cpe.llHHe npeilnpHIiTHli Q6h1'1HO He pacnOJlaralOT wTaTOM CQTpy.nHlIKOB, KOTQPble
3aHHMalOTCH TOJIbKQ 6YMaJKHQii pa60TOii, npe.llnpHHHMaTeJIb caM .nonJKeH TpaTHTb CBQe BpeMli Ha 06weHHe
C npaBlITellbCTBeHHblMlI opraHlI3aullIIMH BMeCTO' TO'rO, '!T06hl 3aHHMaTbCli 6H3HeCQM. TaKHM 06Pa30M,
HaJJHUO He6llarQnpllIITHoe BQ3.1leMCTBHe Hea,neKBaTHOrO' 3aKOHOilaTeJlbHOrO H peryJlIlTOpHQrO OKpYJKeHHlI
Ha MaJJble H Cpe.llHHe npe.llnpHIiTHIi.


17.      OCHQBHble          npeTeH3MH         npeilnpHHIiMaTeJlH        anpecylOT      HaJJOfOBOMY           MMHHHcTpHpoBaHHIO.
HaJJOfOBble      npaBHJla    npMMeH~HOTC$I          HenOCJIe.llQBaTeJIbHO   H HeKoppeKTHo.          60       MHoroM,      :'lTO' MOJKHO
O'fibHCHMTb qaCTblMH lI3MeHeHHlIMM B HaJIOrOBbiX npaBI.lJIax - 3a .nayxneTHHt! nepHO.ll C                          1995   no   1997   rOll
6bl1l0 npllHHTo OKOllO'     20   npMllOJKeHHA. Tpe6yeTc$I, 'lT06hJ MaJlbJe H Cpe,llHHe npeilnpM$lTWI HCnOJlb3O'BaJ1H
Y'IeT Ha OCHOBe npHHUHna HaqHCJIeHlIli (c MOMeHTa COBepWeHH$I cJlemm, a He MaTeJKa), a TaKlKe, 'IT06b1
OHlI HCnOJlb30BaJlll ilopOrOCTO'IiWHe KaCCOBble annapaThi - HeKOTopble MaJIble II Cpe.llHHe npe,nnpMHTHIi
CJlHIliKOM MaJJbl Mil nO.llO'6HblX TpaT. HeT HHKaKol1 HH3WeW rpaHHUbI MSI Q6113aTellbHOM perHcTpaUHH
HaJlOra Ha .uO'6aBOqHYIO CTQHMOCTb, B OTJlH'IHe OT MHO'rHX BOCTOtfHOeBponel1cKHx CTpaH, 'ITO HaKJla.ublBaeT
1l0nOJIHHTeJlbHOe MMMHHCTpaTHBHoe 6peMli Ha MaJJble npe.nnpHlITH$I.


18.      npaBHTeJIbCTBO'          npe.llnpI1HHMaJIO       nonblTKH      YBeJJMqHTh     Kpe.nHToBaHMe          MaJIblX     H    Cpe.llHHX
npe.unpMHTHH, nocrynalOwee H3 <jIHHaHcoBoH CHCTeMbl, TIlK KaK MaJIble npe.unpHliTHlI qaCTO JKa.l0BaJIHCb
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HCXO'.ullT OT MaJJblX npe.llnpHHTHM Bcem Mllpa. ,n:OBOJlhHO qaCTO OCHOBHblM HCTO'lHI1KO'M cpellCTB lIJlll
MaJJQrO npellnpHIITM$I IIBJIBeTCIi co6cTBeHHbiM KanHTaJI C06CTBeHHHKa HllH 'lJ1eHa ero ceMbH lIJIM ,npY3efi.                            B
EC, r,ne Ha ilOlllO MaJlblX H cpeilHHx npe.llnpHSlTHH                   npHXOllHTC.H    65%   Bcex pa6oT03aHlITblx 11               40%
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KanHTaJla    (5%). B KaJK.uQii CTpaHe 6aHKH 0'6 HapYJKHBaIOT, 'ITO'                    npellOCTaBJIeHHe            KpeilHTOB MaJIhlM
npe.unpllHTlUIM CQnpllJKeHO' C PHCKOM, no.u06Hble Kpe.uHTbI OTJlH'IalOTClI BblCOKHM ypOBHeM He nn aTe JKe 11.
CJIeilOBaTeJIbHO', npaBHTellbCTBeHHble npQrpaMMbl no npellOCTIlBJleHHIO 3aHMO'B HIlll rapaHTlIH Ma.lblM Ii



                                                                 VIII
Cpe.llHHM npellnpHHTH!lM TaK}!{e lIaCTO 06nallalOT BblCOKHM ypoBHeM HenJIaTe)KeH, H B KOHue KOHUOB
OKa3bIBaIOTCH KpaHHe 1l0pOrOCTOHlll.HMH llJIH npaBHTenbCTBa.


19.       CYlll.eCTBYIOT TpH 06nacTH, B KOTOPblX ITpaBl1TenbCTBo Morno 6b1 cOlleHCTBoBaTb pa3BHTMIO
MaJlblX M CpellHHX npellnpH!lTHH. I1epBoe, I1paBHTenbCTBo Morno 6b1 YCTpaHHTb HJlH no MeHbweH Mepe
cOKpaTHTb MHorMe M3 TpaH3aKUHoHHbiX pacxolloB, KOTopble Hecyr MaJlble H cpellHHe npellnpHHTH!I npH
06palll.eHMH       B    peryJlSITOpHWe          OpraHbI.      B     KalleCTBe     HeMellJIeHHOH       Mepbl     ITpaBHTeJJbcTBO            1l0JI)KHO
paccMoTpeTb            COKpalll.eHHe           lIHcna      BHllOB        npellnpHHMMaTellbCKOH            .lleHTeJlbHOCTH,          nO.llJle)Kalll.MX
llHUeH3Hp0BaHHIO.            ITpaBHTeJlbCTBO            JlOJl)KHO   TaK)Ke      nepeCMOTpeTb         onJIary,   B3HMaeMYIO            3a    Bbl.llallY
mlueH311H HJlH ;tpyme yCJlym. npaBHTeJIbCTBO TalOKe .llOn)KHO nepecMOTpeTb CBOH npOue.llYPbl                                                       no
3aKynKaM Ha npe.llMeT TOro, lIT06bl OHM He npOTHBOJleikTBOBaJlH lle!lTeJIbHOCTH MaJlblX M cpe.llHMX
npellnpM!lTHH.


20.       BTopoe, ITpaBMTeJlbCTBO .llOn)KHO 06J1erlJHTb .llocryn MaJlblM                                  M Cpe.llHHM       npellnpM!lTHHM           K
HCTOllHMKaM cj>HHaHcMpoBaHMH. 31'0 MO)KHO c.llenaTh 3a ClIeT npHHHTHH 60nee cTpororo 3aKoHa 0 3aJ10re,
KOTOPblH 6bl 06eCnellMJl 60nbwylO 3allmry Kpe.lll1TOpOB, a TaK>Ke 3aKoHa 0 JlH3HHre, liTO n03BOJlHJlO 6bl
CTHMYllHpOBaTb pa3SHTHe HOBblX MeXaHH3MOB .llJI!I <pHHaHCHposaHIHI MaJlblX H cpellHMX npe.llnpMHTMH.
KpoMe TOro, ITpasl1TenbCTBO Morno 6bl YCTpaHHTb orpaHHlIeHMII Ha KpemfTHYIO Map)KY, TaK KaK TaKMe
orpaHHlIeHH!I          paCXOlla>KHBaIOT          6aHKM       OT     npe.llOCTaBfleHHH         MMH    Kpe.llHTOB         OTHOCHTeJlbHO         60nee
pHCKOBaHHblM MaJlblM II cpeJlHIIM npe.llnpllHTMHM.


21.       TpeThe,            HaJlOrOBOe         aJlMIIHHCTpMpoBaHlie            1l01l}!{HO    6WTb     ycoBepweHCTBOBaHO                 no    puy
HanpaBJleHllit ,[lOJl)KHa 6blTh YCTaHOBJleHa HII3WM rpaHHua ll.IH! pemcTpaUlI1I HaJlOra Ha 1l06asollHYIO
CTOMMOCTb - so MHorMX SOCTollHoeBponeHcKMx CTpaHax OHa KOJle6J1eTCH OT                                       50 000       ,llOllJlapOB     ClUA    .110
100 000    1l0nJlapOB CWA. MaJlblM npe.nnpMHTM!lM .llOll>KHO 6bITb pa3peWeHO nposollHTb 6yxY'leT Ha
OCHOBe npMHUlina "sbJnllaTbI", a He "HallMClleHH,.". OHH He ,llOJl>KHbl B 06,.3areJlbHOM nOp!l.llKe npOBO.llHTb
.llOpOrOCTO!llll.He      aY.lllITOpCKHe          npOBepKH         HJlH    HCnOJlb30BaTb       .llOpOrOCTOHlll.lle       KaCCOBble      annapaTbl.
HaJlOrOBbie npaBMlla .llOll}!{Hbl 6blTh CTa6H1lbHbIMM, .llOC"I)'nHblMH Mil Bcex. Hx npHMeHeHMe .llOJI)KHO 6bITb
nOCJle.llOBaTeJlbHblM.         H      B KOHe'lHOM IITore, Tpe60saHHH nO.llOT"IeTHOcTH .llOJl)f(Hbl 6blTb ynpOlll.eHbI, a HX
nepHO,llHlIHOCTb COKpalll.eHa.


npHBaTH3aUHB, pecTpYKT}'pH38UHSI H ynpaBJIeHHe


22.       npHB8TH3aIlHSI.                    HecMoTp!l Ha TO, liTO KaJaxCTaH npHBaTII3MpOBaJI TblCHlIM npellnpM,.TMH,
MHome KpynHble npeJlnpllHTH!I nepBOOllepeJlHOrO 3Ha'leHH" OCTalOTC.!i B PYKax roCYJlapCTBa. HeCMOTpH Ha
TO,   1I1'O MX     HeMHoro,            3TH    KpynHble     H OlleHb KpynHble            npe.llnpHHTHH 1l0MHHHPYlOT B 3KOHOMHKe.
rOCYllapCTBO           Bce   elll.e    HBJl5IeTCH   ellMHCTBeHHblM          C06CTBeHHHKOM           333    3THX     npeJlnpHHTHH,           Ha 'ITO
npHXOllHTCH npH6J1M3MTeJIbHO O.llHa TpeTb Bcero BBIT. MHOrtle H3 3THX KpynHblx                                                 H KpynHeHwMX
npellnpHHTHH           6blml       nepeBelleHbl         rOCYllapCTBeHHblM           KOMHTeTOM         no    MMylll.eCTBy        B     "TpaCTOBoe
ynpaBJIeHMe", npM KOTOPOM .ueWCTBYIOLUHe ynpaBJlHIOLUHe HJIH pemOHaJlbHaH aJlMHHHCTpaUMH nOJIY'laIOT
KOHTponb Hall npe.nnpHHTHeM.                     TeM     He MeHee, .uaHHbJe npeJlnpHHTH!I Bce elll.e HaxO.u5!TCH B pYKax
rocy.uapCTBa, "TpaCTOBoe ynpaBJleHMe" He MO)KeT 6bITb OKOHlIaTeJlbHblM peweHHeM .naHHoro Bonpoca.                                                    B
KaJaxcTaHe         He06xOllHMO           npOBeCTH        3Ha'lHTenbHble .llOnOnHHTeJIbHWe npMBaTM3aUHOHHble                            Mepbl      llJI!I
C0311aHM!I HCTMHHOH lIaCTHoli 3KOHOMHKM.


23.       ITPH Bbl60pe MeTOJla npHBaTM3aUHH llJIli 3THX npe.unpll5lTHH npaBHTellbcTso .uOJI)f(HO paccMoTpeTb
B03MO)KHOCTb npoCToli npO.lla)KH 60JlbWHHCTsa HJlM Bcex aKuMH Ka>K.uoro npe.unpM5!TH" CTpaTerHlIeCKoMY
HHBecTopy (oTellecTBeHHoMY HJlH 3apyGe)l(HoMY),                              KOTOPblH npeMO)f(HT MaKCHMaJlbHble cpe.ucTBa Ha
aYKUMoHe.      B   .uaHHOM npouecce Heo6xo.uHMO H36e)f(aTl. CJlO}!{HblX Tpe60BaHHH K TOMY, KaKHM 06pa30M
HOBblM BJla.ueJIeu .llOJl)f(eH ynpaSJIJlTb KOMn8HHeli (HanpliMep, rpe60BaHHH no HHBecTMuliHM). TaKHM
06pa3oM,       ITpaBMTeJIbCTBO               CMO)f(eT     M36elKaTb       fJIy60Koro         npoHHKHOBeHW!          B    ynpaBJleHMe          3THMH
KOMnaHH,.MH nocne HX npHBaTH3aUHH, a TaK:lKe H36e)l(aTb cnopoB no nOBollY COOTBeTCTSHH HOBblX
c06cTBeHHHKOB Tpe60BaHHHM, H3JIO)f(eHHblM B KOHTpaKTax 0 npOlla)f(e. bOJlee TOro, no.u06HblH MeTO.u
npHBaTH3aUJ.1H C 6011bllJeli                 BepOHTHOCTbIO npHBe.neT K TOMY,                  liTO ITpasHTeJIbCTSO nOJIYllHT 60JlbWe
cpenCTB, a TaK)Ke CMOlKeT 1l0CTH% cj>HCKaJlbHbIX ueJIeli, nOCTasneHHblX npH npose.ueHHH npHsaTH3aUMM.



                                                                           ix
24.        YnpaBJIeHHe.,llrJ$I Onpe,lleJJeHlU1 H3MeHeHldi, npOH30111e,llWHX B cTpYKl)'pe ynpaBJleHH$I nocne
npOBe,lleHH$I     npHBaTH3aUfllf,            6blno     npOBelleHO         HCCJJe,llOBaHHe          62     6blBWHX          rocnpellnpH$lTHH          H3
npoH3BollcTBeHHoro               ceKTOpa.         Pe3YJlbTaTbi       3Toro        HCCJJe,llOBaHH$I        CpaBHHJJH           C    aHaJJorH'lHblMH
npellnpH$lTH$lMH H3 rnTH llpymx pecny6mlK 6b1BlllerO COBeTcKoro COIOJa - POCCHH, YKpaHHbl, fpY3HM,
KHprM3cKoH pecny6JJHKH H MOJJllOBbl. HHcailuepbl - ynpaM$lIOUl.He H pa60THHKH - BJJallelOT OKOJlO          37%
aKuHH Ka3axCKHX npennpHHHH              (29% npHHa,UJIe)l(I1T ynpaM$lIOUl.HM H 8% - pa60THHKaM) no cpaBHeHHIO C
73%   B KHprH3cKoH           pecny6JJHKe, 64% - B fpY3lm, 62% Ha YKpaHHe, 60% - B POCCHH. focY,llapcTBY Bce
eUle npHHa,UJIe)l(HT 3Ha'IHTeJlbHa$l llOJl$l Ka3aXCKHX npellnpl-HITHH, XOT$I OHa CYUleCTBeHHO COKpanlJlaCb C
35%   B   1995   rOllY llO   16% B 1997        rollY. MHofife KaJaXCKHe npellnpH$lTH$I )l(aJJYIOTC$I, 'ITO, HecMOTP$l Ha TO,
'ITO fOCYllapCTBO BJlalleer MeHbWHHCTBOM aKUHH npellnpH$lTHlI, npe,llCTaBHTeJJH rocynapcTBa B COBere
)J;HpeKTOpOB MOryr 3a6JlOKHpOBaTb onpe.1l.eJleHHble peWeHHlt. B                             1997   rOllY Ha llOJIIO MeCTHblX HHBecTopoB
H3BHe (B OTJJH'IHe OT HHcaHnepoB) npHXOllHJJOCb                           300/0    c06cTBeHHocTM Ka3axCKHX npellnpHlITHH - no
cpaBHeHHIO C          24%    B   1995   rOllY, a Ha llOJlIO Japy6eJKHbiX HHBecTopoB                         - OCTaJlbHbie          7%.    Ka3axcKHe
npellnpHliTHlI,        BKJlIO'IeHHbie         B     HccnellOBaHHe,            nOKa3aJJH       HaHBblcwylO               llOJJIO    co6cTBeHHocTH,
npHHaMeJKaUleH           MeCTHblM            HHBecTopaM        H3BHe       H     3apy6eJKHbiM           HHBeCTopaM           no     cpaBHeHHIO        C
npellnpHltTHliM B npymx cTpaHax.                   B   OTJlH'IHe OT MHorHX llpymx cTpaH 6blBwero COBeTcKoro COI03a,
BJJalleJlbUbl     npellnpHltTHH          B    KaJaXCTaHe           OTKPblTO       paCCM aTpH BalOT            B03MO)l(HOCTH          npHBJle'IeHHlI
3apy6e)l(Hbix HHBeCTOpoB, lla)l(e B rex cJlY'fallx, eCJlH OHH npHoGpe-ryr 60JlblllYlO llOJlIO c06cTBeHHocTH B ~IX
KOMnaHHJlX.


25.        KaK CJlellyeT H3 npoBelleHHoro HCCJle)lOBaHHlI,                          32%      Ka3aXCKHX npellnpHlITHH B pe3YJlbTaTe
npOBe,lleHHlI npHBaTH3aUHH CMeHHJlH CBoe BblClllee PYKOBOllCTBO, 3TO caMblH BbiCOKHH nOKaJareJlb H3
CTpaH, BKJlIO'IeHHbiX B HCCJle)lOBaHHe. OllHaKO, TeKY'leCTb ynpaBJllIlOmHX OKa3aJJaCb He CTOJlb BblCOKOH,
KaK   npellnOJlaraJJOCb npH             CMeHe       BJlalleJlbueB,    no       cpaBHeHHIO      co       MHOfHMH          CTpaHaMH      C Pa3BHTOH
3KOHOMHKoi'i. OllHO H3 B03MOJKHbiX 06'bllCHeHHH 3TOro JlMeHHJI 3aKJIlO'IaeTCJI                                             B TOM,     'ITO    MHorHe
ynpaBJlJllOmHe 6blBIllHX rocnpellnpHJlTHM CMornH npH06pecTH 3Ha'fHTeJlbHble npaBa coGcTBeHHHKoB B
Te'IeHHe    npHBaTH3aUHoHHorO                 npouecca.       TeM    He       MeHee,    YTBep)l()leHHe,          'ITO     HOBbie ynpaBJlJllOlllHe
06ecne'IaT 60Jlee Ka'IeCTBeHHoe ynpaBJleHHe anpHopH He lIBJllleTCl! aKCHOMoH. B03MOJKHO, 'ITO H3MeHeHH$I
B CTpyKl)'pe npHHaMe)l(HOCTH c06CTBeHHOCTH oGecne'IaT ocymecTBJleHHe 60Jlee Ka'leCTBeHHoro KOHTpOJlll
H n06y.uHTeJlbHb1X CTHMyJlOB, KOTopble B CBOIO 0'Iepellb npHBelJ.YT K 60Jlee Kal.feCTBeHHOMY ynpaBJleHHIO,
BHe 3aBHCHMOCTH OT TOro, HOBbie lIJlH CTapble ynpaBJIJlIOUlHe ero OCYUl.eCTBJI$lIOT.


25.        PecTpYKrypH3auHSI.                     PecTpYKTYPH3aUHlI            npe,llCTaBJllIeT       C060H      npouecc          yperyJlHpOBaHHlI,
KOTOPblH n03BOJJlIeT npe,llnpHlITl1l1M llo6HTbCJI KOMMep'leCKOH JKH3HeCnoc06HoCTH. PeCTpYKl)'pH3auHlI
MO)l(eT npHBecTH K Pa3JlH'fHbIM pe3YJlbTaTaM - npe.llnpHlITHJI MOryr YBeJlH'IHTb CBOIO npOH3BOnHTeJJbHOCTb
Ii llOJlIO pblHKa, JlH60 OHH MOryr coKpaTHTbcli B pa3MepaX 3a C'IeT YCTpaHeHHlI He)l(I13HeCnoc06HOM HJJH
n060'IHOH 'IaCTH CBOHX onepauHA. TaKHM 06Pa30M, cna.ll B lleJJOBOH aKTHBHOCTH npe.unpHJlTHR He .uOJl)l(eH
aCCOUHHpOBaThCli C TeM, 'ITO npellnpHRTHe He 6b1110 peCTpYKl)'pH3I1pOBaHO B .uOCTaTOl.fHoA CTeneHI1. Ha
npl1Mepe        Bee    ToA       )l(e   Bbl60PKH       H3     62     npennpHlITHH            Hawa        MHCCHli          onpenemma          ypOBeHb
pecTpYKl)'pH3aUHH,           HcnOJlb3YJl       neBRTb       nOJlO)l(HTeJlbHblX       I1HllHKaTopOB:         COKpaUleHl1e           paGO'leH     CHJ1bl,
YBeJlHl.feHHe npOlla)l( Ha onHoro paGo'fero, 3aKpblTHe HJJH npOllama HepeHTa6eJlbHbiX OT.1I.eJleHI1H, C03naHHe
P03HH'IHOH ceTH H MapKeTHHr, pa3paGoTKa HOBoA npOllyKUI1H, nOMCK KOHTaKTOB C HOBblMH napTHepaMH,
06HoILleHHe npoll3BollCTBeHHbix nOMemeHHi:t llJlll YJlYl.fllleHHH YCJlOBHH TpYlla, HalJaJJO npouecca KOHTPOJIll
3a Ka'leCTBOM H cOKpaUleHHe 6apTepHbix TpaH3aKuHH. no llaHHblM pe3YJlbTaTaM npOBOllHJlOCb cpaBHeHHe C
.llpyrHMH CTpaHaMH          CHr.

26.        3a nepHo.u        1995-1997        rr. Ha Ka3aXCKHX npennpMRTHlIX GblJlO YBoneHo npHOJlH311TeJlbHO                                       25%
pa60lJeM CHJlbl, a npolla)J(H Ha O,llHOrO pa6ol.fero B03POCJlH Ha npH6J1H3I1TeJlbHO                                         II    npoueHTOB.        24%
npennpl1l1THH nponaJJH CBOH aKTHBbl, a                 39    npoueHToB npennpHltTHH npOBeJlH He60JlblllHe 06HOBHTeJlbHbie
pa6oTb!.    33%        npennpHRTHH           pa3pa60TaJlH        HOBYIO        nponyKuHIO,        a     nOCJle    Kpaxa       UeHTpaJJH30BaHHoH
MOHonOJlbHo.i1 CHCTeMbl rocy.uapcTBeHHblx nHCTpHGyropoB                                16   npoueHTOB npennpHJlTHM C03llaJJH HOBYIO
p03HH'IHylO        ceTb.         Bce    3TH       <paKTbl     npe.1l.CTaBJlHlOT        coGOM          nO,llTBep)l(neHHe           TOMY,      'fTO    Ha
npHBaTH3HpOBaHHbiX npennpHJlTHlIX npOI1CXOllHT peCTpYKTYpH3aUHlt, HO He B TaKO" CTeneHH, Ha KOTOPYIO
MO)!(HO 6blJlO 6bl HanellTbCli Ha OCHOBaHHH M3Ha'faJJbHb1X YCJlOBHM.




                                                                          x
27.       A-rUI onpeneJleHl1l1 OCHOBHblX npenllTcTBHH Ha nyni pecTPYKTYpH3aUliH B I1CCJlenOBaHl1e 6bIJlH
BKJlIO'1eHbl      cooTBeTCTBYIOlll.He     BOnpOCbl.        25%           KaJaXCKHX        npe,rmpHliTHM    Ha3BaJlH      OTCYTcTBl1e
MapKeH1HrOBOro         nOTeHUHaJla OCHOBHblM             npenllTcTBHeM.        HeDoe-raToK       KBamujlHKaUHI1,      113MeHeHJ.H!   B
peryJllITOpHblX npenmtCaHHlIX, neQlHuHT QlI1HaHCHpoBaHHlI H HaJlOrOBble np06JleMbi HaJblBaJll1 OT                          11   no   14
npoueHToB npennpHIITI1H.


28.       CTPYKTYpa npHHa.llJle)KHOCTI1 co6cTBeHHocTH Ha npennpHSlTI1I1X, B npOWJlOM Y'1aCTBOBaBwMx B
MaCCOBOM         npHBaTH3aUMI1,    nOCTHrJla     Toro      ypOBHlI,       Korna    OHa      CMorna   OOeCne'1HTb      3QlcpeKTHBHOe
KopnopaTHBHoe          PYKOBOnCTBO        Ha    OOJlbWMHCTBe             npennpHliTHH.       PeCTPYKTYPI1JaUHlI       npe.llnpl1l1TI1H
npOBOnM..1aCb naCCI1BHO, B OCHOBHOM, 3a C'leT COKpalll.eHl1l1 paOO'lI1X, npOna)KH aKTHBOB H I1cxona C
HepeHTaOeJlbHblX PbIHKOB. JlMWb COBceM HenaBHO ropCTKa npennpH$lTI1H Ha'laJIa npOBonHTb aKTHBHYIO
peCTPYKTYpl13aUHlO (3a C'leT HOBblX I1HBeCTI1UHH).                  An"     TOro, 'lTOObl nOMO'lb npennp"S1Tll1M YCKOpl1Tb
peCTPYKTYPl13aUI10HHblH          npouecc,      HeOOXOLl.HMO         peWH.Tb       BonpOCbl     no    OCHOBHblM      orpaHI1'leHMlIM,
BblSlBJIeHHblM caMHMH npeLl.npHSlTI1$1MIl. TaK)Ke HeOOXOLl.MMO npOBeCTI1 00pa30BaTeJlbHble nporpaMMbl B
OOJIaCTM npOLl.a)K 11 MapKeTHHra, OYXY'1eTa H 3KcnopTHpOBaHH$I.




Pa3BHTHe HHcppaCTpYKTYPbl


29.       Ka3aXCTaH nooHJIclI 3Ha'1HTeJlbHOrO nporpecca B OTpaCJlSlX 3HepreTHKH 11 TeJleKOMMYHHKaUl1I1.
Ka3axcTaH onepe)f(aeT OOJlbWI1HCTBO OCTaJlbHblX cTPaH perMOHa B OOJIaCTI1 npHBaTl13aUHH. KpynHoH 'laCTI1
3THX   OTpaCJIeH.      OnHaKo,     CYlll.eCTBYeT       P"CK,   COnpll)f(eHHblH       C 3aMe.llJleHHeM      TeMnOB     peQlopMbl.     B
npeLl.blLl.Ylll.l1e ronbl H3-Ja 3KOHOMI1'leCKOrO Kp11311Ca, yrpO)KaBwerO cTPaHe, npaBHTeJlbCTBO npOllBJIlIJIO
60JIbWYlO aKTI1BHOCTb npl1 npl1HlITI1H nnaHOB peqJOpMHpoBaHIlSI. B Ll.aHHbIH MOMeHT, KOrLl.a 3KOHOMHKa
CTaOHJII13HpOBaJlaCb, npOBeDeHI1$1 peQlOpMbl MO)f(eT Ka3aTbCSI He CTOJIb 6e30TJIaraTeJlbHb1M.


30.       3HepnrrH'IeCH:aSl OTpaCJIb.              Ha'HiHaSi C         1996 roLl.a, npaBHTeJ1bCTBO npHBaTI13HpoBaJlO HJHI
nepeBe;JO      noLl. ynpaBJIeH'leCKHH       KOHTPaKT       OKOJIO       37 3JIeKTpOCTaHUI1H, KOTopble COCTaBJlll.lOT 82%
3HepreTl1'1eCKOH MOlll.HOCTH CTPaHbL B             1997    rony npaBHTeJIbCTBO TaK)Ke nOnblTaJlOCb npHBaTH3HpOBaTb
HauHoHaJlbHYIO         KOMnaHl11O    no     3HepropacnpeneJIeHHIO              (National      Transmission     Company)         H    1&
perHOHaJlbHblX AHCTPH6yroPCKHX KOMnaHHH, HO C HeOOJIbWHM ycnexoM. no .llaHHbIM rOcKoMHMymecTBa
TOJIbKO nBe perHOHaJlbHble nHCTPH6yropCKI1e KOMnaHHH OblJlI1 npO.llaHbI 'laCTHbIM HHBecTopaM. HeY.lla'1a C
npl1BaTI13aUI1eH .llHCTPMOYTOPCKI1X            KOMnaHI1H       np"BeJIa K nepeooliM C 3JleKTpo3HeprHeH, XOTSI CaMI1
3JleKTPocTaHUHll fiblJIH rOTOBbl nOCTaBJIlITb 3JIeKTPo3HeprHlo, eCJlI1 Obi 11M 3a 3TO 3anJlaTI1JIH. CHTyaUHlI
CJlO)f(l1JlaCb TaKMM OfiPaJOM M3-3a HeKBamlcpMUl1pOBaHHoro ynpaBJIeHMlI nl1CTPMoyroPCKHMH KOMnaHHSlMI1,
KOTopble He CMOfJJI1 co6paTb onJlary co CBOI1X coocTBeHHblX KJll1eHTOB Ii n03TOMY He CMOrJlH 3annaTI1Tb 3a
'3JIeKTp03HeprHlO, np"06peTeHHYIO y '1aCTHbIX 3JleKTPOCTaHUJ.dt


31.        y!3   I1CTOpl111 C np)ilBaTl13aUHeH 3HepreTM'leCKOM oTPacnl1 B KaJaxcTaHe MOlKHO 113BJle'1b Ll.Ba ypOKa.
nepBblH ypOK 3aKJlIO'laeTCIl B TOM, 'lTO CHa'laJIa HeOOXO,1lHMO 6blllO npHBaTH3HpOBaTb Ll.HCTPI10yropCKl1e
CI1CTeMbl. HeKBaJlHcpl1Ul1pOBaHHoe ynpaBJleHl1e .llHCTPI10YTOPCKHMH CHCTeMaMI1 ('1TO HaH60Jlee Sa)KHO,
HeYLl.a'la co C60pOM Cpe,1lCTB 3a nponaHHYIO ::lJleKTP03HeprHlO) Bbl3BaJlO 60JlbWHHCTBO .llpyrHx npo6neM B
CHCTeMe.       l3e3   Hane)KHOrO    HCTO'lHI1Ka        llOXO.llOB      Ll.HCTPHOyropcKHe       KOMnaHIUI     He   MOryr     nnaTHTb
3JleKTPOCTaHUI1l!M, a 3J1eKTpOCTaHUHH He MOryT nnanUb 3a TOnJlHBO H HeOOXOLl.HMbIe paOOTbl no cBoeMy
CO.llep)KaHHIO. B pe3YJlbTaTe, B CTPaHe npOI1CXO.llIlT nepeool1 C 3JIeKTpH'leCTBOM. 3TO He 03Ha'laeT, 'ITO
npaBI1TeJ1bCTSO .llOJI)KHO npHBaTl13HpOBaTb 11 BblpaOOTKY 3Hepnm 11 ee }lI1CTpI16YUI1IO 3a C'leT onHoro 11
TOro lKe HHBeCTOpa, KaK 3TO fibJJlO CLl.eJIaHO B AJlMaTbl. npHBaTH3aUHlI BepTHKaJlbHO HHTerpHposaHHoli
MOHOnOnHI1, B KOTOPOM e.llI1HCTBeHHoH KOMnaHHH npHHall,J1elKHT H Bblpa60TKa 3Hepnm H ee .llI1CTpI16YUHlI,
OrpaHI1'lHBaeT KOHKypeHUI1IO.


32.        BTopoli     ypOK   3aKJIIO'1aeTCSI      B    TOM,    '1TO     )f(eJIaTeJlbHO    OCYllleCTBMTb    npOLl.a)KY   JlOKaJlbHOH
perHOHaJlbHoi1 rennOCTaHUI1H H 1I0KaJlbHOH KOMnaHI1H no nHCTPHfiyul1H 3JleKTp03HeprHI1 O.llHOMY 11 TO My
lKe HHsecTopy. TonbKO Ofibe}lHHeHHOH KOMnaHHI1 C 60JlbWeH BepOSITHOCTblO YLl.aCTCli nOJIy'lHTb onnary 3a

                                                                    xi
OTonneHlie. TaKaR 06belU'IHeHHali KOMnaHHll CMO')KCT BblCTaBJIlITb KJIHeHTaM C"IeT la 3J1eK"rpO:meprHlO Ii
OTOMeHlie O,UHOSpeMeHHO. TaKHM OOPa30M, KJ1HeHTaM JlH60 nplilleTCll OnJlaTHTb Ii TO H )).pyroe, nH60
CMIiPHTbCli C TeM, 'iTO HM OTKJllOlJaT 3J1eKTpH'IeCTBO.


YJ.        3J1eKTpOCTaHUHllM H peryJlllTOpHblM areHTCTSaM                        npHJlCTCli pelllHTb O"leHb Ba)!(HbIM BOnpO(:,
CBR3aHHbli1 C YCTpaHeHHeM nepeKpeCTHbiX Cy6CHJlHl1 npH OnpeJleJleHHH ueHbl Ha 3J1eKTp03HeprHIO.                                         B
KalaXCTaHe H npaKTH"IeCKH Be3,Ue B pernOHe npaKTHK}'eTC" S3HMaTb 60Jlee BbICOK}'1O no cpaBHeHHIO co
CTOHMOCTblO nOCTaSKIi 3HeprHH ueHy C npOMbllllneHHblX KJ1IieHTOS H 3aHH')KaTb                          ::ny   ueHY Ami HaceneHH".        C
B03HHKHOBeHHeM            KOHKypeHUHH           nOllOOHbie    nepeKpeCTHble            CYOCH,UHH       CTaHOBliTClI       aJlOrH'IHbIMH.
KOHKYPIiPYlOlUHe 3J1eKTpOCTaHUHH                 OYllYT   npellJ1araTb         npOJlaBaTb :meKTpo::mepnllo             npOMbIWJleHHblM
KJlHeHTaM, KOTopble nJlaTaT BblCOKHe ueHbl, H, TeM caMblM, Bbl30BYT CHIi)!(eHHe ueH. 3aTeM Y MeCTHblX
llHCTpH6YTOPCKHX KOMnaHHM He OCTaHeTC" Bbl6opa, KpOMe KaK nO,llHlITb ueHbl DJUI HaCeJleHHR )).0 YPOSHR,
KOTOPblH nOKpblBaeT CTOIiMOCTb nOCTaBKH 3HeprHii HaCeJleHHIO.


34.        .nrrll TOro, 'iTo6bl COnOCTaBHTb pa3Mepbl Tpe6yeMbix H3MeHeHHl1 B ueHax, ueHbl Ha 3HeprHIO B
Ka3axcTaHe CpaBHHJlIi C aHaJIOrH"lHblMH                   ueHaMH     B JlPymx          cTpaHax.    B   3ana,llHblX      cTpaHax   ueHbl,
B3liMaeMbie C HaCeJleHlill, 06b1'1HO B JlBa pa3a Bblwe ueH, B3HMaeMbIX C npOMblWJleHHblX npe'unpHRTHH. flO
npOHCXO,UHT nOTOMY, "ITO CTOHMOCTb nOCTaBKH 3Hepnm HaCeJIeHHIO HaMHoro BblWe CTOHMOCTH nOCTaBKH
3Heprl1H npOMb!llIneHHblM KJIHeHTaM. OllHaKO, B Ka.3aXCTaHe H JlPymx CTpaHax pen-IOHa ueHbl HaMHoro
60Jlee npH6nli)!(eHbl llpyr K ,UPyry, JlH60 npOMblWJleHHble ueHbI oKroblBalOTCll ,Ua)!(e Bblwe aHaJIOrH"IHbIX
ueH JlJIli HaCeJleHHll.


35.        TeneKoMMYHHKaUHoHHaH OTpaCJIb.                    B 1997          rOllY TIpasHTeJlbCTBO npoJlaJlo 40%-HYIO JlOJlIO B
HaUHOHaJlbHOH        TeJlelPOHHOH       KOMnaHHH,         KA3AXTEflEKOM,                KopnopauHH          "Daewoo".        "Daewoo"
rapaHTHposana,       'iTO   ,UO   2000     roJla   KroaXTeJleKOM             HHBecTHpyeT    1     MHJlJlHapJl JlOJlJlapOB      ClllA     B
MOJlepHI13aUHIO H pacwHpeHHe TellelPOHHoi1                   ceTH.       B    o6MeH Ha 3TO, TIpaBHTeJlbCTBO npeJlOCTaBH1IO
KaJaxTeJleKoMY onpeJleJleHHble MOHOnOJlbHble npaBll,.


36.        Y   3TOH npHBanl3auHoHHoM TpaH3aKUHH HaWJlI1Cb cepbe3Hbie KpHTHKH.                                    "Daewoo" llBJlRCTCl!
npOH3BOJlHTeneM TeneKoMMYHHKaUHoHHoro 060PYJlOBaHHll, a He onepaTOpOM TeJ1elPOHHbIX KOMnaHHi1.
KPHTHKH C'IHTaJJH, 'ITO KOMnaHHfO HY)!(HO 6blJlO npoJlaTb nOKynaTeJIIO C 60JIbWHM onblTOM onepaUHoHHol!
pa60Tbi. ."Daewoo" OTBe"laJl,            'ITO    Hai1MeT JIY"lllJHX          CneUHaJlHCTOB H KOHCYJlbTaHTOB JlJIli            OKa3aHHll
co,UeMCTBlill B ynpaBneHIiH KOMnaHHefi. )J,pyrue ')Ke npellnOJIaraJlH, 'ITO B03MO)!(eH KOHlPJlHKT HHTepecoB
Me)!(Jly   pOJIblO   "Daewoo"       B   KaqeCTBe      KPynHei1wero             C06CTBeHHHKa       KroaxTeJJeKOMa         Hero     pOJIblO
nOTeHUHaJJbHoro        nOCTaBlUHKa        TeJleKOMMYHHKaUHOHHoro                  060pY,UOBaHHll.      "Daewoo"          OTBe'laJJ,    'ITO
KalaXTeJleKOM 6YJleT npOBOJlHTb '1eCTHble H OTJ(:pbITble TeHJlepbI (KOHKYPCbl) Ha nOCTaSKY Jlf060ro
050PYJlOBaHIi1l,     H Bce nOCTaBlUHKH, YJlOBJleTBOplnOlUHe                     KBaJlHlPHKaUHOHHblM           Tpe60BaHHlIM,     nOJlY"IaT
paBHb!e B03MO)!(HOCTI1.


37.        1-13-3a roHaTcKoro KpH3Hca "Daewoo" npHHRJlO peweHHe BblMnl H3 TeneKoMMYHHKaUHoHHol!
CllenKH. TaK KaK :no npOH301llJJO ~e nocJle pa60Tbl MI1CCHH no COBMeCTHol! oueHKe, B llaHHblH JlOKJIaLl, He
Bowna KOHKpeTHa" HH<popMaUHH no JlaHHoMy noso'uY. OKa3aJIOCb, 'ITO "Daewoo" npoJlaJla CBOH aKUHH
KOMnaHHH "Ka3KOMMepu", XOTli cYJlb6a 06H3aTeJIbCTB "Daewoo" OCTaeTC" HeliCHoM. TeM He MeHee, JlJlR
npaBHTenbCTBa OTKpblBaeTCll B03MO')KHOCTb nepeCMOTpeTb CBoe npellblllYlUee peweHHe npe.llOCTaBHTh
CBepx      llOJlrOCpO"lHYIO       JlHueH3HIO.       B03MOlKHO,           TIpaBHTeJIbCTBO        3aXOl.feT      npHrnaCI1Tb      1lPyroro
CTparerH"IeCKOrO       HHBeCTopa,        KOTOPbll!    61,1   He    OKaJaJICR       B   nOTeHUllaJlbHOH         cwryauHH      KOHq,JIHKTa
HHTepeCOB, KaK "Daewoo", H KOTOPblM 05J1anaJI 51,1 B03MO)!(HOCTHMH JlJIl! q,HHaHcHpoBaHHH KpynHblx
,UonOJlHHTeJlbHbIX HHBecnIUHH.


38.        UeHbl,    S3HMaeMbie         KroaxTeJleKOMOM        3a    TeneKoMMYHI1KaUHoHHble                 YCJlYrH,    HCKa)!(eHbl,    HX
He05xo,UHMO C6aJlaHCHpOBaTb C Y4eTOM KOHKypeHUHH.                         B    "IaCTHOCTH, ueHbl Ha yCJlyrH, npeJlOCTaBJIHeMble
HaCeJleHHIO, OKa3blBalOTCli HHlKe CTOHMOCTH npe,UoCTaBneHHlI 3THX yCJlyr, Tor,Ua KaK ueHbl Ha ycnyrn,
npeJloCTaBJIlleMble KOMnaHHllM - npeBblwaIOT CTOHMOCTb HX npellOCTaBJleHHl!.


39.        B   Ka.3aXCTaHe C 60nblllel! aepollTHoCTblO ycnyraMH no npe.llOCTaBneHHIO Me)!(llYHapOllHblX H
Me)!(JlyropOllHHX TeJleq,oHHblx proroBopoB nOJlb3YlOTCll KOMnaHHH, a He HaCeJleHHe. UeHb! Ha 3TH ycnym

                                                                   xii
OKaJblBalOTCli BblWe, '-IeM Y British Telecom. HanpHMep, ueHbJ, B311MaeMbie KA3AXTEJIEKOMoM 3a
380HOK H3 Ka3aXCTaHa 8 BeJll1K06pl1TaHI11O nO'-lTI1 B .n8a paJa Bblwe, '-IeM ueHbl, 8311MaeMbie British
TelecomoM 3a 3BOHOl( H3 BeJll1K06pl1TaHI1H 8 KaJaXCTaH. DOJlee Toro, no Mepe npOHI1KHOBeHHlI 60JlbWeH
KOHKYpeHUI1H         Ha   TeJleKOMMYHI1KaUl10HHbJe               PbIHKI1,       ueHbl       Ha     Me)!(.nYHapo.nHble           yCJlym        no    8ceM
8epOliTHOCTI1       6YLlYT     na.naTb.     PblHOK      Me)!(LlY         BeJJI1K06pl1TaHHeii            11     ClllA       803MO)!(HO         Hal160Jlee
KOHKYpeHTHbIH,        TaK    KaK TeneKoMMYHHKauHoHHalI                     oTpaCJlb         B 06eHx          cTPaHax       B 60JlbWOH          CTeneHI1
.neperyJll1p08aHa H npl1Banf3l1pOBaHa. PaccTollHHe Me)!(llY ClllA H BeJll11(o6pl1TaHHeH npl16nl13HTeJlbHO
TaKOe )!(e, KaK Me)!(.ny BenHKo6pHTaHI1eH H KaJaxcTaHoM. TeM He MeHee, ueHbl Ha Me)!(llYHapo.nHble
3BOHKI1 Me)!(llY TeMH )!(e BeJlI1KoGpHTaHl1eH 11 CIllA COCTaBJIlilOT MeHee                                        20%      OT ueH,       B3HM8eMbiX
KA3AXTEJ1EKOMoM                  3a     3BOHKI1       Me)!(.ny       Benl1K06pl1TaHI1eH                 H      KalaxCTaHOM.          ECTeCTBeHHo,
KA3AXTMEKOM 06ecnoKoeH KOHKypeHUHeH, TaK KaK B ee pe3YJlbTaTe ueHbI Ha MelKJlYHapo.nHble
TeJleq,oHHble palrOBopbl CHI1311TCli JlO HeKOH llonH OT HblHe B311MaeMOH nnaTh!.


40.        KpoMe       TOro,     'tTO   IlpaBI1TenbCTBo          npeJlOCTaBIUlO             KA3AXTEJIEKOMy                     cTaTyc        neraJlbHOA
MOHOnOnHI1, MHOrHe lleHcTBYlOwl1e KOHKYpeHTbl )!(aJlYIOTCli ewe H Ha TO, 'tTO IlpaBI1TenbcT8o He C03JlaeT
paBHblX YCJlOBHH JlJIli BceX Y'-laCTHHKOB .na)!(e B TeX 06naCTlIX, rJle pa3peweHa KOHKypeHUl1l1. no CJlOBaM
KOHKypeHToB, MHHHCTepCTBO TeneKOMMYHI1KaUI1H B cBoeR peryJlllTOpHOH .neliTenbHOCTH CKJlOHlieTCli K
q,aBOpI1T113MY no OTHOWeHl11O K KA3AXTMEKOMy. O.nHHM 113 npHMepOB TaKOrO OTHOUJeHHlI co
CTOpOHbJ MHHI1CTepCTBa lIBJ1l1eTCli npe.nOCTaBJIeHHe nHueH311H Ha COTOBoe TeJleq,OHHoe 06CJ1YIKHBaHHe. B
HaCTOllWI1H MOMeHT, e.nHHCTseHHble ycnyrH COTOBOH CS1l311 B KaJaxcTaHe npe.nOCTaBJIlIeT COBMeCTHoe
npe.nnpl1l1THe, COCTOllwee H3 KA3AXTEJIEKOMa H 3apy6eIKHoM KOMnaHHH. MHHHCTepcTBO npeJlJlaraeT
ewe .nBe HOBbie JlI1ueH3HH Ha npe.nOCTaBJIeHHe COTOBoro Teneq,OHHoro 06cnYIKHBaHHl'I C HCnOJlb30BaHHeM
TeXHOJ:orHH GSM. KOHKypeHThI 06eCnOl(OeHbi TeM, '-ITO KA3AXTEJ1EKOM MO)!(eT BocnOJlb30BaTbClI
CBOHM npHOpHTeTHblM npaBOM 8 OTHoweHHH npep,JlO)!(eHHbIX 'faCTOT, JlJlll TOro, '-ITOGbi nony'lHTb o6e
JlHueH3HH H. TaKHM 06PaJOM, Y.!lep)!(aTb C8010 MOHOnOJlHIO Ha npe.nOCTaBJleHHe COTOBoro 06CJlY)!(HBaHHlI,
paBHO KaK H Tpa.nI1UHOHHOro TeJleq,OHHoro 06CJlY)!(HBaHHlI.


41.        MHHHcTepCTBo           TeJleKoMMYHHKaUHI1             .nOJl)!(HO       CJlenaTb        Bce        B03MO)!(Hoe       JlJIli. Toro,       '1To6bl
cTHMy.mpoB8Tb KOHKYpeHUl11O B oTpacnH. ECJlI1 KA3AXTEJIEKOM 6y.neT YJlep)!(HBaTh MOHonOJllflO Ha
PalJlHl, Hoe        Teneq,OHHoe           06cnY)!(HBaHHe             B        Te'-leHi'le        CJIe.nYIOWl1x            15     neT,         pa3BHTHe
TeneKOMMYHI1KauHOHHoro ceKTopa pHCKYeT 3Ha'lHTenbHO OTCTaTb OT GOJlbWI1HCTBa .npyrHx CTpaH. C
yxo.nO\.1 "Daewoo" npaBI1TenbCTBO .!lOn)!(HO nepeCMOTpeTb YCJlOBl1l1 JlHUeH3HI1.


42.        PeryJlHpOBaHHe             ecTecTBeHHblX         MOHOnOJlH".               ECTeCTBeHHble              MOHononHH          perynHpylOTClI
AHTHMOHOnOJlbHblM            KOMHTeTOM,       KOTOPbl"       pa60TaeT            B   cTpyKT)'pe         MI1HI1CTepCTBa CTpaTerH'-IeCKorO
nnaHl1pOBaHHlI. KOMMTeT TaKlKe 3aHHMaeTClI cnHlIHHlIMM, MOHononHlIMH H BonpocaMH KOHKypeHUHH.
lIJleHbl KOMHTeTa npH3Ha1OT, '-ITO ueHbI, YCTaHOBJIeHHhle JlJIlI eCTeCTBeHHhlX MOHOnOJlHH, 3al.JacTylO
OKalbl8alOTClI no.n BJlHlIHHeM nOJlHTI1'teCKHX CHJI H BblCWHX '-IHHOBHHKOB H3 IlpaBHTeJJbCTBa. KOMHTeT
3amiMaeTcSI         perym1poBaHHeM          3Heprocel\Topa,              TeJleKOMMYHMKaUHOHHoro                     ceKTopa,        ralOnpOBO.!108,
Heq,TenpOBo.n08, )!(ene3HblX .!lopor, a3pOHa8HraW'IM, Bo.nOCHa6)!(eHHlI H KaHaJJH3aUHOHHbiX CHCTeM.                                                     B
KOMHTeTe - .!leBHTb lIJ1eHOB. illTaT BcnOMOraTeJlbHblX COTPY.!lHHKOB COCTOHT H3                                           55   '1enOBeK, KOTopble
BbJnOJIHlllOT caMble palHoo6palHbie 3a,naHHll.              ,lVi1i   cpaBHeHHlI MO)!(HO npHBeCTH npHMep BeJUlK06pI1TaHHH,
8 KOTOPOH lleHCTBYIOT TpH perymnopHblX areHTCTBa, OTBeTCTBeHHblX 3a peryJlHpOBaHHe OTpaCJllIMH
3HeproceKTopa, TeJleKOMMYHMKaUHH, npHpo.nHoro raJa. WTaT 3THX areHTCTB COCTOHT H3 npH6nH311TenbHo
400   l.JeJlOBeK.


43.        .JLlll 'Toro, lIT06bl npoBecTH npliBaTHlaUHIO OTpaCJIei:i eCTeCTBeHHblX MOHOnOJIHH, Heo6xollHMa
npoq,eccHoHaJJbHali H He3aBMCHMali peryJlllTOpHali KOMMCCMlI. B                                  npoTHBHOM cnY'lae, HHBeCTopbl 6y.!lYT
6ecnOKOHTbClI,        'ITO     peryJlllTOpHble        areHTCTBa          He     n03BOJll'lT       11M       nOJlYl.JHTb    .noxon       OT     cpe.nCTS,
MHBeCTHp08aHHbiX 8 KOMnaHHIO, HJlH He n03BOJlllT 8blHTH Ha Pa3YMHbltl ypOBeHb B03Bpara Ha BJlOlKeHHble
HHBeCTHUHH. TaKali CH1yaUHlI CHH)!(aeT CTOHMOCTb aKTHBOB rOCY.!lapCTBa B .naHHbIX orpaCJIllX, H, TeM
caMblM, nocrynJleHHlI OT npMBaTH3aUHll.


44.        Y<iHTbIBall CJlO)!(Hbie TeXHHl.JeCKlie aCneKTbl, CB1I3aHHble C PaJJlH'-IHbIMH orpacnllMli eCTeCTBeHHblX
MOHOnOJlHH,         npaB,iTeJlbCTBO       .non)!(HO    paccMorpeTb              sonpoc       COlllaHMlI        He3aBI1CHMbiX        perYJlllTopHblX
areHTCTB no Ka)!(.noH OTpaCJlH. Heo6xo.!lI1MO Hly'lHTb OnblT cTpaH, y)!(e HCnOJlb30BaBWHX OJlHO MJlH

                                                                         xiii
HeCKOJIbKO perymlTOpHblX areHTCTB. 'lTo6bl BbIlIBHTb, KaKOH BapHaHT H npH KaKHX YCJIOBHSlX OKa3aJICli
ycnewHee .llpyroro.


45.        qaCTH'IHoe rapaHTupoBaHue pUCKOB. OCHoBHali ueJIb l..!aCTH'IHOrO fapaHTHpoBaHHlI PHCKOB
3aKJIIO'laeTCli       B    TOM,        'lT06bl        npHBJIe'lb          'laCTHOe            <pHHaHCHpOBamfe      II.J1l1   3allIHTbi       <pHHaHCHCTOB,
npenOCTaBJIlilOllIHX KpenHTbl non npOeKTbI, OT HenJlaTe)Keli, B03HHKalOllIHX B pe3YJIbTaTe KOHKpeTHbIX
neHCTBHIi        IlpaBHTeJlbCTBa            HJIH      KOHKpeTHblX              C06blTHH         nOJlHTl1'leCKOrO    "<pOpC-M3)KOpa".            l..!acTH'lHoe
rapaHTHpOBaHHe PHCKOB oc06eHHO npHMeHHMO Mll KpynHoMacllITa6HbiX HH<ppaCTpYK1YPHbIX npoeKTOB,
nlill KOTOPblX Tpe6yeTCSI nOJlrocpO"lHOe <pHHaHCHpOBaHHe. lIaCTH"IHoe rapaHTHpOBaHHe PHCKOB TaK)Ke
YMeCTHO II.J1S1 CTpaH C nepexonHoi\ 3KOHOMHKOH, TaK KaK OHH eilie He 06JIanalOT YCTOH'IHBbIM OnblTOM
ycnewHofi        peaJIH3aUHH            npOeKTOB           'laCTHOro           ceKTopa.         OTCYTCTBHe       TaKoro      onbITa      H    "OIIIYllIeHHe"
nOJIHTH'leCKHX PHCKOB 3a'lacrylO OCTaHaBJlHBaeT KpenHTopOB OT BJIO)KeHIHI HMH cpenCTB 6e3 KaKOrO-JlH60
THna rapaHTHH.


46.        BceMHpHbIfi naHK npenOCTaBJI$leT non06Hbie rapaHTHH, 'IT06bl nOMO'lb CTpaHaM C nepeXO)lHofi
3KOHOMHKOIi, KOTOPbIM Tpe6Y1OTCSI 3Ha'llfTeJlbHble IfH<ppaCTpYK1YPHble HHBeCTlfUHH, npHBJIe'lb 'laCTHOe
<pHHaHCHpOBaHHe               non        HH<ppaCTpYKTYpHbIe                     npOeKTbL          Ha   pHC.}       rpa<pH'IeCKH          nOKa3aHO,        KaK
crpYKrypHpoBaHO 'IaCTI1'lHOe rapaHTHpOBaHHe pHCKOB.




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47.        Ilono6Hbie            rapaHTHH             nOKpbIBalOT             CJlenYlOIliHe        THnbI    PHCKOB:          HeKoHBepTHpyeMocTb            11
HeB03MO)KHOCTb nepeBecTH BaJIlOry, BoeHHoe HJIH rpa)KnaHCKOe BMewaTeJlbCTBO, a TaK)Ke pHcKoBaHHbIc
1l,eikTBH$I      npaBHTeJlbCTBa.              PHcKoBaHHble                1l,eikTBHSI          npaBHTeJJbCTBa,      KaK       npaBHJlO,       CB$l3aHhI     C
KOHTpaKTHhIMH 06S13aTeJlhCTBaMH, npHH$lTblMH Ha ce6S1 IlpaBHTeJJhcTBoM no OTHOWeHHIO K "IaCTHoMY
KOHCOPUHYMY no HH<ppacTpYKryPHOMY npoeKry. HanpHMep, IlpaBHTeJlbcTBo npe;J,ocTaBJI$leT KOHCOPUHYMY
Ha KOHueCCHIO cTpoHTe"lhcTBO H 3KCnJIyaTaUHIO 3JleKTpOCTaHUHH, H BcrynaeT B KOHTpaKTHOe COfllallIeHHe
C KOHueCCHoHepoM, orOBapHBa$l, Hap$lny C npOl.JHMH nyHKTaMH, "ITO KOHueCCHSI nponOJJ)KaeTC$I 30 JIel.
l..!acTH'lHa$l    rapaHTH$I         pHcKa           npellOCTaBHT          KpellHTOpy           nOKphlTHe    Ha    CJIY'laH,    ecml      IlpaBHTeJlhcTBo
CaMOBOJJbHO           3aKOH"IHT         KOHueCCHIO            no       HCTe'leHHSl            30-JleTHero   cpOKa,       TeM    CaMhlM         oT06paB     y
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BbIXO,ll,HOi\ npo,nyKUHH.




                                                                                      xiv
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'1aCTHOMY CeKTOPY COCpe.llOTO'lHTb BCe CBoe BHliMaHlie Ha KOMMep'leCKIfX plfCKax IiHq,paCTpYKTYpHbIX
npOeKTOB, Tor.na KaK TIpaBIfTenbCTBO 6epeT Ha cefill OTBeTCTBeHHOCTb 3a nOJIIfTlf'leCKlie PHCKH, KOTopble
OHO MO)l{eT KOHTPOJlHpOBaTb 11 CMlIr'laTb. Ha npaKTHKe, nOll rapaHTHIO BceMlfpHoro oaHKa TIpaBHTeJlbCTBO
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C06blTHli pa3BHBalOTCli no llBYM cueHapHlIM: Jllffio TIpaBIfTeJlbCTBO KOMneHcHpyeT yfiblTKH MHBeCTopa HnH
KpeAIfTopa, Jllffio Bbll1Jlal.mSaeTcli rapaHTI1S1. ECJlIf Bbll1Jlal.(HBaeTCli rapaHTHli H cpellCTBa BceMlipHoro
fiaHKa IfCnOJlb3YIOTCli llJlll     sbtnnaTbi        KOMneHcaUHM KpellMTopy, TIpaBlfTeJlbCTSO 06l13aHO B03MeCTlfTb
BceMlfpHOMY        EaHKY    Cpe.ll.CTSa   no     nepsoMy Tpe6osaHIfIO JlH60 llPYrMM                 cnoco60M,     OnpelleJlSJeMbIM
SceM IfpHblM OaHKOM.




P33BHTHe «pHHaHCOBoro ceKTopa


49.          <PIiHaHcoBaSJ CHCTeMa KaJaxcTaHa HaXOllHTCSJ Ha paHHeM :rrane CBoero Pa3BIiTIfSJ. 3a nOCJlellHlfe
HeCKO,1bKO JieT KaJaXCTaH ll06I1,1CSJ 3Ha'lHTeJlbHbIX ycnexoB                          S npoBelleHli1i q,I1HaHcoBoli    nOnHTI1KI1,
nocTpoeHHH        3aKoHOllaTeJlbHOH       HH«ppacTPYKTypbl .1lJl1l «pI1HaHCOBoH CHCTeMbl                If   pa3pa6oTKe Ba)l{HbiX
cerMeHTOB <pHHaHcoBoH I1H<ppacrpYK1)'pbl, TaKI1X KaK CI1CTeMbl fiyxY'leTa 11 nOTeHUHaJI 6aHKoBcKoro
HaAJOpa. Ha npOTlI)I{eHHIi nOCJlellHHX HeCKOJlbKHX JleT OCHOBHOIi q,OKYC pe¢opMbl <pHHaHcoBoro ceKTopa
fiblJl cOCpe,lOTO'leH Ha 6aHJ<oBcKOH CHCTeMe, peCTpYK1)'pH3aUIil! KOTOPOH Ha'laJIaCb B 1994 rOllY npH
conef:!CTBIiIi BceMlipHoro SaHKa 11 Me)I{D.YHapOAHoro BaJIlOTHOrO <POHna. Ha naHHblH MOMeHT pe¢opMbl
HanpaBJleHbl Ha PblHOK ueHHblx 6YMar C nporpaMMOIi rOJly6blX ¢liweK H Ha pa3Blinte <pOHnOBOH 6lip)l{Ii Ii
CMe)l{HblX C HeM opraHH3aUHH. C Ha4aJIOM neHCHOHHOH peq,opMbJ npe.ll.nOJIaraeTClI, 'ITO onHY H3 OCHOBHblX
pOJlei1 Ha q,HHaHCOBbIX pblHKax 6YllYT MrpaTl:. neHCHOHHble <pOHllbl. )lpyme He6aHKOBCKHe <pHHaHCOBble
opraHlf3aUHIf, CneUI13JlH3HpYIOUll1eCli Ha cTpaxosaHHH H JlH3IfHre, sce ewe He pa3BHTbl, He06xollHMO
pa3paOOTaTb nnaH .1lJl1l CJlellYIOUIero nOKOJleHlfll <pHHaHcoBbIX peq,opM.


50.          GaHKoBCK3:11    CIfCTeM3.         ,llJI1i   6aHKoBcKOli CHCTeMbl Ka3aXCTaHa xapaKTepHbl KaK BblCOKaSJ
KOHueHTpaUHSI c06cTBeHHocTH, TaK H BblCOKaSJ KOHueHTpaUHl! KpellHTOBaHlfll. tho KacaeTClI B.blCOKOH
KOHueHTpaUHH co6cTBeHHocTH, Ha KOHeu aHBapli                           1998 rona Ha llOJlIO Bcero nByx 6aHKoB (onHoro
rocynapCTBeHHOrO 11 npyroro - l.(acTHoro) npliXOAHJlOCb 60Jlee 50% BceX aKTHBOS M BKllaD.OB. Ha nOJlIO
rocy.napcTBeHHblX fiaHKoB npHXonlfTCli npMfinlf3HTeJlbHO 40% Bcex fiaHKoBcKMX aKTMBOB. B KOHTeKCTe
npHBaTM3aUMif rocYllapCTBeHHblX 6aHKoB no YPOBHlI HalifioJlee KpynHblx l.(aCTHblX 6aHKoB, KOHueHTpaUHlI
coficTBeHHocTif B 6aHKoBcKOH CIfCTeMe TOJlbKO yCMHTCa, no KpaHHeH Mepe B 6mi)l{aHWeH nepCneKTIiBe.


5 1.         LITO KacaeTCa BblCOKOH KOHueHTpaUl·m KpellHTOBaHIiSJ, TO Ha 1l0nlO KPynHeHwHx 20 3aeMUIlfKOB
1f3 KpelllfTHblX nopTq,eneH nliTH KpynHeHwHx 6aHKoB nplixonHTca OT 43 llO 74 npoueHToB. Ha llomo 3THX
mlTH 6aHKoB npm<OllHTc~ npH6J1WlIiTeJlbHO 70% Bcex 3aHMoB, BblnaHHblX B 6aHKoBcKOH CIiCTeMe.
HecJVoTp~ Ha TO, 'iTO MIfCCHIi He YllarIOCb nony'lIfTb IfH«popMaUMIO 0 MaKCIfM3JlbHOM plfCKe, nplfHSJTOM Ha
ce6~ BceA 6aHKOBCKoli CHCTeMOH no OTHOWeHH!() K 3TlfM KpynHeHwliM 3aeMUIIiKaM, B03MO)l{HO, 'lTO Bca
6aHKOBcKaa CHCTeMa MO)KeT nOHeCTH Cepbe3Hble y5blTKI1 OT eTO;lb BhlCOKOH KOHueHTpaUIfH KpenHTOB,
BblnaHHblX OllHOH M TOi1 )l{e rpynne 3aeMUUIKOB.


52.          )lBa nOKa3aTenli n03BOJlll!()T npellnOJlO)l{IiTb, 'lTO 3nopoBbe 6aHKoBcKoi1 CIiCTeMbl yny'twaercli.
TIepE:oe, 6aHKM CTarm B 6oJII>weli CTeneHH YllOBJleTBOpaTh 3KOHOMlfl.(eCKliM HopMaTHBaM. B KOHue 1995
rOAa TOJlbKO nOJlOBHHa 6aHKoB YlloBneTBOplina BceM 3KOHOMIf'teCKHM HopMaTHBaM. B KOHue 1996 rOlla
:.nOT OOKa3aTenb COCTaBJlllJl ~e 66%, a B KOHue 1997 rona - 71 %. npellnOJIaraeTClI, 'lTO B KOHue 1998
rOlla   30    fiaHKoB   CMOI)'T BhlnOllHIiTb             Tpe6oBaHI1e    no MIiHIiMaJlbHOMY pa3Mepy            KanHT3Jla,   KOTopoe
COCTaBJlaeT J MIfJlJlliapll TeHre (oKono 13 MIiJlJlIiOHOB nOJlJlapOB CWA), paBHO KaK Ii COOTBeTCTBOBaTb
Me)l{,lYHapOllHbIM 3KOHOMIi'leCKliM HopMaTIiBaM. TIpenOOJlaraeTClI, I.(TO K J<OHUY 1999 rOlla eUIe 30 6aHKoB
cMoryT BblnOJ1HHTh TpefioBaHHe no MHHHMarIbHOMY pa3Mepy Kamnana B 1 MlfnJllfapn TeHre. STopoe,
nporpecc        6blJl   nOCTHrHYT     npH         cOJ<pameHIiH         KOJlIi'leCTSa     He!lellcTBYIOUIHX    3aHMoB.      C   55%,
3acpl1KClfpOBaHHblx B KOHue 1994 rOlla, llonS! HelleHcTBY!()WHX 3atiMoB ynana                      no MeHee 30% B KOHue        1997

                                                                   xv
ro.na.   B    KOHue     1997     rOlla   Ha   nOJlIO   3atfMoB,    KnaCcHqmmlpyeMblx             KaK   HeYllOBJleTBOpI1TeJlbHble..
COMHlITenbHble HJlI1 y6bITO'lHble, npl1XOlll1JlOCb        13% Bcex 3aMMOB.

53.          TIpHMeHeHHe oaHKaMH Me:>KllYHaponHblx cTaHnapToB, KOTopoe O:>KHnaeTC>I B KOHue                             1999   rona,
0603Ha411T      OKOH'laHMe        oaHKoBcKOH      petj>opMbl,     Ha'laTOA      B    1995   rollY.     OllHaKO,   nOCJlellYlOlUl1e
llOnOJlHlITeJlbHble petj>opMbl MornH Obi nOBblCHTb 3IPtj>eKTHBHOCTh H YJlY4UUlTb Ka'leCTBO IPHHaHCOBoro
nepepacnpelleneHH>I. DepBoe, HeOOXOllHMO OCJlaOMTb OrpaHH'leHHlI Ha BXO:>KlleHHe lapy6e:>KHblX OaHKOB.                            B
'laCTHOCTH, HaUMOHaJlbHOMY EaHKY cnellyeT OTMeHI1Tb rpeOOBaHHlI, no KOTOPOMY COBMeCTHblM KanHTaJl
Bcex 3apy6e:>KHblX 6aHKOB He llOJl:>KeH npeBbllIlaTb               25%    Bcero 6aHKoBcKoro KanHTana. OTMeHa 3Toro
OrpaHH'leHHlI OOOCrpl1T KOHKYpeHUMIO B oaHKoBcKOA CHCTeMe.


54.          BTopoe,     rocYllapCTBeHHble       OaHKI1   llOJl}KHbl    6blTb       npOnaHbl     cTpaTefl1'leCKMM      napTHepaM,
06J1allalOlUl1M YCroA'lHBOH penYTaUMeH. B 6JlM}KaHlIleM nepCneKTMBe, eCJlI1 B POJlH nOKYnaTeneM roc6aHKOB
BblcTynllT 'laCTHble OTe'leCTBeHHble 6aHKH, TaKal! CTpaTefl1l1 B03MOiKHO ycyry61IT CTPYKTYpHYIO np06JleMY
6aHKOBCKOH CHCTeMbl. OllHaKO, OTMeHa orpaHH4eHHlI Ha BXOiKneHHe 3apy6eiKHblx 6aHKOB, KaK 3TO 6blJlO
peKOMeHllOBaHO BbllIle, YCHJlMT KOHKypeHUHIO, 'ITO B CBOIO O'lepellb nOBJ1H>leT Ha npo6JleMY BblCOKOH
KOHueHTpaUHH.          TIPH    BceM YBaiKeHHH      K MeTOny        npl1BaTH3aUHH C6eperaTeJlbHoro              EaHKa,    OCHOBHoe
BHHMaHHe       nOJl}KHO       6blTh    cocpenOTO'leHO     Ha    TOM,    'lT06b1     npHBJle'lb    CTpaTefH'leCKOrO       napTHepa,
cnoco6Horo OCYlUeCTBJl>lTb ynpaBJleHMe. yl3-3a TOro, "ITO C6eperaTeJlbHbili 6aHK nOMHHHpYeT Ha pblHKe
BKnallOB HaceneHHlI, B ponH nOTeHUMaJlbHblX CTpaTefH'leCKHX HHBeCTopOB nOJl:>KHbI BbicrynaTb TOJlbKO
6aHKH, 06JlanalOlIll1e BblCOKOIi penyraUHeM H llocTaro'lHblM KanI1TanOM. )In>l paspa60TKH H peaJIH3aUHH
<frpaTerHH npHBaTlUaUMH C6eperaTeJlbHOrO baHKa He06XOllHMO npHrJlaCHTb Ha pa60ry 6aHKOBCKoro
3KcnepTa no BoopocaM MHBecTHUHit


55.          TpeTbe, HaUHoHaJlbHblli          liaHK 1l0JliKeH nepecMoTpeTb KOHueHTpaUHIO                 KpellI1TOB,    BblllaHHblX
HeCKOJlbKHM npe.llnpmlTHSlM HJIH OTpaCJlSlM. He06xo.llHMO npoaHaJlH3HpOBaTb PHCKH, COnp>liKeHHble C
KOHKpeTHblMH        npellnpl1>ITHllMH      H orpaCJlllMH,      H npe.llnpl1HSlTb alleKBaTHble          MepbI llJ1S1 cOKpalUeHHSI
MaKCHMaJlbHOrO PI1CKa, npHHlIToro Ha ce6ll 6aHKoBcKOA cI1CTeMoA. B                          BOCTO'lHOH A3HH, HanpHMep, B
cny'lae, KOr.lla 6aHKoBcKaH CHCTeMa Ha'lHHaeT '1epec'lYP aKTHBHO pa60TaTb C pH3J1TepCKHM (npollaiKa,
npH06peTeHl1e H apeH.lla iKl1JlbSl) H cTpOHTeJlbHblM ceKTopaMH, HeKoropble peryJlSlTOpHble BellOMCTBa
orpaHI1'1I1BaIOT      HJlH    llaiKe   "npemITCTBYIOT"     npHH>lTHIO      nOnOJlHHTeJlbHblX         PHCKOB,   conpSliKeHHblx      C
naHHblMI1 CeKTOpaMH.


56.          4eTBepTOe, npaBMTeJlbCTBO MOrJlO 6bI y'lpenMTb nporpaMMy no '1aCTI1'1HOIi rapaHTMH PHCKOB, D.JJSI
Toro,    'lT06bl   pa3lleJlHTb nOJlHTH'IeCKMe          H KpellHTHble pHCKH.          3To    n03BOJlMT <jJMHaHcoBoH        CHCTeMe
C<jJOKycHpoBaTb CBoe OCHOBHoe BHHMaHHe Ha oueHKe KOMMep'leCKOrO pHcKa.


57.          Pa3BHTHe PblHICS ueHHblX 6YMsr. ElUe He OTOaJIa He06xo.l1HMOCTb B npOBe.l1eHHH HeCKOJlbKHX
KpynHblx petj>opM 1IiUI pa3BMTHSI pblHKa ueHHblx 6YMar H KanHTaJlOB. I1epBoe, He06xo.nHMO KaK MO:>KHO
CKopee npHHlITb HOBbIM 3aKOH 0 KOMnaHH~X D.JJSI TOro, 'lT06bl 3aWHTHTb HHrepeCbl MenKHX HHBeCTopOB H
C03.11aTb oa3Y D.JJ~ BblnYCKa KopnopaTHBHblX 06nHraUHit BTopoe, np0.llOJIiKeHHe petPoPMbl 6YXY'leTa
llOJliKHO 6blTb HanpaBJleHO B CTOPOHY MeiKnYHap0.llHblX CTaHllapTOB. KOMnaHHH nOJliKHbl npOBOLlHTb
aYllHTopCKHe npOBepKM Ha OCHOBe MellC.llYHapOllHblX 6yxraJlTepCKHX CTaH.I1apTOB. TpeTbe, nporpaMMa
rOJlYOblX tj>111I1eK .I10JllKHa npOnOJliKaThCli KaK 3anJlaHHpOBaHO. OHa n03BOJlIIT oOecne'lHTb a.lleKBaTHblli
nOTOK KOMnaHHM Ha tj>OH.I10BOH 6HpiKe. 'lJeTBepTOe, HeOOXO.l1HMO pa3BHTb ceKTOp CTpaXOBaHHSI 3a C'leT
C03llaHHSI peryJlSlTOpHOH HH<jJpaCTpYKTYpbl H tj>YHKUHM Ha.ll30pa. nllToe, HHBeCTHUHOHHble $0 H.llbl , B
ueJlOM, H neHCHOHHble $OH.I1bl, B lJaCTHOCTH, llOJlIICHbl CTaTh 06beKTOM D.JJ$I 60Jlee '1eTKOro peryJlHpOBaHHSI
H Ha.l130pa.




                                                                  xvi
OCHOBHOVI AOKIIA.Q
                                                             BBE,[(EHHE
J.   Ka:3aXCTaH npe.!lnpl1HIUl MaCWTaOHYIO nporpaMMY MaKp03KOHOMl1'lecKoi1 CTaOl1lI1naUl1l1 H npOBelleHl1l1
CTPYKlYPHblX       pelPOPM       B       J 993-M    ro.uy.   C       TeX       nop     BJIaCTH      CJJe.llOBaJlH     HaMelJeHHOH          nOJIHTHKe
3KOHOMHlJeCKoi1 pelPOPMbl. HeCMOTPli Ha TO, l.JTO peaJIlnaWili nOJIHTHKH npOXO.llHJIa BpeMeHaMH He BCer.lla
rJla.uKO,    CYLUeCTBeHHblH          nporpecc       6bIJI    .uOCTl1rHyr         B      npeOOpa30BaHHH              3KOHOMHKH         B     PbIHOl.JHO
0pl1eHTHpOBaHHYIO CI1CTeMY, HanpaBJIeHHYIO Ha .uOCTl1lKeHHe MaKp03KOHOMH'IeCKOA CTaOHJIH3aUHH. B
re'leHHe 1993-1994 ro.uOB mroepaJllnaUHlI ueH ObIJIa nOJIHOCTblO 3asepweHa, OOJIbWHHCTBO orpaHH'IeHHH
B clPepe MelKllYHapOJlHOH TOproBJIH OhlJlH CHliTbI, a TaKlKe                                     ObIJIa npeJlCTaBJIeHa HOBali              BaJllOTa C
YHHlPl1Ul1pOBaHHbIM           oOMeHHbIM KYPCOM. Hapll.llY C 3THM nOCTeneHHO npOHCXO.llHJ1 OTXOll OT CHCTeMbl
rocYJlapCTBeHHbIx 3aKa:30B H OblJl 3anYLUeH MexaHH3M npHBaTH3aUl1l1. C                                        Ha'laJIa 1996 rOJla, MaCTH
YCKOPHJII1     npHBaTH3aUHIO,            pacnpOCTPaHHB          ee     Ha      MHorHe          KpynHble    npeJlnpHlITHli       CTpaTerH'IeCKHX
oTpacJlelt     B   nOCJIeJlHHe       rollbl    focYJlapCTBeHHbIH               baHK       Ka3axCTaHa       npH06peJ1        OOJ1bWYIO          CTeneHb
caMocTOlITem,HOCTH, H OrpOMHblH                    nporpecc ObIJI JlOCTHrHyr B pa3BHTHH                             HHCTpYMeHTOB ,lleHelKHOH
nOJ1HTHKH, HHCTPYMeHTOB ynpaBJIeHHlI .llOJIraMH H B OOJIaCTH OIO.u)f(eTHbIX npoue.uyp.


2.   CTPaHa c.ueJ1aJ1a        rJJaBHble     warl1    B OOJlaCTI1 IPHHaHcoBoM CTaOHJIH3aUHH C MOMeHTa 06peTeHHlI
He3aBHCHMOCTH.        B   TO BpeMli KaK Ha'laJIbHble YCHJ1HlI no CHH)f(eHHIO YPOBHlI HHlPmlUHH He YBeH4aJ1HCb
ycnexoM H3-3a 3anycKa B 06paweHHe JlOJ1rOBbIX 06113aTeJIbCTB npe,llnpHjJTHH B Ha'laJIe                                                    1994 rO,lla,
I1H¢J1l111HlI C Tex nop nocreneHHO ynaJIa. OT ypOBHlI B                        3000% B         HeKoTopoe BpeMlI B 1992 rOllY, HHIPJ1l1UHlI
B 1997 ynana H oueHHBaeTCli Ha ypoBHe OK0J10 17%. <l>HHaHCOBalI pelPopMa 1995-ro rO,lla BKJ1IOl.JHJ1a B
ceoll OTKa3 OT rapaHTHpoBaHHblx rocYJlapCTBeHHblx Kpe,llHTOB H npe.uCTaBHJ1a HOBbll1 HaJlOroBblH KO,lleKC,
'ITO B pe3YJ1bTaTe npHBeJJO K CHH)f(eHHIO OOLUero                          IPHHaHCOBoro .ueIPHUHTa rOCY,llapCTBa C 7% 06wero
HaUI10HaJlbHorO npo.uYKTa B 1994-M ro.uy Jl02-x % B 1995-M H3.6%B 1997-M.


3.   nepCneKTHBbl pocTa Ka3aXCTaHa HaXOJlllTCli B 3aBHCHMOCTI1 OT nocrynJ1eHHlI 3anaJlHbiX c6epelKeHHH H
BOCCTaHOBJleHHlI HHCTHTYTa 06ll1.eCTBeHHbix H 'IaCTHbIX cOepe)f(eHHH. HeJlaBHHe TeHJleHUHH, JlalOllI.l1e
npe,1lCTaBJ1eHl1e 0       rocy JlapCTBeHHblx coepelKeHHlIx, JleMoHCTPHpYIOT HacTopalKHBalOllI.YlO KapTl1HY HX
naJleHl1l1 ,llO ypOBHlI       10% OT HaUHOHaJlbHOrO BaJlOBOrO npOJlYKTa B                                   1997 ro.llY C             YPOBHlI     16%
COOTBeTCTBeHHO B 1995 ro.uy no npl1'lHHe HMeHHO HHepTHocTH npoueccoB, CB1I3aHHblX C                                                        l.JaCTHblMH
c6epelKeHHlIMH,       H    oOJ1ee        HH3KHX,     HelKeJlH        OlKHllaJIOCb        nOKa3areJ1eA       06ll1.eCTBeHHbIx          cOepe)f(eHHH.
BoccTaHoBJleHl1e CI1CTeMbI BHyrpeHHHx coepelKeHHM Hapll.!lY C POCTOM HHocTPaHHblx HHBeCTHUHM B
OTPaCJIH      He   CBlI3aHHbIe       C .l106b1BaIOIUeH        I1H.llYCTPHeM,           OCHOBbIBaeTCli        Ha      npo.uOJ1)f(eHHI1       npouecca
CTPYKTypHbIX        peIPOPM,         B     oc06eHHocTH           B     npOH3Bo.uCTBeHHOM               ceKTope,         a   TaK)f(e       Ha     pOCTe
npOH31!0JlHTeJlbHOCTH B 3KOHOMHKe B ueJlOM.


4. 3Ta      CBO.lHali oueHKa 'IaCTOrO ceKTopa ocoooe BHHMaHHe YllemleT TPeM OCHOBHblM Onpe.lleJIlIlOllI.HM
lPaKTopaM pocTa l.JaCTHOro ceKTopa: (a) C03.uaHHIO Heooxo.uHMblX YCJ10BHM .llJIli lJaCTHoro 6H3Heca, (6)
31PIPeKTHBHoCTH           HHlPpacTPYKTYpHOrO ceKTopa H (B) yrJJYOJleHHIO COBepweHCTBOBaHl1l1 IPHHaHCOBOM
CHCTeMbl.      B   'laCTI1,    KacalOllleMClI       C03.uaHHlI       ycnOBHH         .llJl1l   6H3Heca,    oc06oe        BHI1MaHHe         y.ueJ1l1eTCli
ynpoIUeHHIO CHCTeMbl npaBrW 11 npouellYp H nOBblWeH111O 31PIPeKTI1BHOCTH CHCTeMbl 06ll1.eCTBeHHoro
ynpaB.leHHlI, H ocooeHHO B Tex Bonpocax, KOTOpble OTHOCliTClI K npllMblM I1HocTpaHHbiM I1HBeCTHUl1l1M ,
MaJlblM H cpe.uHI1M npe.unpHflTHfiM. nYHKT, 3aTparHBalOlllHH HHlPpaCTPYKTYPY CIPOKYCHpOBaH Ha Y'laCTHH
'4aCTHoro ceKTopa B TaKI1X 0TPaCJ1l1X KaK 3HepreTHKa H TeJJeKOMMYHHKaUHH, y.ueJlll~ ocoooe BHHMaHl1e
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IPHHaHCOBOH CI1CTeMe paCCMaTpHBaeT 6aHKOBCKYIO n.ellTeJlbHOCTb H IPHHaHCOBble pbIHKH, y.ueJ1S1l1 ocoooe
BHHMaHHe nporpaMMe Blue Chips (31leCb H .uaJIee "rOJ1yobIX IPHlDeK")                                        B coe.uHHeHHH C neHCHOHHOH
peIPOPMOH.




                                                                           2
                                                                     rJIABA 1
                                               y JIyqlllEHUE .llEJIOBOrO KJIHMATA

CTpYKTypa.


I.   no .noJle 4aCTHoro ceKTOpa B BaJlOBOM BHYTpeHHeM npo.nYl\fe Ka3axCTaH onepeJKaer MHorne cTpaHbl
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HaXOll$lTCli B rocyn.apCTBeHHoH co6CTBeHHocTH (CM. Ta6J1HUY                                I)   H OTBe'laIOT 3a nO'ITH o.nHY TpeTb BHn.
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npaKTHKa BblOOJlHeHHlI 3aKOHOB H npaBOBbiX npouellYp ( HanpHMep, SHellpeHHe KOHTpaKTHOH OCHOBbl
B3aHMOOTHOllleHHH) $IBJ1SIOTCli npellBapHTenbHblMH ycnoBHllMH llJIS 'IaCTHbIX HHBeCTHUHit                                             B    :nOH rnase
BHHMaHMe         CQ>oKYCHpOBaHO                Ha   npo6enax        B     fOpH.nH'IeCKOH        H     npaBOBOH      06J1aCTliX        a    TaKlKe     Ha
3$$eKTHBHOCTH MMHHHCTpaTHBHoro nOTeHUHaJla B peaJIM3aUHH 3aJ<OHOB Ii npaBOBhlX HOpM.


       Ta6J1HUa     I.   Q)YHK:UHOHHpYlOlUHe npeJlOpHHTHH B COOTBeTCTBHH C HX p83Mep3MH H 4>OPMOH
                                                      co6CTBeHHOCTH, aHBap'"              1998 r.

                                                    Bee             rocyiJapc %                 lIacmHl>u*         %              CMelUaJl.II   %
                                                    tPUp~I"1        mB.                                                           bU!**
Bce (\lI1PMI>I                                      232,317         2,606        1%             221,946          96%               7,765        3%
HHllHBM.lyanLHl>lc npellnpHHHMaTellH 195,643                                     0%             193,354          99%               2,289        1%
Ma.1ble                                              28,736         1,452        5%             22,910           80%               4,374        15%
CpcllHMe                                             7,354          821          11%            5,510            75%               1.023        14%
bom,ume (> 1,500 pa6oTHHKOB)                        341             187          55%            108              32%              46            13%
O'leHh oOllbwHe (> 5,000              243        146        60%      64            26%           33        14%
pa60THIlKoS)
I1cTo'lHHK: rocy.napCTseHHoe CTaTUCTIl'leCKOe YnpasneHHe
*6oJ1ee'leM 50 % B 'IaCTHoi1 co6CTBeHHoCTI1. **6onhwe 0 Ii MeHhwe 50 % HllH MeHee B '1aCTHol:i co6creeHHoCTH.




3aKOHbl, npaBHJla H HX 3t:{MHHHCTPHpoB3HHe.


2.   IOpnJlH'IecKHe paMK:".                    B Te'leHHe nepHolla C            J994'ro    no 1997 IT. rocy.napCTBOM 6blJla C03JlaHa
npaBOBall        CHCTeMa     .!J..,111       n.ellTenbHOCTH    LfaCTHoro         6H3Heca,       BKJlIOLfHBlllali       B   ce611     KOHCTHryUHIO,
fpa)f(.naHcKHH KOlleKc, YJ<a3 0 JlHueH3HpoBaHHH, 3aKoH 0 cBofiolle npe..'lnpHHHMaTeJlbCTBa, a TaKJKe
rocy.napcTBeHHYIO           PerHcTpaUHIO             IOpHllH'IeCKHX JUIU.            npellCTaBnlleTC.lI TaKlKe,            'ITO    HOBhlH 3aKOH       0
nOllOxOJlHOM H8.J10re COOTBeTcTByeT JlY'IIlIHM MelK.nyHapOJlHbIM Mon.enllM, T.e. OH Bce06beMnlOlll, CTaBKH
H<LlOra YMepeHHbl, a nbrOTbl OrpaHH'IeHbl.


Puc.   1 : )lons    qaCTHOro CeK:TOpa B               BHn ( Ha       K:OHeu     1997 r.)




                                                                            3
     C z e c h Rep u b lie
                                                                      "'___II!-_ _ 7
                  Hun gary
                                                                      ~"""~"".7
                                                                            __ 7
                                                                      " '_ _ _"
     S 10 va k Rep u b lic
                                                                      •        ____            ~-70


                   E s to n ia
                 Lithuania

                   Albania
                                                                      ~----
                                                                      " ,_ _ _. .
                                                                                ,,.-
                                                                                   6 -570

                                                                      " '_ _ _.~65


                                                                      "'___.60
     Kyrgyz
                                                                      . . ._ _ _ _             ~65




                    Po la n d

             K a l a k h s ta n
                                                                      •     _ _ _ _ _ 60
                      l a tv ia
                    R u s s ia                                        "        _ _ _. 6 0

                  Armenia
                                                                      " '_ _ _ 55
                                                                      "        _ _ _ 55
                    C ro alia



     F Y R
                   Georgia

               Mac e don ia

                 Rom an ia
                                                                      ..-_so
                                                                      ~---55
                                                                      , ,_ _ 50
                                                                      , ,_ _ 50
                  S 10 v e n ia
                   Ukra in

                   Mold 0 va

              Uzbekistan
                              e
                                                                      _.45
                                                                      , ,_ _ 50




                                                                      ".45
               A z e rb a ija n
                   Bulgaria                                      30
                                                                      "40
        Turkmenislan
                                  l1li___. _ 25
                   Belarus
                                  1-___             ~20




                Tajikistan
                                  ~ ___"12()
                                  o                  20                   40                  60                  80
                                                                    Percent




3. B     HaCT01!mee           BpeMli     cymecTByeT         Bcero     HeCKOl1bKO          np06e110B      B   3aKOHonaTel1bHOH        clPepe.
f1epeCMaTP"BaeMbIH 3aKOH 0                 KOMnaHI11!X HY)K.!laeTCli B 3alUHTe npaB MeHbUlI1HCTBa aKUI10HepOB, a
nepecMaTpHBaeMblH 3aKoH 0 3anore 11 HOBblH 3aKoH 0 JII1311Hre H~nalOTCli B ynpomeHl111 npouellypbl
nOl1YlJeHHJI cy6CHllHH OT 6aHKoB H .!lpymx q)HHaHCOBbIX I1HCTHTYTOB. ITepeCMaTPI1BaeMblH 3aKoH 0
KOMnaHl1l1X        6yneT nO.!lllep)KHBaTb           cerOllHlI   yCMJlH1!       no    C0311aHHIO    aKTHBHblX      !j>OHllOBbIX    PblHKOB   11
Yl1Y4UlaTb KopnopaTHBHoe ynpaBneHHe. 3aKoH 0 3anore 6yneT o6ecne411BaTb 3alllHTY Kpe.!ll1TOpaM, 6e3
KOTOPOH !j>HHaHcoBhle y4pelKJJ.eHH1! C TPYllOM l111yT Ha npe.uoCTaBl1eHHe 3aKMoB, B 4aCTHOCTH MaJJblM Ii
cpenHHM        npe.unpmITHliM.          3aKoH   0    JIH311Hre    C03.uaCT          !j>YH.uaMeHT .un1!   Ij>opMHpoBaHHlI         nH3HHrOBbIX
KOMnaHHH, 4bHMI1 OCHOBHblMH KJlHeHTaMH CTaHYT MaJJble H cpellHHe npennpIiJlTH1!.


4.   AJlMHHHCTpHpoBaHHe 3aKoHoB, npaBoBblx HOpM H CHcTeMbi HanorOOOno:lKeHHSI. OCHOBHblM
cl1a6blM MeCTOM 3aKOHOB, npaBo8blx HOpM 11 HlL,orOBoro KOJleKCa lIBl1J1eTCli HX aJJ.MI1Hl1cTPHpoBaHHe Ii
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Me)KnYHaponHblM MOlleJJlIM Ii nOJlb3Y"Cb KOHcYl1bTaUlulMH I1HocTpaHHblx 3KcnepToB, Torna KaK ropa3no
C110)KHee 06Y4liTb TbIClI'lH rocYllapCTBeHHbIX 'lI1HOBHHKOB H Bblpa60TaTb npouellypbl .unll 3!j>!j>eKTI1BHOrO
aJlMHHHCTpl1pOBaHHJI H peanl13aUHI1 3THX 3aKOHOB 11 npaBoBblx HOpM. HaH6011ee 06111HM He.!lOBOl1bCTBOM
KaK co CTOPOHbI            Ka3aXCKHX, TaK 11 co CTOPOHbl HHocTpaHHblx 6H3HeCMeHoB lIBl1l1eTCli CnO)KHOCTb B
OTHOUleHH5IX C 4liHOBHI1KaMH Ha Bcex rocYllapCTBeHHblx ypOBH1!X. OCHOBbiBaRCb Ha ony6mIKOBaHHi>lX
pe3Yl1bTaTax        onpoca            HHocTpaHHblx        HHBecTopoB       H    npoBeneHHblx        4JIeHaMH      MHCCHH     MHTepBblO      C
HHocTpaHHblMH             M       MeCTHblMH     HHBecTopaMH,              rl1aBHblMH       np06J1eMaMH       BO   B3aHMOOTHOWeHl1l1X C
rocy.uapcTBOM llB.'lHlOTCli :




                                                                       4
KoppynUHII. 3TO Cepbe3HaH np06neMa Ha BCeX ypOBHHX, Ha'lIiHaH OT ry6epHaTOpOB (AKHMOB)                                                       Il
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JlHueH3HpOBaHHe         11   npaBOBOe    perynHpOBaHl1e.            OK0110     26        rocY,llapCTBeHHblx      opraHoB          cneLlHT    3a
KOMMep'leCKoj::j ,lleHTe11bHOCTblO. npouellYPbl no nOJIY'leHIlIO JIflUeH3Hj::j ycnQ)KHeHbI, BOBlle'leHHblMH B HI1X
OKa3blBalOTCH MHOrO'lHClleHHble rocYllapcTBeHHble Y'lpeiKlleHHH, ,llOJIfI1e 3a,llepiKKH, pa:3Mep ynJIa'lHBaeMblx
nOWJIHH cYUleCTBeHHblll. bblllO npennpHHHTo HeCKOJIbKO nOnblTOI< CHlITb 3TO npoue,llypHoe 6peMH (
Hanpl1Mep,     npe3HneHTCKl1H       YKa3      OT    14    I1IOHli    1996     r.     0    PeryJIHpOBalHUI        MaJIblX     11    Cpe,llHI1X
npe.nnpl1l1THH), HO np06JIeMa npouellypHoH YCJIOiKHeHHOCTIi no npeiKHeMY ocraeTCH.


AllMHHHCTp"pOBaHUe HaJlOTOB. XOTH 06Ull1H ypoBeHb HaJIOrOB He C'lI1TaeTCH BblCOKHM a KOJIH'leCTBO
HaJIOrOB 6bIllO YMeHbweHO, 6H3HeCMeHbi no npeiKHeMY llOJIiKHbI r1J1aTHTb                                 11    pa3HbiX HaJIorOB nmoc
Bblr1J1aTbI B Tpll COUllallbHblX $oHna Il HeCKOJIbKO llPYfI1X $oHllOB. HaJIOrH B3HMaIOTCH Ha pa3HbiX CTa,llHlIX
npoH3BollcTBa H OCHOBbIBalOTCli Ha pa3JIH'lHbIX nOKa:3aTeJIliX. HallOrOBbie HHcneKTOpa 'laCTO He3HaKOMbi C
HOBblM HaJIOrOBblM KOlleKCOM, yrpolKalOT Halloror1J1aTeJIbUlIlKaM H npoBollHT KOHljlHcKaUHIO cpe,llcTB C HX
6aHKoBcKHX C'leTOB 6e3 co611I011eHIl1i n011lKHbIX npouenyp. He CMOTPH Ha llBYCTopOHHee COrJIaWeHHe C
PoccHeti, Ka:3axcKHe 6H3HeCMeHbl no npelKHeMY ,llOJllKHbl nnaTIlTb HaJJor Ha ll06aBJIeHHYIO c06CTBeHHOCTb
,llBalKnbl npH 3KcnopTe B POCCHIO.


TaMO)KeHHble npouenypE:.l. OHH               no npelKHeMY 'lpe3MepHO THlKe11bI                       H 6H3HeCMeHbI         lKallYIOTCH       Ha
AIIHTeJlbHble la,lleplKKH.     TaMOlKeHHble I1HCneKTOpa He 3HaKOMbi                          C npaBOBblMH HopMaMH, KOTopble
pa3pewalOT OTCPO'lKY BblnJlaT       HAC Ha IlMnopTHpyeMble MaWI1HbI H o60pynoBaHl1e.

    BJl3neHHe3eMJleii. XOTH 3aKOH 0 3eMJIe n03BOJIHeT 11 HHOCTpaHHblM H MeCTHbiM HHBeCTOpaM nOKynaTb
IlJlH 6paTb B apeHllY 3eMJIIO a MeCTHble 3eMe11bHble KOMHTeTbi                                npoBOLlHT pa60ry no Bb1,lleJleH111O
3eMeJIbHblX Y'laCTKOB IlHBeCTOpaM npouenypa :na O'leHb MeAlleHHaH H 3aTpynHHTeJIbHali.


5.    LfTO KacaeTCll allMI1HHcTpHpoBaHHlI 3aKoHonaTeJJbHoH CHCTeMbl, TO BblllBJleHHble 311eCb np06JIeMbl
BKJIIO'laIOT CJlellYIOUlee:
•      CYllbH H nepCOHall cYlle6HblX Y'lpelKneHllti He ,llOCTaTO'lHO XopOWO 06Y'leHbl B                          nnaHe HOBOBBe,llemlli
       H He 06J1ana1OT pecypcaMH AllSi BbInOJlHeHHlI CBOHX 06113aHHOCTeH CBoespeMeHHO H 3q,q,eKTHBHO,
•      HCnOJIHHTeJIbHaH BeTBb BJlacn! H 3aKOHO,llaTeJIbHali ,llOMHHl1pYIOT Han CY,lle6HOH 11 nap11aMeHTCKOH
       BeTBSlMI1, pe3YJIbTaTOM 'lero lIBJIlieTCli He3q,q,eKTHBHaH CHCTeMa H3nep:IKeK 11 npOTI1BOBeCOB,
•      nepCOHall 3aKOHO,llaTeJlbHoro opraHa 11 ,llpyrnx Y'lpelKlleHHH                       HCnblTbiBaIOT HellOCTaTOK 3HaHHH H
       pecypcOB B 60Pb6e C 3KOHOMIi'leCKHMI1 npecrynJleHl1l1MH,
•      MI1HHCTepCKHH 11 Y'lpe:IKlleH'leCKI1H nepCOHaJJ He 1l0CTaTO'lHO 06Y4eH H He 06JIanaeT He06xonHMblMH
       HaBbIKaMH   B pa60Te Ha,ll3aKOHaMH H npaBoBbIMH HopMaMH,
•      cYlle6Hble aCCOUllaUHH 11 He3aBIlCIlMble IOp"nl1'leCKHe aCCOUHaUl111 TOJlbKO Ha'lI1HaIOT nOHBJIlITbCH H
       nOKa He llBJIHIOTCH 3q,q,eKTHBHbIMH,
•      Boo6we rOBOpl1,       B TO   BpeMli    KaK    rocynapCTBO           npellnpHHlIJIO       YCI1J1I1$!    no COKpalUeHJilIO        'lIiCJla
       lOcynapCTBeHHblx        CJlY/KauUlX,        HellOCTaTO'lHO           6blJIO        yneJIeHO      BHIlMaHI1$!     H          BbilleJIeHO
       COOTBeTCTsYJOUlHX      pecypcOB     4 TOGbl       XopOWO         HallalKeHHaH       rocynapcTBeHHaH         61OpOKpaTI111        6blJla
       npoti>ecCIlOHallbHOM, cnoco6Hoif BblnOJlHSlTb CBOI1 06113aHHOCTI1, H 6blna cooTBeTCTBYIOWI1M 06pa:30M
       Oflna'iHBaeMa.


6. B    3aUlHTY lfacTHoro CeKTopa. XOTH rocYJJ,apcTBo npHLlaeT Pa3BHTIlIO 'laCTHOro ceKTopa BblCOKO
npHop"TeTHOe 3Ha'leHHe, C03.naeTCli Sne'laTJleHl1e "ITO OTCYTCTByeT KaKaH-111160 onpe.!leneHHali CTpyKrypa,
ynOJIHOMO'leHHali pa:3BHBaTb nOJlI1THKY Il nporpaMMbl no nOlllleplKKe 4aCTHoro ceKTopa.                                    B      HaCTOliWee
BpeMll, opraHll3aUJileA HaI1J1Y'lWIlM 06pa:30M BblnOJlHlIlOweA 3TIl q,YHKIlI1H $!BJllIeTClI fOCKOMI1HBeCT.                                  3Ta
OpraHH3aUI1H ..'l.OJl:IKHa nepeK11IO'IJilTb CBoe BHI1MaHHe C q,I1CKaJIbHblX MOTHBaUI1M Ha CTHMYJll1pOBaHl1e
HHseCTIlUIlOHHOM lleflTeJlbHOCTll, CTaB rJIaBHblM 3aWHTHJilKOM IlJIH Bblpa3HTeJJeM IlHTepeCOB 4aCTHoro
ceKTopa, paGOTa$! B HanpaBJIeHHI1 COKpall.l,eHllli onepaUHOHHblX 3aTpaT B '1aCTHOM 6H3Hece, H palBI1THSI
PblHO'4HO 0p"eHTHpOBaHHblX rOCYllapcTBeHHblX CTpaTerHH, KOTopble 6bl YJIY'lWHJIH YCJIOBHlI Be.!leHIlH
6H3Heca B Ka3aXCTaHe.




                                                                    5
7.   PeKOMeH.!laUHH. CywecTByer 'leThlpe OCHOBHblX 06JlacTH B KOTOPblX rocYLlapcTBo Momo 6b1 yJly'lWHTh
YCJlOBHlI It:111 'laCTHOro 6H3Heca.            Bo-nepBblx, nopliLloK peryJlHpOBaHHlI LlOJlJKeH 6blTb cywecTBeHHo
ynpoweH 'lT06bl CHH3HTb onepaUHoHHble 3aTpaTbl, KOTopble C.!lepJKHBaIOT 6H3Hec Ha :nane $OpMHpoBaHH:;t
H CHHJKalOT npoH3BO.!lHTeJlbHOcTb. YCTpaHeHHe He lIBJlHlOwerOCH He06xO.!lHMbIM JlHueH3HpOBaHHlI                                H
Tpe60BaHHK         no   peryJUtpOBaHHJO,         HaplID.Y   C      npHMeHeHHeM      60Jlee    np03pa'lHOA       npoueLlypbl   no
He06xOLlHMOMY perymlpoBaHHIO TaKJKe CHH3HT MaCWTa6bl KoppynUHH.


8.    BO-BTOPbIX, rocy,napcTBo .!lOJlJKHO YCKOPHTb aD.MHHHCTpaTHBHYJO pe$opMY, KOTOPaH B HacToHWHH
MOMeHT        peaJIH3yeTcH,            BKJIIO'laH      ycoBepweHcTBoBaHHlI          HaJIOrOBOro         a.uMHHHCTpHpoBaHHH.
AD.MHHHCTpaTHBHaH          pe$opMa           BKJIIO'laeT    MO.!lepHH3aUlilO    pecny6nHKaHcKoro          npaBHTeJlbCTBa       H
pe$opMHpoBaHHe rocy.uapcTBeHHoH CJlYJK6bl 'lT06bl D.OCTH'lb npo$eccHOHaJIH3Ma H rocYD.apCTBeHHOii
cnyJK6e. 3TH pecpopMbl TalOKe LlOJl)KHbl pacnpOCTpaHlITbCli Ha MeCTHble npaBHTeJlbCTBeHHble OpraHbJ,
KOTopble B3aHMO.!leHCTBYIOT C npeLlCTaBHTeJlHMH 6H3Heca Ha MecTaX. 3aeM                             BceMHpHoro       BaHKa    Ha
COBepUleHCTBOBaHHe         ynpaBJleHHlI        pecypcaMH        06weCTBeHHoro     ceKTopa      nOD.D.epJKHBaeT     HHHUHaTHBbl
rOCYLlapCTBa no a.!lMHHHCTpaTHBHOMY pe$opMHpOBaHHIO.


9.   B-TpeTbHx, IOpHD.H'leCKaH CHCTeMa H ee a.!lMHHHCTpHpoBaHHe D.OJlJKHbl 6bITb JaBepUleHbl H YKpenneHbl.
B D.OnOJlHeHHe K npHHHTHIO nepecMoTpeHHoro 3aKOHa 0 KOMnaHHlIx, nepecMoTpeHHoro 3aKoHa 0 3aJIore
H HOBoro 3aKOHa 0 J1H3HHre, cyweCTBYlOlllali OCHOBa 3aKOHOD.aTeJlbCTBa H npaBoBblx HopMaTHBoB D.OJlJKHa
6blTb    nepecMOTpeHa       .1I.11l1   BblllBJleHHlI   HeCOOTBeTCTBHH     H    rJlaBHblX     np06JleM   KOHuenryaJIbHorO       H
HCnOJlHHTeJlbHOrO nOpHD.Ka. 06Y'leHHe JOpHLlH'leCKOH npo$eccHl-1 H YJlY'lUleHHbIH D.ocryn K JOpHLlH'leCKOA
HHcpoPMauHH ycoBepllleHcTByeT Ka'leCTBO H 3$$eKTHBHoCTb cYLle6HoH CHCTeMb!. npoeKT BceMHpHoro
BaHKa no IOpH,nH'leCKoi1 PecpopMe 6Y.!leT nOMepJKHBaTb HHHUHaTHBbl B 3THX 06J1aCTlix.


10.   B-'lerBepTbIX, CneUHaJIbHaH opraHH3aUHH MOJKeT 6bITb C03D.aHa, KOTOPaH 6YD.eT BblCJlyUlHBaTb Bce
JKaJI06bl H He.!lOBOJlbCTBa, BblCKa3blBaeMble npe,nCTaBHTenllMH 'laCTHOro ceKTopa, no nOBOD.Y OTHoweHHH K
HHM co CTOPOHbl rOCY.!lapCTBeHHblx 'lHHOBHHKOB. 3Ta OpraHli3aUHH MOJKeT 6blTh Ha3BaHa KOMHccHeH no
pa360py JKaJI06 HnH O$HCOM OM6YD.CMaHa. OHa 6y.uer paCCJleD.OBaTb JKaJIo6bl OT 06WeCTBeHHOCTH Ha
nlO6ble ueHTpaJIbHble rocy.uapCTBeHHble HJlH MeCTHble rOCYD.apcTBeHHble BJlaCTH, BKJIJO'Iali npe.unpHHTHlI,
Haxo.ullWHeCli B rocy.uapcTBeHHoH co6CTBeHHOCTH. HCKJIJO'IeHHlIMH lIBHTCli TonbKO npe3HD.eHT, napnaMeHT
H CYD.e6HalI CHCTeMa. EcnH KOMHCCHli nOC'IHTaeT npH'lHHy HeD.OBOJlbCTBa OnpaBD.aHHoi1, OHa nOTpe6yeT
oTBerHoH peaKUHH, BKJIJO'laH Te warM, KOTopble 'IHHOBHHK HnH opraHH3aUJ.U1 npe.llJ10JKaT npe..unpHHlITb .llJ1H
CMHr'leHHlI cHryaUHH. KOMHCCHli CMOJKeTTaK)Ke HanpaBnllTb JKaJI06bl B JOpHLlH'leCKHe HHCTaHUHH B cJlY'lae
B03MOJKHO cOBepUleHHoro npecrynJIeHHlI. TaKali KOMHCCHH nOMOJKer                       rocy.uapCTBeHHOH BnaCTH 6blCTpee
pearMpOBaTb Ha 3anpocbl 'laCTHbIX 6H3HeCMeHOB, a TaKJKe yny'lWHTb Ka'leCTBO rocYD.apCTBeHHoA CJlY)K6bl
101 CHH3HTb KoppynUHJO.


CTHMYJIHpOBaUHe I1HocTpaHHblx HHBeCTHUH"


II.    npe.!lbICTopHSI. YpOBeHb npllMblx HHocTpaHHblx HHBecTHUHM B Ka3aXCTaHe H3 paC'leTa Ha ,nywy
HaceneHHlI cywecTBeHHo Bblwe HeJKeJHI aHaJIOrH'IHble nOKa3aTeJlH ero HenOCpeD.CTBeHHblx coce.uei1 TaKHX
KaK     POCCHlI,    Y36eKHcTaH,          A3ep6ai1Jl)KaH     HJlH    TaJl)KHKHCTaH    (CM.     Ta6nHuy     2).     3TH   UH$pbl,
npeLlCTaBJleHHble Me)K.l1.YHapOD.HbIM BaJIlOTHblM <I>OH.l1.0M, nOKa3bIBaIOT CHTYaUHIO .llJ111 pa3HbiX CTpaH, H
TaKHM 06pa30M D.enaer B03MOJKHbiM cpaBHeHHe no CTpaHaM. Cne.uyeT OTMemTb, 'ITO no oueHKaM
Ka3axCKoro rocy.uapCTBa nOKa3aTenb npllMbiX HHOCTpaHHblX HHBeCTHUHH CYllleCTBeHHO Bblwe He)KeJIli 3TH
oueHKH, Tal( KaK OCHOBHoe OTnH'IHe COCTOHT B TOM, 'ITO rocy.uapCTBeHHble nOKa3aTeJlH MOryT BKJIIO'IaTb
COrJlaWeHHlI, D.OCTHrHYTble C HHOCTpaHHblMH HHBeCTopaMH a He peaJIbHbJe D.eHe)KHbJe nOTOKH. OueHO'lHbte
nOKa3aTenH B Ta6JIHue       2   He BKnlO'IalOT nOD.06HbIX COrJlaWeHHH.




                                                                   6
Ta6JlHlJ,a     2. CBOJlHble   nOKalaTeJlH npSlMbiX MHocTpaHHblx HHBecTHUHH B cTpaHbI ECA, 3a nepHOJl C
1994     no   1997 rr.

                                  Bcero B        HaJlYwy                                  Bcem B    US$       Ha ilymy
                                    US$          HaceneHHSI                                 (MH.fI.I1.)      HaceneHHH
                                  (MHJ1Jl.)         US$                                                            US$
BeHrpHSI                               9,645              946      PYMblHHlt                        1,673                74
4eXHlt                                 6,081              590      A3ep6aH.lllKaH                     530                70
')CTOHHSI                                696              464      KblprbllCTaH                       281                61
JlaTBHll                               1,072              429      POCCHH                           7,833                53
CJIOBeHHSI                               790              395      MOJI,!J.oBa                        120                28
nOJIbWa                               14,532              376      YKpaHHa                          1,186                23
CnoBaKHH                                 847              160      ApMeHHl'I                           60                16
JlHTBa                                   416              I J3     rpY3ml                              74                14
EonrapHSI                                710               85      Y36eKMcTaH                         305                 13
KalaXCTaH                              1,375               84      EenapycMH                           93                 9
An6aHHH                                  253               79      TaJlJl(HKHCTaH                      51                  9
HCT04HHK: MeJl(JIYHapO.llHblH BamoTHblH <l>oH.ll




12.    I1HocTpaHHble HHBeCTHUIUI B KaJaXCTaH nOlJTH nonHOCTblO 061>J1CHltIOTCH CHnbHblM                          HHTepecoM
HHBecTopoB B .l106blBaIOIll,HX ceKTopax TaKHX KaK He«jlTHHoM M MeTaJIJlyprwolecKoM. npH6ml3MTeJlbHO                      80
npoueHToB I1H0CTpaHHblx HHBecTHUHH 6blllH CJIenaHbl B 3TH ceKTopa (CM pHC.                 2).   npO.ll.alKa npe.llnp.HHTHH
I1HocTpaHHblM HHBecTopaM BO BpeMlt nocTeneHHoH npHBaTH3al.lJlH CTaJIa STOPbIM HaH60Jlee BaJl(HblM
HCTOT.fHHKOM I1HocTpaHHblx HHBecTHUHH. YpoBeHb HHOCTpaHHblX HHBeCTHUI1H                           H3 paCT.feTa    Ha   .nywy
HaceneHHH , O.llHaKO, Bce elll,e OCTaeTCH He3Ha'lHTeJlbHOH lJaCTblO HHBecTHUHH B HeKoTopblX cTpaHax B
lJ.eHTpanbHOH EBpolIe TaKHX KaK nonbUla H BeHrpHSI, B KOTOPblX HHBeCTHlUlH B npOH3BO.llCTBO COCTaBHJlH
OCHOBHYIO KOMnOHeH1), HHTepeca HHocTpaHHblx HHBeCTopoB.




                                          Food                   Other
                                           4%                    15%


                                                                                 Mining
                                                                                  3%



      NOn-ferrous metals
             28%




                 Ferrous metals
                       4%                                                   Oil and gas
                                                                                 46%




                                                              7
food - np0.llYKTbl
non-ferrous metal - UBeTHbie MeTanJlbl
ferrous metal - 'lepHbfe MeTanJlbl
oil and gas - Heqnb 11 ra3
mining - ropHo.llo6blBalOwall
other - .llpyrHe


PI1C.   2:   Pa36I1BKa DPllMblX HHOCTpaHHbIX HHBeCTI1UHH no oTpacmlM, C                        1993       no   1997    rr. ( B npOueHTaX OT
ooweH CYMMbI )
HCTO'lHHK HH<p0pMaUHH : HaUHoHMbHblH EaHK Ka3axCTaHa.


13.   HeKoTopble npH'lHHbl Toro, 'ITO HHTepec K HHBeCTHUHlIM B Ka3aXCTaH HH30K no cpaBHeHHIO C TaKHMI1
CTpaHaMH KaK DOJlbwa H BeHrpHJI, HaXO,UlITCli BHe KOHTPOJlll rocY.llapcTBa, HanpHMep, reorpa<pI1'leCKOe
nOJlO:>KeHHe CTPaHbl. OllHaKO, CYUIecTByeT P)l.ll warOB, KOTopble rOCY.llapCTBO MO:>KeT npe.llnpHH)lTb ruBI
CTI1MYJlHpOBaHH)l I1HOCTpaHHblX I1HBeCTHUI1H. Hal100Jlee Ba:>KHble H3 HI1X Y:>Ke 06cY:>K.llanl1Cb BblUIe, a
HMeHHO,       :no   YJlY'lweHHe     06LUHX       YCJIOBI1H    .lUI)l   Be.lleHl1l1   6113Heca.      DJlOXHe      YCJlOBHII      .lUI1i    6H3Heca
oTnynlBalOT Bcex HHBeCTopOB, 6Y.llb TO I1HOCTpaHHblX I1J1H MeCTHbIX, KpynHblx I1J1H MeJlKHX.


14. MOTHBSllHSI.          KaK    11 HeKoTopble 'uPYnle cTPaHbl, Ka3axCTaH                        nbiTanCl!      npl1BJle'lb I1Hoc-rpaHHble
HHBecnlUHH          06eCne'lHBali     onpe.lleJleHHOe         CTI1MYJlHpOBaHl1e           Pa3BHTH)l          npOeKTOB       B      Bbl6paHHblx
npHopHTeTHblx OTpaCJl)lx.           3TO CTHMYJIHpoBaHHe ocyweCTBJllleTC)l rOCY.llapCTBeHHblM KOMI1TeTOM                                         no
HHBeCTlIUI1l!M        H BKJlIO'IaeT        npe,nocTaBJIeHHe        BHYTPeHHHx pecypcoB TaKI1X                    KaK 3eMJI)l,        311aHH)l   11
coopYlKeH1111, Hapll.llY co CHH:lKeHHeM HanorOB 11 I1MnopTHblX nOUIJlI1H. B paMKax I1HHUl1aTHB no TaKOMY
CTHMYJIl1pOBaHI1)l Ha KOHeu         1997    ro,na 6blJl0 O.ll06peHO ,neCSlTb npoeKToB.


15.     CYLUeCTBYeT       nonynllpHa)l      .llI1CKYCCHIi    no    nOBO,ny       BblrO.llbl   OT       npe.llocTaBJIeHH)l       rocyaapcTBoM
cneUHanbHblX          CTHMynHpYIOUIHX           HHHUl1aTHB        .lUI)l    I1Hoc-rpaHHblx     HHBeCTI1UHH.           C   O.llHOH        CTOPOHbI,
0<pHUHaIIbHble       npellCTaBHTeJlH        B   HeKOTopblX        cTpaHax        nOJlaralOT,       'ITO    npe.llOCTaBJIeHl1e        nO.ll06HbiX
CTHMYJlHPYIOUIHX I1HI1UHaTHB He06xOllHMO B 60Pb6e 3a l1Hoc-rpaHHble HHBeCTHUHH, TaK KaK <pHPMbl HMelOT
WHPOKI1H Bbl60p B JII111e .ll.PyrHx CTpaH,                  r,Ue pa3MeCHIThCl!          Ha CerO.llHlllllHeM MHPOBOM PbIHO'IHOM
npOCTPaHCTBe. C ,UpyroH CTOPOHlil, 60JIblllHHCTBO HHBeCTopoB YTBep:>K.ll.aIOT, 'ITO                                  onpelleJleHHble CTpaHbl
HX      npHBJleKalOT 60JlbllJe      maBHblM       06p1l30M        no       OCHOBHblM    3KOHOMH'leCKHM               <paKTopaM      TaKHM     KaK
nOJII1TI1'leCKa)l     H    3KOHOMJ.!'·leCKaSi     cTa611JIbHOCTb,              YCJlOBH)l.lUl)l          6113Heca,      MaClllTa6bl         pblHKa,
reorpa<pH'leCKoe nOJIOlKeHHe H CTOHMOCTb pa60"leH CHJlbl. B 3TOM KOHTeKCTe, COBepllJeHHO IICHO, 'ITO
CTHMYJlHpYIOLUHe HHHUl1aTHBbl HMelO B JlY"IUIeM CJlY'lae BTopOCTeneHHoe 3Ha'leHHe. KpoMe Toro, TaKHe
CTHMYJll1pYIOUIHe         HHI1Ul1aTI1BbI    (   ocooeHHO rapaHTbl, Cy6CH,nHH, OCBo6o:>KlleHl1e                          OT HanoroB, TaKl1e
I1HI1Ul1aTI1Bbl     KaK npl1MeHlleMble B HaCTOSlUII1H MOMeHT B KaJaXCTaHe )                                 MOfYT .ll.oporo 06XO.ll.I1TbC)l
rocY.ll.apCTBY H 6blTb He3<p<peKTHBHblMH B nJIaHe npHBJle'leHHII HHOCTPaHHblX HHBeCTHUHH. OHH 06bl'lHO
C03,Ua1OT npl1CTpaCTHoe OTHoweHHe K 3TOMY CO CTOPOHbl cyweCTBYIOUIero CTaporo 6113Heca, KOTOPblH He
nOJlY'laeT nO.ll.06HblX CTHMYJlHPYIOWI1X I1HHUl1aTI1B, B OTJIH'lHe OT HOBoro, KOTOPblH HX nOJIy'laeT, a TaK:>Ke
npHT)lrMBaeT KoppynUHIO K npoueccy HX npe.ll.OCTaBneHHll. 3<PtPeKTHBHOCTb CYUIeCTBYIOUII1X Ha CerO.llHll B
Ka3aXCTaHe CTHMYJIHPYIOWHX I1HHUI1aTI1B .lUIll npl1BJle'leHHll I1HOCTPaHHblX I1HBeCTHUHH HaXOllHTCli non
BonpOCOM.


16.     O.llHaKO, ecnH rocY.llapcTBo pelllHT npOllOJllKl1Tb npe,UoCTaBneHHe CTI1MYJIHpYIOUIHX HHHUHaTHB ,ll.1ll
I1HOCTpaHHblX HHsecTHUHH, BonpoCOM CTaHeT KaKHM 06paJOM 3TO 6Y.lleT JIy'lwe CllenaTb. HeKOTopble 113
HHBeCTHUHOHHblX            CTHMYJlHPYIOUII1X        I1HHUHaTHB,             npe.llJlaraeMblX       B      .llpyrHx     CTpaHax           pa60TalOT
aBTOMaTl1l1eCKH 4epe3 HaJlOroBblH KO.lleKC, 3aKJIIO'IaIOT B ce6e MHHHManbHble 3KOHOMI14eCKI1e I1CKa:>KeHHSI
11 He Tpe6ylOT roCY.llapCTBeHHoM WHpMbl ( TaKl1e KaK 6onhUla~ YCKopeHHall aMopTH3aUI1I1, nOTepH npH
nepeB03Kax, HJlH HaIIOrOBOe noompeHHe I1HBecTHuHti). Ewe nY'Iwe HCnOJlb30BaTb O.lll1HaKOBO HH3KI1e
CTaBKH HMorOB, H I1MeTb B03MO)KHOCTh SKJIlOljaTb B pacxollH)'1O ",aCTb 3aTpaTbi Ha MapKeTI1Hr, 06yqeHl1e,
nOTepH TOBapa 11 HeBbJnJlalleHHYIO .lle6l1TopcKYIO 3allOJI:>KeHHOCTb.


17.     npH TenepewHeM CHCTeMe B KroaxCTaHe, 3KcnepTbl 113 KOMHTeTa no HHBeCTHUHllM npoBO.ll.lIT oueHKY
KalK.iloro npe.llJlaraeMOro npOeKTa B Ka:>K.llOM OT.lleJlhHOM cnY'lae, onpe.lleJllllOT                         HaXO,UHTC~        JlI1 npoeKT B



                                                                       8
paMKax pll3BHTHli npHOpHTeTHhlX CeKTOpOB H BblMrpaeT JUI OT :noro rOCYllapCTBO, H BblHOCliT peweHHe no
naKery npen.CTaBJllIeMhlX CTHMYJlHPYlOUlHX HHHUHaTHB, n.eJlalOWHX :nOT npoeKT BhlrO.llHhlM. QT06hl pa50Ta
3Ta BeJlaCh TaK KaK nOJlaraeTClI, 3TOT npOllecc n01pe6yeT npHBJle'leHHe rOCY.llapCTBeHHhIX 'lHHOBHHKOB,
06J1aaa1OUlHX BhlCOKOH creneHblO npo¢eCCHOHaJlH;3Ma H COOTBeTCTBylOlll.HMH HaBhlKaMH H onblTOM B
npOBen.eHHH        oueHOK    HHBeCTHUHOHHhlX            npOeKTOB.     .l1.a)f{e   npH      caMOM     5J1arOnpHlITHOM           CTelJeHHH
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npoBoWlpyeT 3allBJIeHHlI 0 KoppynUHH.              KpOMe Toro, 3TOT KOMHTeT .llOJI)f{eH CJlellHTh H Ha6J1lO11aTh 3a
BhtnOllHeHHeM npoeKTa, C TeM 'lT06hl y5ellHThClI B TOM, lJTO HHOCTpaHHhle HHBeCTopbl BhInOllHlIlOT B3l1Tble
Ha ce611 06113aTeJlhCTBa: 'ITO lIMlieTCli npOllen.ypoM lloporocTollUleH H CJlO)f{HOM H 06h1lJHO HrHopHpyeMoA
50JlhrnHHCTBOM rOCYllapCTB.


18.   PeKoMeH.llaUHH. nporpaMMa cy6CH,ll,HpoBaHHlI HHoCTpaHHhlx HHBeCTHUHM 1l0Jl)f{Ha fiblTh YCTpaHeHa
KaK MO)f{HO 5b1CTpee. OllHaKo, eCJIII rocyn.apcTBo TeM He MeHee HaCTaHBaCT Ha nOll06HbiX nporpaMMax,
Torn.a KaK MHHHMyM 3TH CTHMYJlHpYlOUlHe HHHUHaTHBhl 1l0Jl)f{Hhi 6hlTh npHBen.eHhl K 06weMY CTaHllapry H
npellOCTaBJIliThCli     aBTOMaTH'leCKH     3aCJlY)f{HBaIOWHM          HX      HHBeCTOpaM,        a       He   npe.llOCTaBJIlilOTCli    no
paCCMOTpeHHH HX B Ka)f{n.OM OT,ll,eJlhHOM cnYlJae, KaK 3TO npOHCXOllHT B HaCTOJlIIUdi MOMeHT. rOCYllapCTBO
pa3pa60TaeT 06beKTHBHhie KpHTepHH, KOTOPhlM HHBeCTHUHOHHhlii npoeKT llOll)!(eH 6y.llCT YllOBJICTBOPJlTh
npe)f{lle   'leM       COOTBeTCTBYIOUlHe      CTHMYJlHpYIOUlHe             HHHUHaTHBhl       6Yllyr       npen.CTaBJleHhl.     JIlO60MY
HHBeCTHUHOHHOMY npoeKTy, KOTOPhlA 6YlleT yn.OBJlCTBOPliTh 3THM KpHTepHlIM,                                    6y.nyr npe.nOCTaBJIeHhl
COOTBeTCTBYlOume         CTHMYllHpYIOlll.He     HHHUHaTHBhI.          He     6y.neT     H~n.hl       B    D.J1HTeJJhHOM     npocMOTPe
KBaJImllHKaUHoHHhlX napaMe1poB .!lJ111 Ka)f{.!lOrO OTn.eJlhHoro npoeKTa.


19.   HaH60JlhWHe       YCHJlHlI   Ha ceron.H,lI       3TOT KOMHTeT npHKJlan.hlBaeT K 06pa60TKe 06palll.eHHH                           3a
HHBeCTHUHOHHh!MH CTHMYJlHPYIOlll.HMH HHHUHaTHBaMH. YcoBepweHcTBoBaB npouecc npoBen.eHHJI oueHKH
npoeKToB, ,le¢HUHTHhle pecypchl MOryT 6h1Tb HanpaBJleHhI Ha n.pyrHe lleJiH. KOMHTCT no I1HBeCnlUHJlM
MO:lKeT yKpenHTh CBOH B03MO)f{HOCTH B nJlaHe npen.oCTaBJleHH,lI HHBeCTopaM He T01lhKO ¢HHaHCOBh!X
CTHMYJlHPYIOUlHX HHHUHaTliB, HO H n.pyroA pll3Ho06pa3HoA nOMOUlH. 3TOT KOMHTeT MO)f{eT TaK)f{e craTh
BbJpa3HTeJJeM       3aUlHTHHKOM     nOJlHTHKH      rOCY.llapcTBa,     HanpaBJIeHHOH          nOMoraTh         BeeM    HHBeCTOpaM,       H
MeCTHhIM, H      ~iHOCTpaHHhIM.



20.   )lpyrall     o3a60'leHHOCTh HHOCTpaHHhlx HHBeCTopoB Bhl3BaHa CJlO)f{HOCTlIMH npH nOJlyqeHHH BH3, a
TaK:lKf;" .npyrHMH npouellypaMH, KOTophle .neJJalOT 3a1pyn.HHTeJJhHhIM D.J111 HHX 06eCne'lHTh Bbe3.n B cTpaHY
HHOCTpaHHblX pa60THHKOB, XOTl'I 3TH COTPy.nHHKH qalll.e Bcero 05J1a.nalOT TeMH 3HaHHlIMH H HaBhIKaMI1,
KOTOrhle B Kll3aXCTaHe nOKa OTCyrCTBYIOT. npHMepaMI1 MOryT cnY)f{}!Th n.o1lrHe nepHO.llhI O)f{H.naHHlI npH
nOJlYlJeHHH BH3, Tpe60BaHHe nHChMa npHrnaweHHlI, 1pe60BaHHe nOJlY'leHHlI JIIIlleH3HH Ha npaBO HaMMa
HHOCTpaHHhlX pa60THHKOB, Tpe60BaHHe perHC1pHpOBaTh nacnopTa H BH3b1 B MeCTHhIX opraHax BJiaCTI1,
6ecnOKOlllllHe lleikTBHlI, BKJlIO'la~ apeCT HHOCTpaHHhlX rpa)f{n.aH, He HMelOl.Ul1X npH ce6e Heo6xOlll1MhiX
n.OKYMeHTOB, KOHTPOJlh co CTOPOHbl BJlaCTeH 3a nepellBH)f{eHHeM BHYTPH CTpaHhl, 11 He06xOllHMOCTh
oGpalllaThCl'I 3a paJperneHHeM Ha Bble3.ll 113 C1paHhI (paCCMa1pHBaeTCli KaK oc06eHHO 06peMeHHTenhHM H
nyraiOUlali npouellypa). KOMHTeT no I1HBecTHUHlIM MO:lKeT YCKOPHTh OTMeHY 60Jlhl.UHHCTBa H3 3THX
aJIMHHHCTPaTHBHhlX 6aphepOB H nOMoraTb HHBeCTopaM C nOJlY'leHHeM 01HueH3HH, penlCTpaUHel1 HolH
pa3pc;'llleHHlI Ha pa60ry, a TaK)f{e OKll3b1BaTh nOMOl.Uh B TaMO)!(eHHhIX npouellYpax.




MaJlhle " CpellHHe npellnpHSTHSI.


21.   npen.h1CTOpHH. Bo MHOrHX, KaK pa3BHThIX, TaK H C nepexollHol1 3KOHOMHKOH cTpaHax,                                   npellnpl1l1THli
MMhlX H cpellHHx pa3MepoB 6h1J1M OCHOBHhIM llBHraTeJleM pOCTa npOH3BOllCTBa 11 nOBhlweHHlI 3aHJlTOCTH.
nOn.C'leT 06l.Uero 'lHCJla MaJlhlX H Cpe.llHHX pa3MepOB npellnpl1UHH Ii oueHKa HX Ba)f{HOCTH lIBJlReTC~
oc06eHHO 3aTpY.llHHTellhHhIM, TaK KaK MHome H3 nOll05Horo pO.lla 6H3Hec npen.npl1J1THH pa60TalOT
HeO¢HUHaJIhHO H He HMelOT O¢HUHaJlhHOH perl1CTpallHI1. no O¢HUHaJlhHblM oueHKaM 3TH npen.npHliTHli
npOH3Bon.lIT B Kll3aXCTaHe          BoceMh    npoueHTOB BHn                 H OXBaTblBaIOT weCTb               npoueHTOB 3aHliTOro
Hace;leHH~. DOJlee nOJlOBHHbI 3aHHMalOTCli TOprOBJleM H npellOCTaBlleHHeM yCllyr. MaJloe HJlH cpellHHX
pa3MepOB npennpHliTHli B Ka3aXCTaHe onpen.eJllleTCli qHCJlOM cOTpyaHHKoB npellnpHlITHJI, KOTopoe He



                                                                  9
npeBblLUaeT 100.        B COOTBeTCTBHM C rocYllapcTBeHHblMH CTaTl1CTH4eCKHMH llaHHbIMH, B 1997-M rOllY B
Ka3aXCTaHe Obl310 3aperHcTpHpoBaHo npH031H3HTe31bHO 150,000 M8JlbIX H cpellHHx npellnpmm1i;j, 52,000
H3 KOTOPblX HBJlHIOTCH <PYHKUHOHHpYlOlUHM H.


22.   B 6031bLUHHCTBe        cTpaH CYlUeCTBYeT 3Hat lHTe31bHblH He0<pHUH8JlbHbIH ceKTOp 3KOHOMHKH, B KOTOPOM
paooTalOT M8Jlble H cpellHHe npellnpHliTHH. TIo oueHKaM 3TOT He0<pHUH8JlbHbIH ceKTop OTBe'laeT 3a 30-
50% BHTI B I1HlloHe3HH, Ha ¢>H31HnnMHax H TaHJlaHlle, H 3a 20-30% B IO)!(Hoi:f Kopee, M8JlaH3Ji1H JiI
TaHBaHe. OnHoH H3 npJill.lJilH, no KOTOpoi:f MHome H3 3THX npellnpHiiTHM pa60TaJOT He0<pHUHaJlbHO,
lIB31lleTCli    )!(eJlaHHe    H30e)!(aTh   oOpeMeHHTeJlbHoro           npaBoBoro       Ii   H8JlOrOBOro       pe)!(HMa.    PeaKUHeH
npellnpHHHMaTeJlH M8JlOrO oH3Heca Ha "Ipe3MepHble H8JlOrOBble C60Pbl H Hanop co CTOPOHbl npaBoBblx H
H8JlorOBbIX opraHoB MO)!(eT CTaTh BBeneHHe CBoero M8Jloro 6H3Heca B HeJler8JlbHYIO c<pepy, rne He HY)!(HO
ero perHCTpHpoBaTh H ruraTHTb H8JlOrH. TaKHM 06Pa30M, 3aH$lTOCTb HaCeJleHHii HJlH o6.. eMbl npOH3BollCTBa
B TaKHX npellnpHHTHilX 6H3Heca, BepOHTHO, He OTpa)!(eHbl B 0<pHUHaIIbHbIX naHHblx.


23.   B COOTBeTCTBHH         C 0<pHUH8JlbHbIMH llaHHblMI1, M8Jlhle 11 cpellHHe npellnpl1HTHli B Ka3axcTaHe HaMHOrO
MeHee 3Ha'lHMbI, He)!(eJll1 B pa3BHTblX CTpaHax H na)!(e B llPYfHX crpaHax C nepexollHoH 3KOHOMI1KOH (CM.
puc. 3). B        COOTBeTCTBHH C OllHHM npoBeneHHhlM HCCJlellOBaHHeM, MaJlble H cpellHHe npennpl1i1THii
OTBe'laIOT 3a 53 npOueHTa 3aHliTOCTH B CoellHHeHHblx lllTaTax, 3a 64 npOueHTa B fepMaHHH, H 80
npoueHToB B I1T8JlHH. CpenH cTpaH C nepexonHoM 3KOHOMI1KOM MaIIble H CpellHl1e npennpHHTH$I OTBe'lalCT
3a 58% 3aH$lTOCTH B rpY3HH, 3a 37% B qeLUcKotl Pecny6J1HKe, 3a 24% B BeHrpl1H H 3a 23% B TIOJlbLUe.
Aa)!(e eCJlH naHHble PHC.3 OhlJlH 6bl CKoppeKTHpOBaHhl                  pa3MepOM He0<pl1uH8JlhHOrO ceKTopa, Ka3axcTaH
BepOHTHO TaK)J(e OTCTaB8Jl 6bl OT llPYfHX cTpaH. TaKHM 06pa30M                              rocYllapCTBo 06peJlo nporpaMMY
OKa3aHHH        nOllllep)!{KH    M8JlhIX   H    Cpe,llHHX     npennpHHTHH.    PiI,ll    Me)!(ll:yHapOllHbIX     H     llBYCTOPOHHHX
opraHH3auHi:f TaK)!(e o6eCne4HBaIII1 nOllllep)!{KY 3TOMY ceKTOpy.


24. TIporpaMMbl no MaJlblM 11 cpellHHM npellnp"S1THSIM.                      B     CJlenCTBl1e BruKHOCTH M8JlbIX H cpellHHx
npellnpHiiTHtl ll31H 3KOHOMHKH crpaHbI, 6031bWHHCTBO rocYllapcTB JilMeeT Pa331I1"1Hble nporpaMMbl nOMOlUH
3TOMY 6H3Hecy. OllHaKo, 6blBaeT TpYllHO oueHHTb ycneLUHocTh 3THX nporpaMM, TaK KaK MaJlblH 6H3Hec
MO)!(eT OKa3aThCiI ycnewHblM               6e3 nOllllep)J(KI1 lla)J(e OllHOH        H3 3THX nporpaMM. KpoMe Toro 3TI1
nporpaMMbl MOryT OKa3aTbCillloporoCTollUlHMH eC31H B HX paMKax npenOCTaBJl$llOTCli Kpelll1Thl HJlI1 3ai:fMhI
MaJlblM npellnpl1i1TI1i1M H eC31H 3TI1 KpellHThl I1nl1 3aHMhi BnocnellCTBI-1H He B03Bpalll.aJOTCl!. BceMHpHblH
BaHK Clle318Jl 0630p HMelOllI.erOCli B pa3HblX cTpaHax onblTa B 3TOM OTHOWeHI1H C TeM 'lTOObl onpellenHTh
KaKaii H3 nporpaMM Hal100JJee BepOliTHO OKa)!(eTCli ycneLUHoH (CM. B310K 1).


IinoK   1:     3cj)cj)eKTUBHble nOllXOJlbl no 0K:a38HHIO nOMOIllH MaJlblM 11 CpeJlHI1M npeJlnpHSITlulM.
•     TIOJHlTH'IeCKHe        pe<poPMbl     no    nOCTHJI(eHMIO     MaKp03KOHOMH'IeCKOH               cTa6HJlbHOCTH,       nOJlHOCThlO
      0603Ha'leHHble IOpl-I.UH'leCKMe paMKH H HH3KHe onepaUHoHHble 3arpaTbI (HCCJlellOBaHHe phlHKa HapilllY
      C nOJlY'leHHeM JIHueH3HH, perHCTpaUHeH, OT'IeTHOCTblO H H8Jloroo6no)!(eHHeM),
•     Bonee      HH3KHe      onepaUHoHHhle       pacxollbl,    CBl!3aHHble   C <pHHaHcHpoBaHHeM               (B TO   BpeMli   Korlla
      nporpaMMhl KpellHTHhlX Cy6CHlll1M OKa3bIBaIOTCl1 Hepa6oTocnoco6HhlMH) ,
•     OKa3aHHe       nOMOlll.M    "nerKoro      KaCaHHl1"     B TeXHH'leCKOH        06J1aCTI1   11   c<pepe    MapKeTHHra (      nnl!
      npeOllOJIeHHii HH<popMaUHoHHoi1 aCHMMeTpHH KaK Ha ypOBHe KOMnaHHH TaK H Ha ypOBHe pblHKa B
      ueJIOM), npH KOTOPOH 06meCTBeHHhiH ceKTOp nOllllep)!(HBaeT 4aCTHbie HCT04HHKH :nOH nOMolUH.
•     CTpaTerH'leCKHe nporpaMMbl, KOTopble nOBblLUalOT 3al1HTepeCOBaHHhlH llOCTyn K 06Y'leHHIO H HOBbIM
      TeXHOJIOfl1i1M (HaJloro06JIOl!<eHHe 3apn31aTbl 06bellHHeHHoe C nporpaMMaMH npennaralOUlHMH Bbl60p
      CTaTb 'laCTHhIM nOCTaBUlHKOM, npM 3TOM CTI1MY31HpYIOUUle HHHUHaTI1Bbl                             'lHCTO B c<pepe HaJlorOB
      MeHee 3<p<peKTHBHbl) ,
•     Mepbl no nOBbiLUeHHIO B3aHMOlleHCTBHH Me)J(llY <pHpMaMH H HX 06be,llI1HeHHIO KaK OTBeT Ha Bbl30B
      Bceo6meil rn06aJlH3aUMM (.l10CTHJI(eHHe KpHTH'IeCKOH MaCCbI B nOBblLUeHHH 1l0CTyna K KpellHTa~,
      TpeHI1HraM, HOBblM TeXH0310rHl1M H 3KcnopTHhiM B03MO)J(HOCTlIM).
HCTO'lHHK: JIeHna Y36crep,            KpellHTOBaHMe BceMHpHblM BaHKOM MaJJhlX TIpennpHl1TI1H, 1989-1993 rr.
BceMHpHhlH BaHK , BblHeceHHhlH Ha o6cY)J(,UeHHe JioKYMeHT 31                  I,   1996 r.




                                                                  10
25.    HaH60Jlee        BaJl\Hali   n01lllepJl\Ka,   KOTOPYIO    rocyaapcTBo           MOJl\eT    OKa3aTb       MaJlblM    M   epeilHMM
npeilnpHliTHlIM,           COCTOMT B YJlY'IWeHHH yeJlOBHM              JlJlll 6H3Heca,      KaK :no YJl\e YKa3bIBaJlOCb paHee.
UapanOKCaIlbHblM JlBJlJleTCli TOT $aKT, 'ITO CHMJI\eHHe HaIlOrOBOrO M npasoBoro peryJlMpYlOmerO 6peMeHM
MOl!(eT Ha npaKTHKe npMBeCTH K YBeJlH',leHHIO HaJlOrOBblX nocryllJIeHHH 01' MaJlblX H CpellHHX npellnpHJlTHH
H npOH30MTH :31'0 MOlKeT no nBYM npH'HfHaM. Bo-nepBbIX, 3TO nOBblCMT KOJllHeCTBO MaIlblX H cpellHHX
npeanpHlITHH M HX 3Ha'lHMOCTb. BO-BTOPbIX, :31'0 n06yaHT 60JlbWee '1MCJlO MaJlblX H cpeaHHX npennpMJlTHH
O$HUHaIlbHO 3aperHCTpHpOBaTbeJl, pa60TaTb JleraJIbHO M nJlaTMTb HaJIOrM.


26.   B aOnOJlHeHMe K YJlY'HueHMiO YCJlOBHH JlJlJl 6H3Heca, roCYilapCTBO ocymeCTBJlJlnO nonblTKH OKa3aTb
nOMOWb 3TOMY ceKTOpy pa3Ho06pa3HbIMH ·cnoco6aMM. ,lJ;Ba IIpe3HaeHTcKHx YKa3a, '1eTblpe 3aKOHa, lleCJlTb
rOCYllapCTBeHHblX YKa30B, M ceMb npaBOBblX peryJ1HpYlOlllHX                            aKTOB 3a nOCJ1ellHHe mlTb neT HMelOT
HenocpellCTBeHHoe OTHoweHHe                 K    nO.l1.l1eplKKe MaJIblX    H CpellHHX        npennpHliTHIf. HeCMOTPJI            Ha 3TH
nporpaMMbI        H     HHHUHaTHBbl,      HX 3¢$eKT       Ha pa3BHTHe MaJlblX            H CpellHHX           npellnpHJlTHH    OKa3aJ1ClI
MHHHMaJlbHblM no OT3bIBaM npe.llJlpHHMMaTeJJeH H no D,aHHbIM O$HUMaJIbHOH CTaTMCTMKH.                                     B    HeD,aBHeM
0630pe,     ClleJlaHHOM opraHH3aUHeH USAID no                    500     MaJlblM     H CpeD,HHM      npellnpHIlTHIlM       B AIIMaTbl,
OCHOBHblMH BbUIBJleHHblMH 3aTpYllHeHHJlMH Ha nYTH HX pa3BHTHIl CTaJIH: (a) OTCYTCTBHe llocTyna I<
"pellHTaM, (6) 61OpoKpaTHJI H KoppynUHlI, (B) BblCOKHe H HenpellCKa3yeMble HaJIOrH. 3TH TPyaHocTH
HaXOJl.llTCli B nOJlHOM COOTBeTCTBHH C TeMM 'ITO npellCTaBneHbl B aHaJlOrn'lHbiX 0630pax no CEE M llPyrnM
cTpaHaM CHr, C TeM JlHWb HCKJlfO'leHHeM, qTO B CEE H CTpaHax CHr B Ka'leCTBe OJl.Horo H3 BIDKHeHwHx
nOJlOlKeHHH $MrypHpyeT OTCYTCTBHe aaeKBaTHOH HH$paCTPYKTYPbl.                               B    bJlOKe   2   npeD,CTaBJleHa CBOllHaR
HH¢opMauHlI no pe3YJlbTaTaM 0630pa MaJIblX H cpeaHHX npellnpHIlTHH, nOllrOTOBJleHHOrO AreHTCTBOM
Me)f(llYHapoaHoro Pa3BHTHJI CiliA (USAID).


27.   CIITyauHSI B npaBOBO" H IOpHllH~ecKoii c$epe. JIHueH3HpoBaHHe H npaKTHKa Hall30pa 3a 6H3HecOM
B Ka3aXCTaHe HaJlaraeT orpoMHble onepaUHoHHble paCXO.!lbI Ha MaJIbie H CpeD,HHe npeanpHIlTHSI H C03aaeT
B03MO:KHOCTH            .l1JISI   KoppynUHH.       ll1HPOKHH     cneKTp         aellTeJlbHOCTH       nO.l1Jle)f(HT      06113aTeJIbHoMY
JIHUeH:lHpOBaHHIO, npe)f(ae '1eM npellnpHHHMaTeJlb CMO)f(eT npHCTynHTb K 6H3Hecy. 3TH npouellYPbl
lIBJlJllOrCli   '1pe3MepHO YCJIO)f(HeHHbIMH           H 3a.!leiicTBYIOT orpoMHoe '1HCJ10 rocyaapcTBeHHblx OTD,eJlOB,
pe3YJIbTaTOM '1ero craHoBSlTCJI pacxoabl npe.!lnpHHHMaTeJlSl He TOJIbKO B $opMe BblnJla'leHHbiX lleHer, HO B
¢opMe 3aTPa'leHHOrO Bpei\<leHH Ha ocyweCTBneHHe Bcero llOKYMeHTOO6opoTa. B OTnHqHe OT KpynHblx
npennpHliTHH,         MaJlble       H   cpellHHe     npeanpHSITHlI,       06bJtIH0     He     HMelOT      B     WTaTe     COTPYD,HHKOB
ooecnel.UlBalOmHX OTCJIeJl\HBaHHe Bcero AOK)'MeHTOo60poTa, n03TOMY npe.!lnpHHHMaTeJIb caM !tJlH caMa
.!lOJlJl\eH TpaTliTb CBoe BpeMli Ha B3aHMOOTHoweHHlI c rOCYllapCTBeHHblMIi opraHaMH, BMeCTO TOro, '1TOObl
.pOKyeHpoBaTb CBoe BHl1MaHHe Ha 6H3Hece KaK TaKOBOM. D03TOMY MOlKHO C'lHTaTb, qTO cymeCTBYeT
OTPHUlTeJlbHOe llHcnponopUHOHaJIbHOe BJlHlIHJ.fe CJla60H IOpHllHQeCKOH H HopMaTliBHOH CHCTeMbl                                          Ha
Ma.'IblE' H cpellHHe npellnpHJlTHli.


28. B    TO BpeMJI KaK 6blJIH npellnpHHlITbl Plill nOOblTOK yJly'lWHTb npasoBoH peryJlHpylOlllHM p~liM (
HanplfMep,      Y Ka3    Dpe:Ul.!leHTa OT   14   H!OHR 1996 rOlla H       25   MapTa   1997     rOlla 0 PeryJIl1pOBaHHH        Manblx   H
CpellHHx UpeanpHlITHH ), npennpHHHMaTeJIH )f(aJIYIOTCSI Ha TO, 'ITO cHryaUHlI He YJlY'lWHJIacb. qacTblO
npOOJJeMbl RBJllleTCli TO, 'ITO anMIlHHCTPHpoBaHHe H BblfiOJIHeHHe COOTBeTCTBylOlllero 3aKOHO.llaTeJlbCTBa H
MHorHX npaBHll 3aBHCHT 01' OTHOlllemHI AKHMOB K npellnpliHHMaTeJISIM. AKHMbl HMelOT OrpOMHylO BJlaCTb
B peflfOHax, HO OHH He nOllOT'leTHbl JIIOJl.lI:\1, TaK KaK OHH RBJIJlIOTCl'I Ha3Ha'leHHbIMH, a He BbI6paHHbIMH.
2l0fJOJIHlIeT np06JleMY cJIa6aJl pa60Ta no pacnpOCTpaHeHHIO cpellH npennpHHHMaTeJleii HH¢opMaUHH 0
3aKOHax, HopMaTHBHblX nOJlOJl\eHHllX H nporpaMMax nOlUl.ep)f(KH.




                                                                  11
bJIOK     2:   Pe3YJIbT3Tbl 0630p3 M3JIblX H cpe.nHHx npe.nnpHSlTHH K333xcTaHa.
•     HaHfiOJ1ee          B3'lKHble    33Tpy.nHeHHSI:     (a)    oTcyTCTBHe     .nocryna K       KpenHTaM,      (6)    61OpOKpaTI1li   H
      KoppynUHli, M (B) BblCOKHe H HenpenCKa3yeMble HaJIOrH.
•     MeHee CYlUecTBeHHble CJ10IKHOCTH: (a) Cblpbe \ 060pynoBaHHe, (6) nocTYn K PbIHO'IHOH HHq.0pMauHll
      H (B) KoonepaUHli C npyrHMIi MaJIblMI1 11 cpe.nHI1MH npe.nnptUITliliMI1 (TOnbKo 8% BXonliT B COCTaB
      np0l13BOnCTBeHHbiX aCCOUl1aUHH              I   06"ben11HeHI1H )
•     BJI3,lleHHe co6CTBeHHOCTblO: cpe.nHHH B03paCT c06CTBeHHHKa 6blJ1                         30-40 J1eT,   &0% MyiK'IHHbl, 90% c
      YHHBepcl1TeTcKHM 06paJoBaHJ.1eM, 75% no ::noro pa60TMH B rocynapcTBeHHblx cTpYK1Ypax tl1lH
      rocynapCTBeHHblX npennpHliTHliX.
•     cq.epa neliTenbHOCTIi: 70% Bcex MaJIblX Ii cpenHHx npennpHliTHR HaxonHTcli B TOproBJ1e H cq.epe
      ycnyr.
•     pafio'faSi CHJIa: B llByx TpeTbHx Bcex MaJIblX H cpenHHx npennpHHTHH pa60TaeT MeHee neClITM
      'IeJ10BeK ( B 83% npellnpHlITMH MeHee '1eM .nBanuaTb), 90% 3aH$lTbl Ha nOJ1Hbl" pa60'lI1H .neHb.
•     YpOBHH          aKTHBHOCTH:          06HapYiKeHO,         'ITO   30%     H3   850       MMblX    11   cpe.nHHx     npe.nnpHliTHH
      3aperHCTpl1pOBaHHbix B HaJIOrOBblX opraHax, nl160 3aKOH'IMllH CBOIO ne$lTellbHOCTb, J1H60 HHKorna He
      Ha'lI1HaJ1H, 20% npOpa60TaJ1H MeHee 8 MeCliueB B rony no npH'IHHe HenOCTaTKa D.eHeiKHblX cpenCTB.
•     B03P3CT: npaKTM'IeCKH Bce MaJ1ble H cpenHHe npe.nnpH$lTH$I CYW.ecTBYIOT MeHee 4 J1eT ( 45% - MeHee
      2   neT), KpaHHe MaJ10 BbliKHBWHX MMblX H cpenHHX npe.nnpM$lTHH 6blJ10 3aperHcTpMpoBaHO paHbwe
      1994 rOlla.
•     npoHcxOOKIleHHe: 80% npennpliliTI1H 6blnli OTKpblTbl B Ka'leCTBe HOBoro 6M3Heca, a He BbiKynneHHoro
      rocy.napCTBeHHoro npeD.npH$lTHlI, HH onHO npennpHliTMe He 6blJ10 BblKynJ1eHO npyn1M X03l1HHOM
      llpYlOro 'IaCTHOro 6113Heca.
•     HCTO'lHHK"11 q.HH3HCOB: nO'lTM 75%                    H3 HaKonneHHH BJ13,lleJlbua 6M3Heca - poncTBeHHHKoB, npY3eH
      (20% I1Cn0J1b30BaJIH             KpenHTbl   6aHKa). YcnOBIUI 3Mora paccMaTpHBalOTcli                     B Ka'leCTBe rJlaBHOH
      npH'IHHbI (60%) HeB03MOiKHOCTI1 nOJlY'IeHHli 6aHKoBcKoro KpellHTa.
•     311aHHSI    H       coopy'lKeHHSI     "   aKIlHoHepHblH          K3nHTaJJ:     nBe TpeTbMx        Bcex    MMblX      M cpellHl1x
      npeD.npM$lTI1H apeHnYIOT nnOIUanH (75% apeHnYIOT B rocy.napcTBeHHblx opraHH3aUI1$1X)                                 50%    Bcex
      MMblX 11 cpe.nHI1X npennpH$lTMH BbIKYnHJ1H o60pynoBaHI1e 6bIBwee B 3KcnnyaTaUHH.
•     ypOBHH lloxonHB: TOJ1bKO 10010 pa60To.naTeJ1eA nOTepliJ1H nOXO.ll.bl C MOMeHTa 06paJoBaHMli I1X MaJIblX 11
      CpenHI1X npennpHl1n1H, 70% 3aq.HKcHpOBaJ1H pe3KMH I1llH YMepeHHblH I1X pOCT.


y1cTO'fHHK MHq.0pMauHH:               USAID

29.   AnMHHHcTpHpoBaHHe                   HaJJOrOB.     C    MOMeHTa        o6peTeHH$I    He3aBHCHMOCTH        HaJIOrOBa51    CHCTeMa
nperepnena 3Ha'l HTellbHble M3MeHeHMli - 6bl1l BBeneH B .neiicTBHe C 1 HIOJlSI 1995 rona HOBbIM HaJlOrOBblH
KOneKC, npHHlIT K HcnonHeHHIO                   YKa3 npe3H.ll.eHTa 0 HaJlorax H JlPyrl-lx 06113aTe1lbHbiX 61O.ll.iKeTHbix
BblnJlaTaX       OT   I    HIOHl1 1997 rOJla ( co CTaryCOM 3aKoHa) no ynpoweHHtO 1-1 MonepHH3aUHH HMorOBOH
CHCTeMbl. 06wee KOlll1'1eCTBO HaJ10rOS 6blJ10 cOKpaweHO C 40-Ka no 1 I -TM ( n$lTb H3 KOTOPblX l1BJIlilOTCli
06513aTenbHblMH MeCTHblMH HaJlOraMH) . KpoMe :noro 06l13aTellbHblMH $IBJ1l1tOTCl1 BblnnaTbl Ha COUHaJIbHOe
cTpaxOBaHHe (             KOTopoe HMeeT rpH THna q.OH.llOB ), B <1>OHJl 3aHliTocTI1, ,[{OPO)!(HbIH <1>oHn, <1>OH.ll.
oKpY:iKalOwefi Cpe.llbl, H Pecny6JlHKaHCKHfi <1>OHlI, 3aWHTbi H BOCCTaHOBJleHHli npHpoD.HblX pecypcoB.


30. OCHoBHble npH'IHHbl He.nOBOJ1bCTBa npeJlnpliHMMaTeJ1eH OTHOCliTCl! K aiIMHHHcTpHpoBaHHIO HMorOB.
HaJloroBble npaBlwa npHMeHl1IOTC5I Henocne.ll.OBaTeJlbHO H HeKoppeKTHo. 3TO MO:iKeT 6blTb OTHeceHO Ha
C'IeT nOCTOllHHblX H3MeHeHHH B npaBMJlaX HMoro06nOiKeHH5I - Ha npOTJliKeHMH ,llByxneTHerO nepHO.lla C
1995 no 1997 rr. 6blJIO npHHl1TO nO'ITH 20 nonpaBOK. TaKiKe Tpe6yeTCli, 'Iro6bl Manble H Cpe.ll.HHe
npennpHl!THl1         HcnOllb30BaJlH       B 6yxraJITepHI1        cHcTeMY      y'leTa    Ha   OCHOBe    npHHUMna       Ha'lHClleHH$I   11
HCn01lb30BanH OTHOCMTellbHO ,llOporocToliWHe KaCCOBble annapaTbl -                               HeKOTopble MMbie          H Cpe.ll.HHe
npe,llnpH5ITHl! MOryT OKa3aTbCl! CnHWI<OM MaJIeHbKHMH 'IT06b! HMeTb B03MOiKHOCTb TpaTHTb TaKHe .neHbrH
Ha    TaKHe      annapaTbl.           OrCYTCTByeT      noporOBali      CHCTeMa      pernCTpaUHM        06li3aTeJlbHOrO     Hanora      Ha
A06aBlleHHyJO CTOMMOCTb B OTllH'IHe OT MHOrHX crpaH BOCTO'lHOH EBponbl, B3BMMBal! TaKHM 06pa30M
nOnOJlHHTeJlbHblH a.llMIiHI1CTpaTHBHblH rpY3 Ha npennpHlITH5I MMoro 6H3Heca.




                                                                       J2
3).    $HHaHcHpoBaHHe            ManblX       It   Cpe.!l,HHx    npe~npItSiTHH.           rocYJlapcTBo        nbiTaITOCb        YBeJIH'lHTb
Kpelll1TOBaHHe MaITblX H cpenHHx npeJlnpHlITHH H3 <jJHHaHcoBoM CHCTeMbl nOToMY 'ITO npeJlCTaBHTeJIH
MaJIOro GI13HeCa qaCTO lI<aJlYIOTCli Ha HeJlOCTaToqHoe KOllH'leCTBO neHell<HblX cpeJlCTB MR o60poTHoro
KanHTarra H !lJl1l HHBeCTHUl1lt OJlHaKO non06Hbie iKaJlo6bl nocrynalOT OT npenCTaBHTelleM MaJIOrO 6H3Heca
no BceMY MHPY. 4awe Bcero OCHOBHblM HCTO'lHHKOM Cpe.llCTB D.!1H Manoro 6H3Heca lIBJIl'IeTCli coGCTBeHHblH
KanHTarr ero BJlaJleJlbua HJIH GJIH3KHX pOJlCTBeHHHKOB HllH JlPY3eH. B c-rpaHax EBponeMcKoro CooGlUecTBa,
rJle Manble H CpeJlHHe npeJlnpHHTHIi OTBe'laIOT 3a              65% 3aHliTOCTH          H 40% nocraBoK npoJlYKuHH Ha 3KcnopT,
POCT MaJIblX    H CpeJlHHX npe.llnpHlITHH <jJHHaHcHpyeTcH 3a cqeT pe<jJHHaHCHpOBaHHlI npHGblJIH                                    (65%), 3a
C'leT 6aHKoBcKHX 3aMMOB          (20%),     JIH'lHbIX ceMeHHblX cpencTB           (l0%),   H JlOnOJIHHTellbHoro KanHTarra              (5%).
B KaJI()lOM c-rpaHe GaHKH C'lHTaIOT, 'ITO KpeJlHTOBaHHe MaJIOrO fiH3HeCa RBJIlIeTCl'I pHcKoBaHHblM, H TaKHe
KpellHTbI    HMelOT      BblCOKyIO       CTeneHb      HeBbInOJlHeHHlI           KpeJlHTHblX        oGl'I3aTeJlbCTB.       CneJlOBaTeJlbHO,
rocYJlapCTBeHHble nporpaMMbI no npeJlOCTaBJIeHHIO HllH rapaHTHpoBaHHIO KpeJlHTOB MaJIblM H CpeJlHHM
npeJlnplUITHliM 'laCTO HMelOT BbiCOKYIO CTeneHb HeBbInOJlHeHHlI 3aeMlUHKOM CBOHX ofi1l3arenbcTB H B
KOHue KOHUOB OGXOJlllTClI rocYJJ.apcTBY B KpyrJIYIO JleHeiKH}'1O CYMMy. B Ka3axCTaHe :no MOiKeT OKa3aTbCl'I
ewe GOJlee BepoliTHblM, TaK KaK 6aHKoBcKall CHCTeMa Bce ewe B npouecce pa3BHTHli H B HeH olUYlUaeTcli
He.llOCTaTOK XOPOWHX 3aJ10roBbiX H CHCTeM H CHCTeM GaHKpOTCTBa.


32.   KaK ynoMHHaJIOCb Bblwe, HaHGOJIee BalI<HblM warOM, KOTOPblH MOll<eT GblTb CJlenaH rocYJlapcTBOM B
HanpaBJIeHHe YBeJIH'leHHl'I Kpe.llHTOBaHHlI MaJIblX H cpenHHx npeJlnpHliTHM :no npHHlITHe XOPOWHX 3aKOHOB
o 3aJIOre H llH3HHre. ,llPYrHM U1arOM MOiKeT CTaTh YCTpaHeHHe orpaHH'leHHH Ha rpaHHUbl npoueHTHblX
CTaBOK 6aHKa no KpeJlHTOBaHHIO. rpaHHUbI no KpellHTaM MaJlblM H CpeJlHHM npeJlnpmlTHl'IM llOJlll<Hbl GblTb
Bblwe, 'leM no .IlpyrHM KpenHTaM H3-3a GOJlbWeH CTeneHH pHcKa H GOJIee BblCOKHMH onepaUHoHHblMH
paCXO.llaMH, B03JIOiKeHHbIMH Ha 3aeMlllHKa. rOCYJlapCTBeHHblM -rpe6oBaHHeM lIBJllleTClI npenOCTaBJIeHHe
MaJIbiM H CpeJlHHM npeJlnpHliTHlIM no KpaHHeH Mepe                  10% OT 06111HX         BblJlasaeMblx 6aHKoM KpeJlHTOB, XOTli
3TO He lIBJHleTClI D.!111 MHOrHX 6aHKOM CB1I3blBalOlUHM HX 06cTOllTeJ1bCTBOM nOCKOllbKY HX Kpe.llHTOBaHHe
MaJIOrO H CpeJlHero 6H3Heca HaXO.llHTCli Ha ypOBHe, npeBbiwalOweM -rpe6yeMblH MHHHMYM.


33.   ,llBjCTOpOHHHe .Il0HOPbi y'lpeJlHllH <jJHHaHcoBble OpraHHlaUHH no KpeJlHTOBaHHIO KaJaxcKoro 6H3Heca,
HanpHMep, lI,eH-rpaJIbHblH <l>OHJl A3HaTcKo-AMepHKaHcKltx ilpeJlnpHlITHH H ilOCT npHBaTH3aUHoHHblM
<l>OHJl. 3TH $OHJlbl, OJlHaKO, JleJlalOT 3aHMbl 11 I1HBecTHU}lH Ha CYMMY CBblwe                              I    MKIlJIHOHa       US$,    'ITO
cywecrneHHo HHiKe no-rpe6HOCTeM 60JlbWHHCTBa MaJlblX H CpeJlHHX                               npeJlnpHlITHit EBponeHCKHM EaHK
peKOHCTPYKUHH H pa3BHTHSl Ha'lHeT nporpaMMY BblJleJleHH)) 3aMMOB !lJl1l MaJIbiX H Cpe.1lHHX npeJlnpHlITl1M B
cepemlHe     1998   rOJla.


34.   06Y'leHl1e II yCJlyrll no OKa3aHliIO nO.llllep*KH. ,lJ.pyroH c<jJepoH, B KOTOPOH B03MOiKHO OKa3aHHe
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6YXY'l(!T    H TaK     .IlaJIbUle.    rocynapCTBo      11   .IlBYCTopoHHHe         JlOHOPbl    06eCne'lHBaIOT             TaKyIO    nOMOll\b
nocpellcTBoM Ka3aXCKOro lI,eH-rpa no ilO.llllepiKKe Manblx H CpeJlHHX npeJlnpHlITlfM, KaJaxcKoro UeH-rpa
06Y'leHHlI, OpraHI13aUHH no PaJBI1THIO MaJIblX H CpeJlHHX npeJlnpHSlTHH B AKTIOGe, UNDP lI,eH-rp Hero
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nporpaMMbl o6Y'leHHlI .1lJl1l npennpHHI1MaTeJIeit


35.   ,llnll Bblpa6oTKI1 nOJIHTI1KI1 11 KOOpJlHHaUl111 JleliTellbHOCTII no OKa3aHHlO nOMOll.l1I Ma..lbiM II CpeJlHIIM
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pemOHaJIbHblMI1        rocynapcTBeHHblMH           BJIaCTlIMH.          .lVt"    TOro    'lT06bl     6blTb   3cp<jJeKTI1BHbIMH,        3THM
nOJlpa3JleJleHI1l1M Hyll<HO nonOJlHHTeJlbHOe o6Y'leHHe H nOMOlllb B palBHTHH nporpaMM Maaoro H cpenHero
6H3Heca.


36.    PeKOMeHJlaUHII. CYll.lecTByeT TpH c$epbl, B KOTOPbIX rocy.napCTBo MorJIO 6bl cnoco6CTBOBaTh
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Mepe     cOKpaTHTb MHome 113 onepaUHOHHblX 3aTPaT, KOTopble Hecyr MaJIble H CpeJlHHe npe.llnpHlITHli BO
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JlOJIlI<HO   paCC\10TpeTb            COKpalUeHHe      HanpaBJleHHH              KOMMep'leCKOH         Jlel'lTenbHOCTH,         Tpe6ylOIl.lHx



                                                                   13
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ManblX H cpellHMX npe.nnpHliTHit


37.   BO-STOPbIX,   rocYllapCTBo   MOJKeT   YJlY'lWliTb     llocryn   ManblX   H   cpellHHx    npellnpHHTHH      K
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KpellHTosaTb OTHOCMTeJlbHO PHCKOSaHHble npellnpHliTHli Manoro H cpe.nHero 6H3Heca.


38.   B-rpeTbHx, HanorOBoe all,MHI-mCTpHpoBaHHe .nOJl)f(HO 6blTb ycosepweHcTBOsaHo Pa3HbIMH nyrllMH.
,llOJl)f(eH 6blTb YCTaHOBJIeH noporoBblM 060pOT .llJllI pefHcTpaUHH nnaTenbUlllKa Hanora Ha .no6aBJleHHYIO
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no OT'IeTHOCTH MOryr 6blTb ynpomeHbI H 'IaCTOTa I1X nOlla'lH COKpallleHa.




                                                       14
                                                  r ..i1ABA BTOP A.SI
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39.   Ka3aXCTaH npHH~Jl npanMaTH'IeCKHH noAXO~                       K npMBaTH3aUHH H nocTapanc~ HCnOllb30BaTb 3~eCb
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cnaobIe MeCTa H He611aronpHnHble MOMeHTbl. OcHOBHbIM laKnlO'leHHeM O~HaKO lIBJI$leTC~ TO, 'ITO npHH.HB
Ha BoopyiKeHHe MHOrO cnOC060B, Ka3aXCTaH HMeJl B03MO)!(HOCTb npHBaTH3HpOBaTb OrpOMHylO '1aCTb
CBOHX npe~llpH.HTHit      B     npHBaTHlaUHH 60JlbWHX npe~npHlITHH KOTopbIe no npe)!(HeMY HaXO~.HTCli B
rOCYJlapCTBeHHoA co6CTBeHHOCTH, rOCYJlapCTBO 1l01l:lKHO paCCMaTPHBaTb O~HH cnocoo npHBaTHlaUHH,
KOTOPbIA     He   HCnOllb30Ba..1CH       WHPOKO       paHee      -    npOJla:lKy   601lbweA         '1aCTM   aKUHA    npe~npHHTHA
CTpaTerH'IeCKHM HHBeCTopaM npe.llJlaraH HaHBblCWYIO 3a HHX ueHY.


40.   ManaH "      CpeJlHSlSI Uhcana H npHBaTH3auHH CeJIbCKOrO X03HACTBa. BCJleJlCTBHe TOro, 'ITO
6011bwoe '1HCJlO cnoco60B npHBaTH3aUHH ObIJIO HCnOJlblOBaHO, HCTOPHH npHBaTH3aUHH                                        HeKoropblM
OOPa30M     YCJlO:lKHHJlaCb.    nepBblH .cnocoo        Ha'laJI       npHMeHHTbC.H     B     1991     ro~y M 6b1Jl cnoumauHou
"pU6amu3au.ueu,        npH      KOTOPOH        MeHeJliKepbl          H    pa60THMKH         HMeJlH     B03MO:lKHOCTb      laBJIMeTb
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6ecnpOUeHTHaH cCYll.a Ha JlOJlrHH CpOK) . OKono                  7000     MaJJblX H CpeJlHHX npe)lnpHHTHH H :lKHJlHlllHblX
eJlHHHU 6bl1lH npHBaTH3HpOBaHbI 3nlM cnoco6oM.


41. nOcne3TOro paHHero OnbITa C npHBaTl13aUHeA rocYJlapCTBO pewHJlo npHHlITb 60Jlee OTKpblTbIe H
KanHTaJloo6pa3YlOlllHe cnoc06bl npHBaTHlaUIHi llpH KOroPblx HHBecTopbl a He TOJlbKO Me.He~:lKepbl H
pa60THHKH npe~npH.HTHli MornH 6bl Y4aCTBOBaTb B HeM.                       B   cepe~l'lHe    J993    rOJla, rOCYJlapCTBO npHHlIJlO
npOrpaMMY MaJI(}-MaclUmaliHoii npu6amU3a14UU KOTopali H no ceH ~eHb JleHcTsyeT JlO HeKOTopOH
CTeneHH.    B   paMKax 3TOH nporpaMMbI Obl1l0 npHBaTH3HpoBaHO                      J3,000    MaJlblX 06pa3oBaHHH B CeJlbCKOM
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lKMnHI1lHbie BaY4epbI MOrJIH TaKlKe 6b1Tb npHHlIThI K onJlare.


42.   rocy~apcTBeHHalI         nporpaMMa cenbCKOX03l1HCTBeHHOH                  npHBaTH3aUHH          nepeBena   60llee      4eM      90
llpoueHTOB Bcex X03.HHCTB H            80   npOueHTOB 3eMenbHbIX yrOJlHM X03l1HCTB B qaCTHYIO co6cTBeHHocTb
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rocYJlapCTBeHHoro arpox03l1nCTBa nony4HJl JlonrOCp04Hoe nepeycrynaeMoe npaBo HCnOllb30BaTh CBOH
3eMellbHbIH HaJleJl X0311nCTBa H BhIihH H3 Koonepanma C TeM, 'iT06bI C0311aTb HelaBHCHMoe X03l1HCTBO.
Arponepepa6aTblBalOLlme              npeJlnpHliTlUI    5hlJlH        TaKlKe     npeoopa30BaHbi          KoonepaTHBbl        JIHOO      B
cenbCKOX03l1HCTBeHHblX nOCTaBlllHKoa. 3TOT ceKTop, O~HaKO, no npelKHeMY CTpanaeT OT He '1eTKO
o603Ha4eHHbiX npaB co6CTBeHHOCTH Ha pa3JlH4Hbie THnbI 3eMeJlbHbIX CeJlbX03. yrOJlHI1.


43.   MaccosaSi Hmi Bay .. epHaSi (KynoHHaH) npHB8TluaUHH. OCHOBhlBaliCb Ha onhlT B 4erucKoH H
CJlOBaTCKoH Pecny6JlHKaX, rOCYllapcTBo Ha'laJJQ nporpaMMY Macco6ou unu KyltOHHOU Ilpueamu3a14uu B
Ha'IaJle ) 993 ro,na. HeKoTophle KpHTHKH paccMaTpliBaJJH 3TY nporpaMMy KaK lIBHbIH npOBaJI nOTOMy 4TO
OHa He o6eCne4HJla nOllBJleHHe XOPOWHX X03.HeB, cnoco6HbIX npoBeCTH peCTpynypH3aUlilO npe~npHlITl1it
B peTpOCneKTHBHOM       MaHe 3Ta nporpaMMa HMena pllJl cna6b1x MeCT. nporpaMMa MaccoBOH npHBaTH3aUHH
HMeJla Jlse rJlaSHble 3aJla411. DepBali COCTOlina B TOM 4T06hl npe~oCTaBHTh 6eCMaTHO BceM :lKlnenliM HX
paBHylO JlOJlIO co6CTBeHHOCTIi npe~npHliTHH, Y'lacTBylOlllHX B 3TOM nporpaMMe. BTopali COCTOllJla B TOM,
'!TOOh!   c0311aTb npHsaTH3aUHOHHbIe HHBeCTHuHoHHble 4>OH~bI (npHBaTH3aUHOHHbJe 4>OH~hI) KOTopble
MorJUl 6bl -leHCTBOBaTb KaK co6CTBeHHHKH 3THX npellnpHlITHH H cnoc06CTBOBaTb HX pecTpYKTYp113aUHH.




                                                                     15
44. nepBali uem, nOJDKHa 6blna 6bITb llOCTHrHyra npH pa311alfe KaJKlloMY JKHTemQ 6ecnnaTHo KynoHoB,
KOTopble MornH         Hcn011b30BaTbCli       Ha cneUHallbHblX aYKUHoHHblX Toprax                      npH    nOKynKe aKUHM 3THX
npennpHlITIiH. BTopall ue11b JlonJKHa 6 bill a 6blTb JlOCTHrHyra npH TPe60BaHHH OT KaJKD,OrO JKHren}1
nepeBOlla ero KYnOHOB B npHBaTH3aUHOHHbIH <pOHD., KOTOPblM OH HJIH OHa Mor CBo6011HO Bbl6paTb caM
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nOKynKe aKUHM M llepJKaTb nopT<Penb aKUHH OT llI-1Ua                        Bcex JKHreneH lloBepHBwMx CBOH KYnoHbl 3TOMY
<pOH,ny.   npHBaTM3auHoHHbie             cpO Hllbl      3aTeM    CTanIi      6bl   OCHOBHblMH       aKuHoHepaMH          npellnpHliTHH,
BKlllOlfeHHblX B nporpaMMy H CMOrllM 6bl Ha611I011aTb H HHcneKTMpoBaTb llellTenbHOCTb MeHeLlJKepOB C reM
lfTo6bI 6blTb YBepeHHblMM B TOM lfTO OHM npOBo,nllT peCTPYKl)'pH3aUMIO npeD,npHlITHit OlfeBMllHO, no Mepe
TorO KaK npellnpHlITHjI CTaHOBHnHCb 6bl npH6blJlbHblMI1 H nnaTHJlH llHBHlleHllbl <pOHllaM, OHH B CBOIO
Olfepellb nnaTHllM 6b1 ,nHBMlleHD,bl rpaJK.llaHaM, D,OBepHBWHM HM CBOH KYnOHbl. 3TH rpaJKllaHe CTallH 6bl
aKUHOHepaMH 3THX <pOHllOB, a <pOHllbl CTanH 6bl aKu.HOHepaMH Ha npeJlnpHliTHlIX.


45.   PacnpeneJleHHe       KynoHoB COCTOllnOCb B KOHue                      1993   rona,    npMBaTH3aUHoHHbie <pOHD,bl            HalfallE
YlfacTBoBaTb B nOKynKe aKUHH npe,nnpHj!THH B cepenHHe 1994 rOlla, H nocnellHHj:j aYKUHoH npoweJl B
lIHBape 1996. npH6J1H3HTellbHO 1700 npennpMjlTHH 6blJlH BKlllOlfeHbl                            B ::ny nporpaMMY - cYlUecTBeHHCI
MeHbwe HeJKellM Ha4allbHO nnaHHpyeMoe HX 411CJlO B 3000. XOTjI 6blJlO C03llaHO 170 npHBaTH3aUHoHHbiX
<pOHllOB, 30 caMblX KpynHblx CaKKYMYJlHPOBaJJH llBe TPeTH KYnOHOB, co6paHHbiX OT rpaJKJlaH.


46. KPHTHKH CnOpjlT 0 TOM, lfTO nporpaMMa MaCCOBoj:j                         npHBaTi13aUlHl npOBallHJIaCb H He 1l0CTHrna llByX
CBOHX r11aBHbiX ueneiL nOlfTI1 Bce npHBaTH3aUHOHHbie <pOHllbl npeKpaTHllH CBoe CYlUeCTBOBaHHe HJlH
3aMOp03HJlH CBOIO llellTeJlbHOCTb, H, TaKHM 06proOM, 60JlbWHHCTBO rpaJKllaH, KOTopble YlfaCTBOBallH B
3TOH nporpaMMe, He nOJlY4HllH POBHbIM ClfeTOM HH4ero. no MHOrHM CTaTbllM, npHBaTH3aUHOHHble CPOHllbl
MallO lfTO CJleJiallH B nJiaHe Hall30pa 3a llejlTeJJbHOCTblO npellnpHlITHH                           H HHlfero He BHeCJlH B HX
peCTpYKTypH3aUHIO. Pa311HlfHble nplilfHHbl 6blJlH Ha3BaHbl, 06'bliCHlI101UHe npOBall nporpaMMbl MaCCOBOH
npHBaTH3aUHI1 B llOCTHJKeHHH CBOHX ueneH. HeKOTOpble H3 HHX CJlellYIOWHe:


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      JlO 3 J npoueHTa).
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      HHBecTOpaM 3a lleHbrH HJlH OCTaJlHCb B C06cTBeHHOCTH rocYJlapcTBa. MHBeCTHUHoHHble JKe CPOHllbl
      6blJlH BblHYJKlleHbl BblcTynaTb B Kal.feCTBe BJialleJlbueB He60IlbwHX naKeTOB aKUldl: H COOTBeTCTBeHHO
      HMeTb He3Ha4HTeJlbHbli:i Bec B ynpaBJleHHH npellnpHlITHlIMH.                         11   ecnH 3TH npellnpHliTHli OKa3aJJHCb
      HeCOCTOllTeJtbHblMH B nnaHe pecrpYI\T)'pHlaUHH, OTBeTCTBeHHOCTb 3a 3TO 1l0JlJKHa 6blTb B03J10JKeHa Ha
      BJlaneJlbueB KOHTPOJlbHblX naKeToB aKUHH a He Ha IlHweHHble nOIlHoM04Hi:i HHBeCTHUHOHHble <pOH11bl.
•     BJialleJibUbl     KOHTPOJlbHblX        naKeTOB       aKUHM       Ha     npH6blIlbHblX       npellnpHlITHjlX        OTKa3bIBallHCb
      BbInJla'lHBaTb     llHBHLleHllbl      HHBeCTHUHOHHblM            cpOHllaM.   TaKHM        06Pa30M,     3TH   <PO Hllbl    OKa3aJJHCb
      nHweHHblMH BClIKHX lleHeJKHblX nocrynJJeHIIH Heo6xOllHMbiX llJIlI                           nOKpblTHli CBOHX paCXOllOB HJlH
      lfT06bl BbmnaTHTb llHBHlleHllbl CBOHM C06CTBeHHbiM aKUHOHepaM.
•     .llo HellaBHHX nop np.lBaTH3aUHOHHbIM cpOH.llaM He 6blJlO pa3peWeHO TpaHccpopMHpOBaTbCli B llpyrlle
      opraHH3aUHOHHble           CPOPMbI,     KOTopble        CMOfJJH       6bl    OCYWeCTBll$lTb        60JJbWHH         KOHTPOJIb     3a
      npellnpHliTHlIMH.      B    lIewcKoH       H      CnOBaTCKOH        Pecny6IlHKax,         MHorHe   HHBecTHUHoHHble           <pOHllbl
      npeBpaTHJ1HCb B XOJJllHHrOBble KOMnaHHlI, nepeHllll TaKHM 06Pa30M                             nOll KOHTPOJIb 60Jlee CHllbHblX
      HHBeCTopOB. MHofHe eCJJH He Bce H3HalfaJJbHble BnallenbUbl KynoHoB npOllallH caOH aKUHM lIewcKHx H
      CJJOBaTCKHX       MHBeCTHUHOHHblX          CPOHllOB       31HM      KpynHblM     HHBeCTopaM.         3TH     HHBeCTOpbl      XOTeJlll
      nOJly'lHTb      KOHTPOJIb Hall lIewcKHMM II CnOBaTCKHMH HHBeCTHUMOHHblMH <POHJlaMH nOTOMY 'ITO 3TO
      6blJl cnoco6 nOJlYlfeHHlI KOHTPOJlll Hall npellnpHlITH$lMH, BKJJIO'IeHHbIMH B nporpaMMy MaCCOBOH



                                                                    16
       npHBaTH3aUHH. BJlaD.eHHe npeD.npH$lTHRMH B T..{ewcKol% H CJlOBaTcKol% Pecny6J1HKaX                                           npH06peJlo
       rOpa3D.O      60Jlee       KOHueHTPHpOBaHHYIO             CPOPMY    H   3TOT   cpaKT    nO-BH.llHMOMY          .llll.Jl    B03MOIKHOCTb
       c06CTBeHHHKaM           peCTPYKTYpHPOBaTb              3TH   npeD.npHRTHR.     Ao     aBryCTa       1997 rO.lla nOD.06HOe .llJIR
       npHBaTH3auHoHHblX CPOH.llOB B Ka3aXCTaHe                      6blJlO HeB03MOIKHO, H K 3TOMY BpeMeHH 60JlbllIHHCTBO
       3THX CPOHD.OB npeKpanum CBoe CYllleCTBOBaHHe.


47.    l1H.llHBHnYlI.JIbHWI (nocreneHHaR) npHBaTH3auHR. Ha'lHHWI C                           1996   rOlla, rocYllapcTBo B 60JlbilleA
CTeneHH          06paTMJlOCb       K nocmeneHHoii            npU6QmU3QI{UU npH KOTOPOl% npellnpHRTI1R npOllalOTCR Ha
.lleHeIKHblX aYKUHOHax HJlH nyTeM npRMblx npO.llalK Ha 06CyJKllaeMbix yCJlOBHRX. focynapcTBo npo.llll.JlO
aKUHH OKOJlO        1,600    KOMnaHH~, npH6erWi K 3TOMY MeTollY npHBaTH3aUHH.                       11   CHOBa 3TH npHBaTH3aUHOHHble
KOHTpaKTbl 6blJlH           KOHcpH.lleHUHaJlbHbIMI1, HO O'leBH.llHO TO 'ITO OHH 6bIJlH COCTaBJleHbI TaKI1M 06Pa30M,
'1T06bl YBR3aTb .llOCTHrHyTbIe MelK.llY HHBeCTOpaMI1 H rOCY.llapCTBOM                           Pa3JlHl.{HbIe COrJlaWeHHR no TOMY
KaKHM 06pa30M 6Y.lleT OCYl1.\eCTBJlRTbCR ynpaBJIeHHe 3THMM npellnpHRTHRMH.


48.    B npHBaTH3aUHoHHbiX KOHTpaKTax rocY.llapCTBO lKeJlll.JlO BHneTb nO.llTBeplK.lleHHe Toro, 'ITO HOBbIe
'1aCTHble C06CTBeHHHKM CTaHyT HeYKOCHI1TeJlbHO CJlellOBaTb corJlaCOBaHHOMY nJlaHY peCTpYKTYpH3aUHH
npe.llnpHRTHM. HanpHMep, '1aCTHbIl% HHBeCTOp '1aCTO corJlaWaeTCR C BblnJlaTOH Bcex CYllIeCTBYIOWHX
.llOJlroB npe.llnpHRTMR, BKJllOqaR 3a.llOJlIKeHHOCTb no 3apnnaTe a TaKlKe .lleJlaTb HOBbIe HHBeCTHUHH. 3TH
KOMnJleKCHble npMBanl3aUHOHHble KOHTPaKTbl, O.llHaKO HMelOT .llBa HeJlOCTaTKa. Bo-nepBbIX, rocYJlapCTBO
YTBep)l(.llaeT, 'ITO OHO XO'leT nepe.llaTb KOHTPOJlb Han npe.llnpHRTHeM B PYKH qaCTHbIX BJla.lleJlbUeB nOTOMY
'ITO '1aCTHble BJla.lleJlbUbl JlY'Iwe '1eM rOCY.llapCTBO CnpaBJlRIOTCR C ynpaBJleHHeM 3THX npe.llnpHRTHit
O.llHaKO,        rOCYllapCTBO        npH    3TOM       HCnOJlb3yeT        npHBaTH3aUHOHHbie         KOHTPaKTbl         DJ1R       Toro   '1T06bl
KOHTPOJlHpOBaTb KaK '1aCTHble BJlaneJlbUbI ynpaBJlRIOT npe.llnpHRTHRMH, Ha npMMep, .llHKTOBaTb HOBbiM
BJla.lleJlbuaM         HHBeCTHUI10HHYIO            CTpaTerHiO.        nO.ll06Hble     KOHTPaKTbl         C03.lla1OT   Bne'laTJleHHe,         'ITO
rocynapcTBO          He     npe.llpaCnOJlOlKeHO        K    qaCTHO(v1Y BJlaneHHIO       H    KOHTPOJlIO,      H   n03TOMY CTpeMHThCR
BMeWMBaThCR B npouecc ynpaBJleHHSI '1aCTHbIMH KOMnaHHRMH. BO-BTOPbIX, 3TH KOMnJleKCHble KOHTPaKTbl
CKopee Bcero BTRHyT rocY.llapCTBO B KOHIj>JlHKT C HHBeCTOpaMll. Ee30THOCHTeJlbHO K TOMy, KTO OKalKeTCR
BHHOBaTbiM          B nO.ll06HblX       KOHCPJlHKTax,         3TH   KOHcpmlKTbl     6Y)lyT C03.llaBaTb        Bne'laTJleHHe          TOro,   l.{TO
rOCY.llapCTBO He BbJnOJlHReT KOHTPaKTHble 06R3aTeJlbCTBa, He RBJlReTCR Ha)le)l(HbIM H He OTHOCHTCR K
HHBeCTopaM           CnpaBeDJ1HBO.         11,   KaK       CJle)1CTBHe,   HHOCTPaHHble        HHBeCTopbl       CTaHyT            paCCMaTpHBaTb
nepCneKTHBY HHBeCTHUMii B KalaxCTaH KaK pHCKOBaHHYIO.


49.    CBo6011H3H "pO,ll3iKa 3KUH" (np0,ll3iK3 3KUHH HaCeJ1eHHe). nOcJle.llHl1ii MeTO.ll npHBaTH3aUHH
npe,llCTaBJl8eT C060M npo.llalKY aKUMl% npe,llnpmlTHH Ha CPOH.llOBblX pbIHKax B CB060,llHOM pe)l(HMe. B
Ka3axCTaHe :no 6blJlO HalBaHO nporpaMMoH "roJly6bIx cpHllIeK".                         B COOTBeTCTBHH          C TeM KaK 3TO YKa3aHO B
rJlaBe     4    HaCToRwero OT'leTa, rocynapCTBo npeDJ1araeT K nponalKe naKeTbI aKUHH HaH60Jlee H3BeCTHbIX B
Ka38XCTaHe          KOMnaHHH 60JlbWOMY <iHCJlY MeJlKHX HHBeCTopOB H naCCHBHbIM onepaTOpaM                                          ynpaBJleHHR
nOpTlpeJlRMH aKUHi1. HecMQTPR Ha TO, 'ITO :no MO)((eT CTHMYJlHpOBaTb ToprOBYIO aKTMBHOCTb Ha 1j>0HnOBoM
pblHKe,         nOA06Hoe BJlaneHHe          npennpHRTHRMH            He cnoc06cTByeT peCTPYKTYpl.f3aUHH                    3THX     KOMnaHHH.
He60.1bWHe          HHBeCTopbl        HMeJOT     He3Ha<iHTeJlbHYIO B03MOIKHOCTb               KOHTPOJIHpOBaTb          111111 OTCJlelKHBaTb
pa60Ty ynpaBJleH'IeCKoro COCTaBa 3THX npennpHSlTMH. OHH l1BJlRIOTCR naCCHBHblMH nopTlj>eJlbHblMM
HHBeCTopaMH a He aKTI1BHblMH CTPaTerH'IeCKHMH HHBeCTopaMH.


50 .   .lIn$!   KOMnaHMl%, Y'IaCTBYlOlllIiX B nporpaMMe               "rony6b1x cpHweK", KOHTPOJlbHbIH naKeT aKUHM ,llOJllKeH
6blTb      npo.uaH    aKTHBHOMY CTpaTerH'IeCKOMY HHBeCTOpy                        H TOJlbKO .llOCTaBWeeCR             KOJlH'IeCTBO       aKUHH
npOnaeTC$! Ha CPOHllOBOM pblHKe. I1Horlla PYKOBOllHTeJlM KOMnaHMH, HaXO.llRLUHXCSI B rOCYllapCTBeHHOM
c06CTBeHHOCTH cnopSIT, YTBeplK.llall, 'ITO Bce aKUMH KOMnaHMH .llOJlIKHbl 6blTb npOAaHbl Ha «PoHllOBOM
pblHKe MeJlKHM HHBeCTopaM. 3T0 CBoero pona apryMeHT B CBOIO nOJlb3y DJ1R PYKOBO.llCTBa. MHome
MeJlKHe co6CTBeHHHKH 6y.llyT I1MeTb TaKOH IKe He3Ha'lHTeJlbHbIH KOHTPOJlb Hall PYKOBOllCTBOM KOMnaHHM,
KOTopoe 6Y.lleT llep)I(aTb 6Pa3Abl npaBJleHHR B C06CTBeHHbIX PYKax H ynpaBJlRTb KOMnaHHeH KaK caMH
C'IHTaIOT HYIKHblM.           B    TaKllX cny<iaRX OHH MOryT ynpaBJIRTb 1(0MnaHHeii B CBOHX c06cTBeHHblX I1HTepecax
a     He   BO      6.1aro     ee    c06CTBeHHMKOB.           focynapCTBO 3neCb        YlKe    He    CMOlKeT       KOHTPOJlHpOBaTb            3TMX
PYKOBO.llHTeJleM TaK KaK Bce aKUHH roCY.llapCTBOM 6blJlH npOAaHbl , a MeJlKMe BJlaneJlbUbl aKUHH TaKlKe He
B COCTO~Hlm OCYllIeCTBJlRTb nO.ll06HbIH KOHTPOJIb.




                                                                          17
51.   3aBeprneHHe          npouecca       npHBaTH3auHH.           XOTlI   Ka3axCTaH      H    npHBaTH3HpOBaJI         TblCHlJH CBOHX
npeJlnpHHTldl,         KOHTPOJIbHble      naKeTbI    MHorHX        60IIbWHX       H   BIDKHblX        npeD.npHHTHH        OCTalOTCli   B
c06CTBeHHocTH rocYJlapCTBa . [ocYJlapcTBO 3al! BII HeT, 'ITO npHBaTH3aUHlI nOf.JTH 3aKOHf.JeHa, OD.HaKO
CKnaD.blBaeTCH Bnef.JaTJleHHe llTO :no 3aHBJleHHe He nOD.TBep)!{ll.aeTCH ll.aHHblMH 0 BJlaD.eHHH npell.npHliTHH.
Oll.HHM    H3 06bHCHeHHH :noro paCXO)l(JleHHH COCTOHT B TOM lJTO rOCYD.apCTBO MO)!{eT Cf.JHTaTb 'ITO
npeAnpHHTHli npHBaTH3HpOBaHbl B CJlYllae, KOrna '1aCTHb[e HHBeCTopbl BJlaD.eIOT 3HallHTeJlbHb[M HO He
KOHTponbHblM          naKeTOM     aKUHH KOMnaHHH.         3TOT nOKYMeHT Y'lHTbIBaeT 60Jlee CTporoe                        onpeneneHHe
npHBanl3aUHI1 11 He ClJl1TaeT npeD.npl1l1Tl1e npHBaTI13I1pOBaHHb[M ll.O Tex nop nOKa lJaCTHb[e HHBeCTopbl He
npH06peTyT 60nee           50   npoueHToB ero aKUHH.        B     COOTBeTCTBHH C AaHHblMH OTnena CTaTHCTI1KH MeHee
nOllOBHHbl KpynHb[X 11 OlJeHb KpynHblx npennpl1HTHH OKa3aJ1HCb nOnHOCTbIO npI1BaTI13I1pOBaHHb[MI1 T. e. B
KOTOPblX lJaCTHble HHBeCTopbl BJlall.elOT 60nee lJeM                    50·10    npOueHTaMH aKul1it .D.pyrall             rpynna :ITHX
npeJlnpHHTHfi HMeeT BMewaHHoe BJlaD.eHHe T.e B KOTOPblX H rocYll.apcTBo H 'IaCTHb[e HHBecTopbl BJlaJlelOT
aKUHHMH.


52.   HecMOTpH Ha He3HalJI1TeJlbHOe HX 'IHCnO, 3TH KpynHble 11 OlJeHb KpynHble npeD.npHlITHH 3aHHMalOT
AOMHHHpYlOlU.He nOJlO)KeHl1e B 3KOHOMHKe. fOCYD.apCTBO Bce ewe lIBJllleTCli c06cTBeHHHKoM 333-x TaKHX
npeJlnpl1HTHfi, H OHH OTBe'lalOT 3a nOlJTH onHY TpeTb BHO. MHorHe tl3 3THX KpynHb[X H O'leHb KpynHblx
J(OMnaHHH        [ocYJlapCTBeHHb[M         KOMHTeTOM       no     I1MYlUecTBY         6bWH        nepeBeD.eHbl   B    D.OBepHTeJlbHoe
ynpaBlIeHHe       ,     npH     KOTOPOM    cyrueCTBYIOlU.He        pYKOBonHTeJlH       HJlH       perHOHaJlbHble      npeD.CTaBHTeJlH
aD.MHHHcTPaUHH ocymecTBnlllOT KOHTponb HaJl npeJlnpHlITHlIMH. He B3Hpall Ha :no, 3TH npennpHlITHH
npOnOJl)l(alOT OCTaBaTbCH rocynapcTBeHHOH co6CTBeHHOCTbIO H D.OBepHrenbHoe ynpaBJleHHe He JlOJl)!{HO
paCCMaTpHBaTbCli KaK Hai1neHHoe nOCTOllHHoe peweHHe.


53.   npH    Bb[6ope       cnoc06a npHBanl3aUHH           llJlH   3THX    KpynHblx      npennpHHTHH         rocynapcTBY         cnenYeT
paccMaTpHBaTb npocTo npOD.a)!{y 60JlbWHHCTBa HnH Bt;:ex aKUMH 3THX npennpHlITHH crpaTerH'IecKHM
HHBecTopaM ( HJlH MeCTHblM HJlH HHocTpaHHbIM), KOTOpb[e HaHBb[CwYIO ueHY Ha JIeHe)!{HbIX KOHKYPCHblX
aYKUHoHax.       B    3TOM npouecce CJleJIyeT 1136eraTb ycnolKHlIlOlU.HX ero TPe60BaHHH no nOBOJIY Toro KaK
HOBb[X c06CTBeHHHJ( JIOn)KeH ynpaBJllITb KOMnaHHeH ( Ha npHMep, TPe60BaHHlI no HHBeCTHUHHM). CJleJIYH
3THM nyreM, rocynapCTBO CMO)KeT H36e)l(aTb Toro, lJT06bl OKa3aTbClI BOBJlelJeHHb[M B npouecc ynpaBneHHH
3THMH      J(OMnaHHlIMH nocne npHBaTI13aUHH a TaK)I(e 1136e)l(aTb cnopOB no nOBony Toro, KaK HOBb[H
c06CTBeHHHK BbInOJlHlIeT I1JlH            HeT    Tpe6oBaHI111       KOHTpaKTa no npo.na)l(e. KpOMe Toro 3TOT MeTOJI
npHBaTH3aUHH BepoHTHO npHBe.n.eT K orpOMHbIM JIeHelKHblM nOCTyl1JleHHHM B KalHy rocynapcTBa, 'ITO
nOMO)l(eT peWHTb nOCTaBJleHHble qnlHaHCOBb[e 3aJla'lli no npHBaTH3aUHI1.


PeCTpYKTYPH3aUHH H ynpaBJ1eHHe.


54.   KOHTpaKTbl Ha ynpaBJ1eHHe KJlynHMMH npeJInpHSlTHSlMH.                           B TO   BpeMlI KaK 6b1J1 CJIeJlaH cepbe3HblH
npOpb[B B npHBaTH3aUHH MaJlblX, CpeJlHHX H KpynHblx                        npeJInpHHTHH, rocy.n.apCTBO C caM oro HalJaJla
npHBaTH3aUHH HCflblTblBaIIO 03a60f.JeHHOCTb no no Bony COUHaJlbHblX nOCJleJlCTBHI1                               6bICTpOH npOJla)KH
nOlJTH     100   OlleHb KpynHb[X npeJlnpl1l1THH , llTO HeCOMHeHHO MOrJlO nOBne'lb 3a co6011 np06J1eMb[ B
COUHaIIbHOH c<j>epe. MHome 113 3THX npeJlnpHHTHH HCnb[TbIBaJlH cepbe3Hble np06JleMbl, KacalOlllHeCH
ynpaBJleHI1H,         OTCYTCTBl1l1   PblHOlJHO      Opl1eHTHpOBaHHOH            <pHHaHCOBO-YlJeTHOH         npaKTHKH,        OrpOMHbIX
06H3aTeJlbCTB COUHaJ1bHOrO nnaHa , KpynHblx Me)l(npOH3BOD.CTBeHHbIX H                               HaJlorOBb[X 3aJlOn)!{eHHOCTeH a
TaJ()I(e   ll.OJlrOB no 3apa60THOH nJlaTe. To eCTb 3TO Te np06J1eMbl, J(oTOpb[e HHBecTopbl npennOlJJlH 6b[
Boo6IUe rOBopli He npHHHMaTb B paC'leT. no cyweCTBy, UeJJblO rocY.1lapCTBa lIBJlllJlaCb 3aD.alJa                                       HX
peCTpYKTYpH3aUHH ll,O HX npI1BaTH3aUHH.


55.    rocynapcTBo         peWHllO    npH6ernYTb      K   npaKTHKe        KOHTpaKTOB         Ha    ynpaBJleHHe       no   KOTOpblM     Ha
onpeAeJleHHbl11 nepHOJl speMeHH npellnpl1l1THli HaXOJIHTC$I B ynpaBJleHHH cneUIla.nbHblX ynpaBJleHf.JeCKHX
<j>HpM. YnpaBneHf.JeCKall KOMnaHl1l1 npH 3TOM nOJlY'laeT COrJlaCOBaHHoe B03Harpa)l(ll.eHHe.                                 A   HHTepeC
npennpHl1TIlll COCTom B Hcnonb30BaHI1H Hoy-xay 11 BblXOlle Ha PblHOK C B03MO)!{HbIM HaJla)l(HBaHHeVi
cB1I3eti C HHOCTpaHHblMIi HHBeCTOpaMH. I1HTepec rOCYllapCTBa COCTOHT B nepena'!H BceH OTBeTCTBeHHOCTH




                                                                   18
11   06J13aTeJlbCTB      npennpHHTHH ynpaBJIeH'IeCKOA                        qmpMe      BO-nepBbIX,     H B B03MOIKHOCTH           H3BJ1e1.feHHjI
60HYCHbiX BblnnaT no KOHTpaKTaM Ha ynpaBJleHHe.'


56. rocY.11apCTBO nOllnHCaJJO 41 KOHTpaKT Ha ynpaBJleHHe nOKpblB TeM caMblM 94 npe.llflpHSlTHjI B .lleKa6pe
1994 rona. 3TO 6blJlH npennpHJlTHJI 1IH60 06pa6aTbiBalOllI.HX OTpaC1IeH H ctPepbl yCflyr JIH60 ll06blBalOllI.I1X
H MHHepaJJo nepepa6aThIBalOllI.HX oTpacJljlx. AnHTeJJbHOCTb KOHTpaKTOB BapbHpOBaJJaCb oTIS MeCSlueB .110
15    neT, HO 60nbWHHCTBO H3 HHX                    6blJl0 3aKJIIO'leHO Ha nJlTb neT. 60JlbWHHCTBO 3THX KOHTpaKTOB 6blJlO
3aKJJIO'1eHO C ynpaBneH'IeCKHMI1 KOMnaHHSlMH, 3apemCTpHpOBaHHblMH B Ka3axcTaHe H HeKOTopble C MeHee
H3BeCTHbiMlI tPHpMaMH, 3a HCKJJIO'1eHHeM CaMCYHra ( Ha .1106bl4Y Me.IlH H npOH3BonCTBO ) H ]l!0tPTraH3bl (
Ha A:;ponopT AnMaTbl, KOTOPblH 6bIJJ BnOCJle.11CTBHH npeKpalll.eH ).


57.   3TI1 l<OHTpaKTbl cneUHaJJbHO oroBapHBaJJH YCflOBHH BblnJlaTbl COrJlaCOBaHHblX CyMM 3anonIKeHHocreA
rocynapcTBY, 11 l<OMMYHaJJl>HbIM cnYlK6aM, TpaHcnopTHblM 11 3arOTOBI1Te.IlbHblM opraHH3aUlulM, a TaKlKe
nOl<pbITH.!l ll01lrOB no 3apa60THoH nJlaTe. M HorHe KOHTpaKTbl BKJJI01.faJJH nepBOHaqaJJbHble BblnnaTbl
B03HarpaIKneHHH roCYllapCTBY B Te1.feHHe                        120    .llHeH nocJle nOnnHcaHHH KOHTpaKTa focynapCTBeHHblM
KOMHTeTOM no HMYlUeCTBY ( fOCKOMHMYllI.eCTBOM). HeKOTopble KOHTPaKTbI 06j13b1BaJJH ynpaBJIeH1.feCl<He
tPHPMbl Y'1I1TblBaTb onepaUllOHHble paCXO.Ilbl Ha 3.11aHHSI 11 coopYlKeHWI a TaKlKe B .IlByx CJlY'IaSlX nenaTb
HeKOTOpble HHBeCTI1UllH.              B    HeCKOJlbl<HX KOHTPaKTax nalKe 6blJla nonblTKa                          06ecne'lHTb peaJJH3aUHIO
npOllYKUliH        no     MHPOBblM            ueHaM.      PeweHHe        co       CTOPOHbl      rocynapcTBa       npHHHMaJJHCb         pa3HbIMH
Y'1pelKlleHHSlMI1 - JlH60 B COOTBeTCTBI1H C Pe30JllOUHeH fOCYJlapCTBeHHoro KOMHTeTa no HMYlUeCTBY JlH60
COBen         MHHHCTpOB           JlH60 Pecny6mlKH Ka3aXCTaH. OTCJlelKl1BaHl1e BblnOJlHeHHH l<OHTpaKTOB TaKlKe
nOTpe60Bano          3aneHCTBI1J1          HeCl<OJlbKHX          rocynapcTBeHHblX              Y'1pelK.11eHHH.    Ha    Ha1.fanbHOM         3nne
rOCKOMHMYlUecTBO OTBe1.fano 3a OTCJlelKl1BaHHe BbInJlaT B03HarpaIKlleHHH rocynapCTBY H B03BpaT .110JIrOB a
TaKlKe 3a npOBepKH                Ha MeCTax, Torlla KaK MI1HHCTepCTBO npOMblWJleHHOCTI1                                 H TOprOBJlI1 6blJlO
ynOJlHOMOl.JeHO Ha6mo.11aTb 3a BbInOJlHeHHeM 06j13aTeJlbCTB no 3alUI1Te OKPYlKalOlUeH Cpe.11bl.


58.   }J;pyraJlI1HMUl1aTHBa 6bula npHHJlTa B                 1996   ro.11Y B OTHoweHHH KOMnaHI1H, npHBaTH3HpoBaHHhlx B xone
MaCCOBOH npl1BaTH3auHH 11 B KOTOPblX CYlUecTBYlOlUHe pYKoBonl1TeJlH nOJlY1.fHJlH B nOBepl1TellbHOe
ynpaBlleHHe OCTaBWHeCjI y rocynapcTBa naKeTbl aKUHA. }J;BanuaTb OJlHH KOHTpaKT Ha nOBepHTeJlbHOe
ynpaBlleHHe 6blJl nOnnHcaH fOCKoMHMYlUecTBoM HJlI1 06JIaCTHblMH a.llMI1HI1CTpaUI1J1MH C TeM l.JT06bl
OCB060JlHTb         rocy llapCTBO         OT . PYKOBOJlJllUeA          ponH        H    npenJlTCTBOBaTh       pa3rpa6J1eHHIO        HMYlUeCTBa
npenr:pl1RTHH HOBhlMH BJlaneJlbuaMH.


59.      Pa60Ta    no BblnOllHeH111O 06J13aTeJlbCTB B paMKax 3THX KOHTpaKTOB H pa3BHTHIO npe.11npm1Tl1H
pa3H006pa3Ha.            CeMHanuaTb            KOHTpaKTOB          6hJJ111    aHHYJlHpOBaHbI          JlH60      no   npH'Hme       Toro,         '1TO
ynpaBJIeH'ieCKHe KOMnaHHH He BblnOJIHHJlH CBOHX tPHHaHCOBblX 06J13aTeJlbCTB no                                           KOHTpaKTaM llH60
ynpaBJleH'ieCKHe KOMnaHHH CaMI1 OTKa3aJJHCh OT BbInOJlHeHHJI KOHTpaKTOB B CJlenCTBHH TOro, 'ITO 1I.0JlrH
npe.11npHSlTHJ;J OKa3aJJI1Cb Bblwe, HelKeJlH OIKHJlaJJOCb paHee. 4TO KaCaeTCJI n03HTHBHblX HOT, TO .IlBeHanuaTb
KOHTpaKTOB 6bIJIH nepecMOTpeHbl B                        1996   rOllY B nOJlb3y npOllaJKH HeKOTopOM 'IaCTI1 aKUMH KOMnaHHH
ynpaElJleH4eCKllM tPl1pMaM.               B    paMKax 3THX            KOHTpaKTOB cnan npOH3BonCTBa Ha 3THX npennpHHTHHX
OCTaHOBMJlCH, HX tPl1HaHCOBoe nOJlo)!(eHHe CTa6HllH3HPOBaJJOCb, a llOJlrH no 3apa6oTHOH nJJaTe H no
HanoraM COKpaTHJlHCb. HeAaBHHA OT4eT rocynapCTBeHHOrO KOMHTeTa no HMyweCTBY nOKa3bIBaeT, 'ITO
T01lbKO     33   KOHTpaKTa OCTaIOTCSI JleAcTBYlOlllHMI1 Ha KOHeu                       1997   rona.


60. B TO BpeMH          KaK TeOpeTH1.feCKH KOHTpaKTbl Ha ynpaBJleHHe MOf}'T npHBeCTH K YJlY4ll1.eHMlO ynpaBJleHHJI,
JlOcTyny J< pblHl<aM H npl106peTeHHIO Hoy-xay B ynpaBJIeHHH, HX ycnex Ha npaKTHKe 3aBHCHT OT npouecca
TeH.11epa Ha KOHKypeHTHOA OCHOBe, TlUaTeJlbHol1 npopa60TKH H 06CYIK.11eHHJI ycnoBHA KOHTpaKTa a TaKlKe
OT B03MO)f(HOCTeM rOCY.11apCTBa 06eCne'lHTb BbInOJlHeHHe 3THX YCJlOBHH H npHCTaJJbHO cnenl1T1> 3a pa60TOH
ynpaBJleHlJeCKHX KOMnaHHH.                    03a6o'IeHHOCTb rOCYJlapCTBa, CBJl3aHHaJI C He06xOllHMOCTblO 61>lCTpOro
oGY3;laHHlI cna)la npOH3BOACTBa Ha KpynHhlx npeJlnpHlITHSlX a TaKlKe HaKanJlHBalOlUHeCJI nOJlrH npHBOnl1T
K TOMY '1TO KOHTpaKTbI 3aKllIO'iaIOTCH                    Ge3   npOBeJleHHJI TeH)lepa. HeKOTopble KOHTpaKTbl OXBaTbISalOtUHe,




I )-ru   B03HarpmK;l.eHH~   He ObiJlH THflH'lHbl   lW~   KOH'IllaKTOB Ha ynpaBJleHlle. KOTopble npHMeHSlJ1I1Cb BO MJlOniX   pa:JB'IBa'OUJ.IIXC~
CTP3Hax. me roc) .:tapeTllO npHS,leKaJlO ynpaB:leH~eCKHe HaBblKII B OOMeH Jla B03Harp(\)l(.1eHlie.



                                                                             19
orpOMHble KamnaIlbHble MOlllHOCTH HMeJlIi HeOnpe.lleJIeHHble YCJIOBHJI no npe.llOTBpallleHli1O 3KCnJlyaTauHfI
ynpaSJleH4eCKliMii qmpMaMIi 3TliX MOlllHocTei1 6e3 nOJlHOrO nOKpblTlili IiX aMopTli3aWlH.


61.   nOTeHUHaIl rocY.IlapCTBa no npeTBopeHHIO B IKH3Hb HaMe4eHHoro 6blJl orpaHIi'~eH, a OTBeTCTBeHHOCTb
no Ha6J1IOAeHHIO 3a HCnOJlHeHHeM 6bIJla 0603Ha4eHa O'leHb HeOnpe.lleJIeHHo. XOTl1 6blJIH HaMe'leHbl
KOJlH'leCTBeHHble          ueJIeBble    nOKa3aTeJllI         H   YCTaHOBJIeHbJ          BpeMeHHble    rpa$HKH       lVIli    BblnOJlHeHHlI
npe.llnpHlITHl1MH CBOHX 06113aTeJIbCTB, urrpa<j>Hble CaHKUHH KpoMe aHHyJlHpOBaHIil1 KOHTpaKTa 6blJlH He
Bcer)la 'leTKO JlCHbl.        B TO BpeMli KaK rOCKOMHMYllleCTBO TeXHH4eCKH OTBe'laIlO 3a ynpaBJIeHHe BceMH
rOCY)lapCTBeHHbIMH             o6beKTaMH          npOXO)lllIllHMM         'lepe3        npHBaTli3aUHIO     H       peCTpYKTYpl13aUIiIO,
orneTCTBeHHOCTb 3a OTCJlelKHBaHHe KOHTpaKTOB Ha ynpaBJIeHHe, B oc06eHHOCTH Tex, KOTopble KaCalOTCJI
.IlOBepHTeJIbHOrO ynpaBIIeHHlI, 6blIla n03IKe nepenaHa B MHHHCTePCTBO npOMblUlJleHHOCTH H ToprOBIIM.
XOTl1 rOCKOMHMywecTBo HMeIlO OT)leIlbl B paMKax MMHIiCTepCTBa Ha 06JIacTHoM ypOBHe, 3TIi OTneJIbl Bce
IKe HaXOnHJIHCb B .IlOCTaTO'lHOM OT.IlaJIeHHIi OT qmpM. ¢>aKTH'leCKH IKe 3TM npennpHliTHli no npelKHeMY
nOnnMaIlH     no.ll BIIaCTb         H    KOHTpOJlb     06I1aCTHbIX    AKHMOB.           HeCMOTpl1    Ha 11lKylO pOJlb          nOCJle.llHHX,
rOCKOMHMywecTBo H MHHHcTepcrno B 06I1aCTl1X He KOH11lKTHPOBaIlii C HHMH O'leHb aKTHBHO H n03TOMY
He MorIlH KoopnHHHpOBaTb H KOHTPOJIHpOBaTb BbInOJlHeHHe 3THX KOHTpaKTOB.


62.   PecTpYKTYpH3aUHl1, KOTOPM 6b1Jla UeHTpaIlbHblM nYHKTOM B KOHTpaKTaX Ha ynpaBJIeHlie, B OTneJlbHblX
cIIY'laliX 6b1J1a 3aTpynHeHa, Korna KOHTpaKTbI 3anpeWaIlii npoBonliTb YBOJlbHeHHl1 pa6oTHIiKOB, JlHWaTb HX
COUHaIlbHblX JIbroT, a 11lKIKe Koma B paMKax KOHTpaKTOB KOHTpOIlHPOBaJIMCb ypOBHIi npoH3BonCTBa
npO)lyKUMH       H    HCTO'lHHKH        cHa6lKeHHl1.        KOHTpaKTbl      Ha     nOBepHTeJIbHOe      ynpaBJleHHe          npennpHJlTHR,
Y'laCTBOBaBWHX B MaCCOBOH                 npHBaTH3all,HH, 3aKJlIO'leHHble B              1996   rony, no HMelOWHMCl1 CBeneHHlIM
)lalKe HaJleJUUlH      cyw.ecrnYlOlllee HX pYKOBonCTBO npaBoM HaIlaraTb BeTO no 60IlbWHHCTBY HHMll,HaTMB,
HcxonlllllHX OT aKll,IiOHepOB H Ha6JIIOnaTeJlbHbiX opraHOB, TaKHM o6pa30M npenocTaBIiB HM HMMYHIiTeT no
OTHoweHHIO K KOHTpomo co CTOPOHbl aKuHoHepoB.


63.   rocynapcTBo HaMepeBaIlOCb CHl1Tb rocynapcrneHHblJ;! KOHTpOJIb 3a nellTeJIbHOCTblO ynpaBJIl1eMblX                                     B
paMKax KOHTpaKTOB npennpHl1THH Ii npHBJle"lb HHoCTpaHHblJ;! KamnaIl. To eCTb, ynpaBJllIlOWHe KOMnaHHH
MonlH nonY'laTb npaBo Ha nOKynKy KOHTpOJIbHoro naKeTa aKUHJ;! npennpHllTHH 6e3 Y4aCTHl1 B .ueHelKHblX
aYKll,HOHaX HIlH OTKpbITblX TeH)lepax npM nOCTeneHHOH npHBaTH3all,HH. Ha ilene rOCY)lapCTBO npo.llaIlo
naKeTbl aKUHH B         49    H    65   npoueHToB COOTBeTCTBeHHO                   HeKoTopblX npe.unpHllTHH             ynpaBJleH'leCKHM
KOMnaHHlIM. TeM He MeHee, nono6Hbie npHopHTeTHble npaBa, KOrJla OHH npHMeHlInHCb, nO)lpblBaIlH
rocY)lapCrneHHYIO CTpaTerHIO nOCTeneHHOH npHBaTM3aUHM, CTHMYJIMpYlOllleH KOHKypeHTHoe nOJIY'leHMe
caMblX BblCOKHX ueH Ha aKll,IUI npennpHliTIiH.


64.   BOCCTaHOBHTeJ1bHblH baHK. BOCCTaHOBHTeJlbHblH EaHK (BE) 6blJI Y'lpeiKneH no yK33y npe3H.ll.eH11l B
anpeJJe   1995   rona ilJJlI pa60Tbl C HaH60nee He6naroIlOJlY'lHbIMH B nnaHe 3MOnJKeHHOCTeH KpynHblMM
npe.unpHliTHlIMH,       HaxOllllWHMHCJ!          B $HHaHcoBoM           3aTpY)lHeHHH.        UeJIb   COCTOlIIIa     B    ocyw.ecTBneHHH
KOHTPOJIJ! 3a neHe)KHblMH nOTOKaMH HllYlllHMH B TIH He6JlaronoIlY'lHble npe)lnpHlITHl1, orpaHH'lHB nocryn
3THX npennplil1THA K              Kpe.uHTaM BE, BKllIO'lM <j>HHaHcHpoBaHHe .ue<j>Iill,HTa 060POTHbIX onepauHOHHblX
CpencTB. ,IVI11 TOro 'lTo6bI npe.unpHliTHe HMeIlO nocryn K $HHaHcoBblM pecypcaM BE                                  OHO )lOIliKHO 6blJJO
npe.ucTaBHTb H oCYlllecTBHTb nporpaMMy no pecTpYKTYpH3aUHH, O)106peHHYIO Cnell,HaIlbHblM ueHTpoM,
Y'lpeiK,neHHbIM       rocynapcrnoM.           3TOT     ueHTp      BhlcrynaeT        B    Ka'leCTBe    He3aBHcHMOro           opraHa     npM
03HaKOMJIemm           C     nJIaHaMH,        npeilJJaraeMblMH       npennpHlITHl1MH            H    npOBO.llliT     aHaIlH3      TeXHHKO
3KOHOMH'leCKorO 060cHoBaHHlI nporpaMMbJ pecTpYKTypH3aUHH , KOTopali MOlKeT BKJllO'laTb npHsaTH3aUMIO
MJlH JlHKBM.llaUIiIO B Te'leHHe         4 JJeT )lIlJ! Tex   npe,nnpl1)!THH y KOroPbIX HeT waHCOB Ha BbIIKHBaHHe. ECIIH BE
CO'lTeT nporpaMMy pa6oTocnoco6HoH Ha nepHO)l OT JS-TH JlO                                   24-x    MeCJ!ueB, OH C11lHeT se.uylllHM
KpenHTopoM 3TOro npennpHlITH)! H o6ecne'lHT npe,noCTaBneHHe KpenHToB Ha COrJlaCOBaHH~X ycnOBl1l1X
ilJJJI YJlOBJleTBopeHHlI I1HTepeCOB ,npyrHX Kpe,nHTOpoB. BE TaKlKe B 3TOH cHryaUHH 6y.ueT OTBeqaTb 3a
KOHTPOJlb $HHaHcoBoH .ue)!TeJIbHOCTH 3Toro npe.unpHlITH)!.


65.   Ha npaKTHKe 3TOT ueHTp He 6bIJI C03D.aH llO                1996     rOlla TaK, 'ITO npennpHJ!TMlI p33pa6aTblBaIlH nIlaHbl
no pecTpyKrypH3aUMI1              no co6CTBeHHOMY YCMOTpeHIiIO,                  OCHOBblBaliCb       Ha MeTonHKax           npeilJJaraeMblX
COBeTHIiKaMJ.I       BI>.   npliH)!TbiA YKa3 He cneUH$Iill,MPOBaJI qeTKHX MHCTpYKUHM                        no .ueJlTeJIbHOCTH B6 11
n03TOMY rocynapCTBY npHWIIOCb npliHlITb HeKOTopble npaBI1.J1a, peryJlHpYIOWHe .uellTeJIbHOCTb 6aHKa.



                                                                     20
Kpe.ll.HT nOJlYlJaeMblA npe.ll.npHliTHeM B BE .ll.OmKeH 6blTb YMeHbweH no KpaAHeH Mepe Ha 25 npOueHTOB B
peaJJbHb)X YCJlOBHlIX no npe.ubl.uYlUeMY meCTH MeC$llJHoMY Kpe.ll.Hry. CpeJlCTBa, nOJlYlJeHHble OT BE 6y.ll.YT
Hcnonb30BaTbCSI cTporo Ha cOKpalUeHHe ( Bblnnary BbIXO.ll.HbIX noc06HM HJlH pacnpe.ll.eJleHHe COUHai1bHblX
noc06HH ). JII060H nnaH no pecTpYKl)'pH3aUHli 1l0Jl)l{eH BKJlIO'laTb cOKpameHHe nepcoHaJJa no KpaMHeH
Mepe Ha 30 npoueHTOB a TaK)I{e cOKpalUeHHlI OTpHU,aTeJlbHOrO 6aJJaHca no onepaUHoHHblM paCXO.ll.aM no
KpallHeH Mepe Ha 50 npoueHToB B TelJeHHe nepSb)X 12-TH MeClIueB. 3TH npe.ll.npHliTHli MOryr 6blTb
npHBaTH3HpoBaHbi B Jl1060e BpeMli.


66.    rOCYllapCTBo           nepellaJJo     46    npellnpHlITHH    no.ll. KOHTpOJIb     BE   B nepHO.ll. C          1995   no     1997 rr.
WHHaHcHpoBaHHe co CTOPOHb) BE mJlO Ha Bblnnary BbIXO.ll.HblX noc06HA, nOKpblTHe .ll.OJlroB no 3apa6OTHoH
nnaTe, .ll.OnrOB nOCTaBUlHKaM, 3a)lOn:ll<eHHOCTeH B COUHaJJbHble 1j)0H.ll.bl H rOCY.ll.apCTBeHHblx .ll.OJlrOB. BE He
npe.ll.npliHliMaJJ HHKaKHX HHBeCTHUHM B OCHOBHble 1j)0HJlbl. ITpHlJeM BE 3JleCb 06cY)I{.ll.aJJ C .ll.PYrHMH
OCHOBHblMH Kpe.ll.lITOpaMH npeJUlplUITHH ycnOBHlI 06mero MopaTOpHli Ha :no. KpellHTHble COrJlaWeHHlI,
3aKJIlOlJaeMbie C npeJlnpHHTHlIMH, BKJllOlJaJJH rpalj)HKH ocyweCTBneHHlI BbinnaT no HHM. nporpaMMbl no
pecTpYKTYplnaUHH Ha .ll.eJle BKJlIO"IaJJli MeponpHliTHli C OrpaHMlJeHHblMH C 06H3aTeJlbHbiM BblnOJlHeHHeM B
TelJeHHe onpeJleneHHOro cpoKa, BKJlIO'lali cOKpameHHe "IlicneHHoCTH nepcoHaJJa no KpaAHeH Mepe Ha 30                                        %
B     Te"leHHe       rOlla.        OllHaKo   B03HHKJlH     CJlO)l{HOCTH    C oTcne:lKHBaHHeM       BblflOJlHeHHlI        TPC60BaHHH         no
cOKpameHHIO HeraTHBHoro 6aJJaHca no npHxo.ll.yl pacxo.ll.Y .ll.eHe)l{HbiX cpeJlcTB. Ha KOHeu 1997 rOJla,
TOJlbKO 20 npe.ll.npH$lTHM OCTaJJOCb B                      nOPTIj)eJle BE H no "IeTblpeM H3 HHX 6blJlH HHHUHHpoBaHbl
MeponpHliTHli no HX nHKBH.ll.aUHH B pe3YJlbTaTe                      HeCOCTOliTenbHOCTH nocne.ll.HHX, BKJlIO"Iali H KaparaHJla
                     2
JIHKBH.ll.WaxT.           OJl}m XHMH4eCKoe npellfipHliTHe 6bl110 06bllBJIeHO 6aHKpoToM, OCTaJJbHble TpH 6blJlH
B03BpaweHbI no.ll. KOHTPOJlb rOCY.ll.apCTBeHHoro KOMHTeTa no I1MymecTBY, ocYlUecTBlllllOwero KOHTpOJlb
3a npHBaTlnaUHeA              I{   HCnOJlHeHHeM KOHTpaKTOB Ha ynpaBJleHHe.


67.       BoccTaHOBHTenbHbIH BaHK npHMeHlIJI C .ll.OCTaTO'lHoH CTeneHblO .ll.06pOCOBecTHocTH npaKTIIKy
¢HHaHcoBoH Ii JlPyroH npoBepKH ( J1 BH)'TpeHHeM H BHeWHeM ) Ha uenOM pllJle npe.ll.npHIITHii. Y.ll.a"lHbIMH
TaKlKe OKa3aJJHCb .ll.ei1cTBHII no 3aMeHe PYKoBOJlCTBa Ha HeKoTOpblX npeJlnpH.!'ITHlix. OJlHaKO BE HcnbITbiBaJJ
TpYllHOCTH H npenllTCTBHII KaK BHYTpeHHero TaK H BHemHero nOpll.ll.Ka. Ha caMOM Ha'laJJbHOM Yrane, B6
BblHY)l{JleH 6bIn CPO"lHO 60poTbcII 3a ynopll.ll.O"leHHe npoue.ll.YP, YCTaHOBKY                        BHyTpeHHHx CHCTeM YlJeTa H
ycoBepWeHCTBOBaHHe KBaJJHIj)HKawm CBoero nepcoHaJJa. Ho 3¢lj)eKTHBHOCTb pa60TbI BE 6b111a CHH)I{eHa
H3-3a     He.ll.OCTaTKa            rocYJlapCTBeHHoro      61OJl)I(eTHOro   ¢HHaHcHpoBaHHH,         B    oc06eHHocTH          Ha    Bblnnary
noc06HM,         a       TaK:lKe     CJla60CTbIO    cYJle6HOM    CHCTeMbl     npH    paccMOTPCHHH           JleJl    0    6aHKpoTcTBe        H
HeB03MO'lKHOCTblO no npH"IHHe                      HellOCTaTO"IHOrO ¢HHaHCHpOBaHHlI           npHBJleKaTb           KBaJJH¢HUHpoBaHHblx
cneUHaJJHCTOB. I13HalJaJJbHO 86 paccMaTpHBa..'1CSI B Ka'leCTBe .ll.BHraTeJJlI npouecca peCTpyKTypH3aWiH
npennpHHTHM OJlHaKO BB HcnblTblBaJJ He.ll.OCTaTOK nOll.llep'lKKH co CTOPOHbl KOHCYJlbTaUHOHHOro ueHTpa,
KOTopaSi JlOJl'lKHa 6b1Jla HM OKa3blBaTbCSI B p!l3pa6oTKe nporpaMM no pecTpYKTYPH3aUHH. KaK 6blJlO
ynoMSIHYTO paHee, ueHTp OK!l3aJJClI He B COCTOlIHHH 06eCnelJHTb TeXHH"IecK)'1O nOMOWb B paJpa60TKe
nporpaMM no peCTpYKTYpH3aUHH, TaK KaK Y HI1X He 6blJlO Jla:lKe npoueayPbl no npOBe.ll.eHHIO Ha"laJJbHOH
31<CnepTltl3bJ !l1JaHOB, npe.ncTaBllSIeMblx npe.nnpHSlTIU!MH. TOJlbKO cnycTli .ll.OCTaTO'lHO 6011bwoe BpeMII
ueHTp CMor nOJlY4HTb                    nOll.llep)l{KY   MHocTpaHHbix 3KcnepTOB.         EOJlee TOro,        B   HeKoTopblX        cny'lallx,
npennpl1l1THli 6blJlH BblBelleHbI li3 nOll oneKH BocC'raHoBHTeJJbHoro })aHKa cnHmKoM paHO - 3a HeCKonbKO
MecllueB )lO Toro KaK HX npHBaTli3aUHOHHble nnaHbl 6blJll1 3asepweHbl.


68.     KopnopaTHBHoe                 ynpaBJleHHe        nOMe    MaCCOBOH        np1fB3T1f3aUHlt.       KaK      ynoMHHaJJOCb        paHee,
I1HBeCTMUHOHHblM ¢OHnaM 6bIJlO n03BOJleHO BJlaneTb TOJlbKO MeJlKHMH naKeTaMH aKUHH Bcex npHHllBWHX
B     MaCCOBO~            npHBaTH3aUHH         KOMnaHHH.       113HalJaJJbHblM    Mali     no    npOBeJleHHIO            BToporo    payH.ll.a
npHBaTH3aUI1H KOma nnaHHpOBaJlOCb 'ITO I1HBeCTHUHOHHble ¢OHllbl CMorYT HHBeCTl1pOBaTb cpeJlCTBa B



2 KaparaH.!la JhlKSI1)lWaXT (KJl) OhlJl COJnaH KaK rocynapCTBeHHoe npeAnplfJlTHe       J1fI~ npOBelleHH~   MepOnpHHTHH no 3aKphiTHIO    &
yroJlbHblX waXT. KOTOPblMH BJlauelOT .:IRa npe.!lnpllJlTllli B KaparaHlle. OHO JlHOO YBonHno JlIIOO nepeBeJlO 2000 pa6o'lllx, lf3Ha4aJlbHO
-rpYAl1BWllXC~ H3 JTHX waXTax . .llseTpeTH JTIlX COTpy.uHIlKOB nOJlY~IlJlH .ll8YXMeCJl4Hoe yse.uoMJ1eHHe 06 YBonhHeH1l1l1l BhlXO.uHoe
nocoolle )KBIlBMeHTHoe -rpexMecll'lHOH 3apnJlaTe. OCTaBWlUlCJI -rpeTb II OCHOBHOM Te KTO n0CTp311M OT HeC'I3CTHbIX CJlY'IlUIX B
npouecce pa60ThI HJlH npflo6peJ1 npoqJeccllOHMbHblC 3300J1eS3tUlli OblJlH nepese.neHbI Ha ilpYrHe WaXTbl. 3aKJlIO'IHTellbHbte )Tanhl
pa6on,;   KJl   nepea reM, K3K npeKpaT\lTb CBOIO llene,1bHOCTh OblJlll CBlI3aHbi C npOllalKeit HeKOToporo YCTaHOBJleHHoro
o50pY.!I.OBaHII~ Il npoBe.ueHIlIO MeponpnllTIIH no ooecne'leHIHo 6e30nacHOCTU II O'lHCTKe TeppmopHH H3 waxrax. KJl npe.nnOllaraeT
1aO;OH'mTb )T'! pa60ThI K KOHlJ,Y )TOro rolla.




                                                                      21
.nonOJlHI1TeJlbHble naKeTbl aKUHH, He OCYllleCTBHJICli. BMeCTO ::noro, OCTaBwaliCli 'faCTb aKUI1H, .nOBOJlbHO
'IaCTO COCTaBJllllOllla$l KOHTPOnbHblH naKeT, npo.naBanaCb 3a .neHbrH MeCTHblM HHBeCTopaM npH He Bcer.na
np03pa'fHblX c.neJJKax. npo.nalKa KOHTPOJlbHblX naKeTOB aKUHH Haxo.nHJlaCb B Be.neHHH perHOHanbHblX
CTPYKTyP BJlaCTH. Cpe.nH                1700   npe.nnpHliTHH, KOTopble npHHlInH Y'IaCTHe B nepBoH BOJlHe MaCCOBo~i
npHBanl3aWIH,           1100      OblJlH npo.naHbI BnOCJle.nCTBI1H cTpaTerH'feCKHM HHBecTopaM. OCTanbHbie                                          400,     no
nOCTynHBWI1M CBe.neHIUIM, 6blJlH 3aKpDlTbl, OCTaBWHeCli Bce ellle OCTaIOTCli 6el BJla,nenbua KOHTPOJlbHOro
naKeTa aKUHii. B TaKHX OOCTOllTeJJbCTBax, HHBeCTI1UHOHHble <pOH.nb! aKTHBHO ObInH OCTaBJIeHbl 3a 60PTOM
B03MOIKHOCTH Y'IaCTHli B                KOHTpone BonpocoB KopnOpaTI1BHOrO ynpaBJleHIUI.


69.   ,Unll        113Y'feHH$I     H3MeHeHHI1         B   cTPYKTYpe              ynpaBneHHlI        nocJle       npHBaTH3aUHH               62     6blBWI1X
                                                                                                3
rocy.napCTBeHHblx npe.nnpHlITHI1 H3 npoH3Bo.ncTBeHHblx OTPaCneH GblJlH o6cne.noBaHbl H COnOCTaBJleHbI C
aHanOrH'-IHbIMI1 npe.nnpHlITHlIMH B nllTI1 .nPyrHx CTPaHax CHr - POCCHH, YKpaHHe, rpY3HH, KHpm3cKoH
Pecny6JlHKe H MOJl.noBe. BH)'TpeHHHe coGcTBeHHHKH - PYKoBo.nHTeml H COTPy.nHHKI1 - B oGCJle.noBaHHblx
Ka3aXCKI1X         <pHPMax       BJla.neIOT    37    npoueHTaMH aKUHI1  (29 npOueHTaMI1 BJla,neeT PYKOBO.nCTBO H 8
npoueHTaMH COTPYl1HHKH ), B cpaBHeHl111 C                   73 npOueHTaMH B KHprH3cKoH PecnyGmlKe, 64 npOueHTaMH B
rpY311H,      62    npoueHTaMI1 Ha YKpaHHe,                H 60 npoueHTaMH B POCCHH. rocy.napcTBo Bce ellle I1MeeT
3Ha'lHTeJlbHYlO l1omo coGCTBeHHocTH B Ka3aXCKI1X <pHpMax, XOTli )'fa .nOJlll cYllleCTBeHHO CHH3HJlaCb C                                                     35
npoueHToB B           1995   ro.ny 110    16    npoueHTOB B              1997    rOl1Y. MHorl1e Ka3aXCKHe <j)HPMbl IKanylOTc$I                            'ITO
HeCMOTp" Ha TO 'ITO rocy.napCTBO I1MeeT ManDIe naKeTbI aKUHH, npe.nCTaBI1TeJJl1 rocy.napCTBa B COBeTax
.l1.HpeKTOpoB MOryr 6nOKI1pOBaTb OT.neJlbHble ero peWeHH$I. BHeWHHe MeCTHble HHBeCTopbl OTBe'lanH                                                           3a
Bna.neHl1e     30    npoueHToB Ka3aXCKHX <j)HpM B                   1997    rOl1Y - Bb!We HeIKeJJH           25       npoueHTOB B          1995    rOl1Y - 11
HHocrpaHHble HHBecTOpbl OTBe'fanH 3a OCTaBWHeCli ceMb npoueHToB. B                                               Ka'fecTBe npHMepa B 0630pe
paccMaTpHBanHcb              Ka3aXCKl1e <j)HPMbl C caMblM GOJlbWHM l1aKeTOM aKUHH B pYKax BHeWHHX MeCTHblX H
HHoCTpaHHbix HHBecTOpoB B cpaBHeHHH C <pHpMaMH B l1pymx cTpaHax. B OTJlH'IHe OT MHomx l1PYrHX
cTpaH 6b1BWerO COBeTcKoro COlO3a coocTBeHHHKH npe.nnpH$lTHn B Ka3aXCTaHe OTKPb!TbI no OTHoweHHIO K
B03MO)l(HOCTH          IlpI1BJleqeHHlI    I1HocTpaHHblx             HHBecTopoB, l1aIKe ecnl1              OHH         HaCTaHBalOT Ha BJla,neHHH
KOHTPOJlbHblM l1aKeTOM B CBOHX nOTeHUHanbHblX KOMnaHHlIX. Ta6JlHua                                       3 HHIKe        npel1CTaBJllleT pe3ynbTaTbi
3Toro HCCJle110BaHHfI no H3MeHeHI1f1M, npOHCWel1WI1M C cTPYKTYpe BJla,neHl1l1 npel1npl1l1Tl1l1MI1.


                          Ta6J11Ula 3. M3MeHeHHH B cTpYKTYpe sna.neHHH npeJlnpHHTHHMH.
                                   ( npoueHT OT o6wero 3KuHoHepHoro KanHTaJJa)

  CTpaHa                   PYKOBO,ll-         Pa60THHKH       rOCYllapcrBo                 BHeWHHe                BHeWHHe                  OcraJl!.Hble
                             crBO                                                          MecrH!.le             3apy6eIKHble
                                                                                          HHBeCTopbl              HHBecropbI
  fpy:nlll
             1995                4L5             9,4                      41,0                  4,9                        1,0                    2,0
             1997                53,6           10,4                      233                   8,0                        2,2                    2,2
  Ka3aXCTaH
             1995                23.1           10,7                      34,8                 23,6                        4.4                    3,4
             1997                29,4               8.2                   16.1                 30,2                        6,8                    9,3
  Kblprb13CTaH
             1995                28.1           383                       12.4                 16,8                        2,2                    2.2
             1997              34,4             36,4                       5,6                 18,9                        2,3                    2,4
  MOJl,llOBa
             1995                7,2            21,6                      38,6                 24,7                        0,3                    7,6
             1997                18,3            19,7                     23,8                 22.6                        2,1                   13,5
  POCCH~




.1 raCCMaTpllBaeMbie oTPaCJ1I! BKJlI043JJU: npOH3BOJlCTBO MeTail.'!OB (6     npe.llnpH~TIlH), XllMH4eCKOH np0.llYKUHH (5 npeJlnpHHTllii),
M3WIIHOCTpoefJlle   (11 npeJlnpl1llTl!i1), JlepeBoo6pa60TKa II npOH3BOJl.CTBO Me6eJlH (4 npC,LmplIllTH~), npOH3BO,1lCTBO CTPOMMaTePH3JJOB
(8 npCJlnpHHTIlfl) , npOH3BO,1lCTBO TeKCTlIJlll II OJle)f(,!IbT (12 npellnpHHTIlil), npoH3BOllCTBO np0,llYk"TOB mrraHHH 11 HanHTKOB (14
npennpIIHTllij). npOIl3BO,llCTBO ne~apcTB (     2 npeJinplISlTIIH   ),   3m 62   npellnpWlTIlH HaXOJl.flJlHCI.   51   B AJ1MaaTblli   11   B KaparaHJlbl.



                                                                            22
          1995          25.4           26,0           23,5            23.4                 1,6                0,1
          1997          36,3           23,3           14,7            21,5                 3,8                0,4
 YKpaHHa
          1995          14,6           23,6           42,6            18,9                 0,3                  0
          1997          46,2           15,3           15,4            17,7                 0,9                4,5
           3aMe4aHHe: .uom" npe)lCTaBJleHbl B BH)le HeB3BeweHHblX Cpe)lHHX Beml4HHax. focY)lapCTBeHHOe
BJla)leHHe BKJl104aeT C06CTBeHHOCTb, HaxO)lHWYIOCH B MeCTHOM H MYHHUHnaJIbHOM nO)l4HHeHHH
anMwHHcrpaUHH. BHewHHe MeCTHble HHBecTopbl BKJl104alOT HHBeCTHUHOHHble ¢lOH)lbl.


70.   npHBaTH3auwH npHBeJla K nepeMeHaM B PYKOBOnCTBe Ha BblcweM ypoBHe Ha                  32 %        06cJle)lOBaHHblx
Ka3axcKHx       ¢lHPMax, 3TO HaHBblCIlIHH nOKaJaTeJJb Cpe)lH cpaBHHBaeMb!X cTPaH.                TeKyqKa KaD,POB B
ynpaBJIeH4eCKoM 3BeHe He OKaJaJIaCb TaKOH BblCOKOH KaK npennOJIaranOCb npH CMeHe co6CTBeHHHKOB, KaK
KCTaTH npOHCXO)lHT H BO MHornx pa3BHTblX CTpaHax. OnHHM H3 B03MO)KHbIX 06bHCHeHHA MO)KeT CJJYlKHTb
TOT ¢lan, 'ITO MHorHe MeHeAlKepbl 6blBIlIHX rOCY)lapCTBeHHbIX KOMnaHHH HMeJlH B03MO)KHOCTb BblKynHTb
3Ha4HTeJIbHYlO 4aCTb 3THX KOMnaHHH B co6CTBeHHOCTb BO BpeMlI npHBaTH3aUHOHHoro npouecca. TeM He
MeHee, anpHopH He HCHO npHBeJIO JlH HOBoe PYKOBO)lCTBO K 60Jlee JlY4weMY ynpaBJJeHHIO. MOlKeT TaK
CTaTbCH 4TO H3MeHeHHe CTPYKTypbl BJlaneHHlI C06cTBeHHOCTblO 06bllCHlIeT               60JIee JIyqWHI1         Ha)l30p a
HaJIH4He MOTHBaUHH npHBonHT K nY4weH pa60Te ynpaBJJeH4eCKoro 3BeHa.                  B Ta6mtue      4    npenCTaBJleHbl
pe3YJJbTaTbl 0630pa no nOKaJaTeJJHM H3MeHeHHlI paCCTaHOBKH Ka)lpOB MeHeAlKepCKOro 3BeHa.
Ta6JlHua   4.   PaCCTaHOBKa KanpoB B ynpaBJleHHH (B npoueHTax).




                                       fpY3Hg       KaJ8XCTaH     KblPrD13·   MOJl.l1osa         POCCHll      YKpaltHa
                                                                    CTaH


 HOBblH PYKoBO.!l.HTenb
 C    1994 (% OT o6mero   4HCJIa       16,1          32,4           28,3      26,4               23,2           18,6
 ¢lHpM)


iKaKHM 06paJOM npOH30IlIJIa
 CMeHa PYKoBO.!lHTenll?
 a. HOBblH                             76,5          59,2           66,3      35,6               24,9           23,4
 PYKoBoAHTeJlb/BJIaAeJIeU
 6. BHyrpeHHee 3aMemeHMe                 4,2          8,8            6,0      13,6                5,6           10,6
 B. HOBblH PYKoBOllMTenb,               15,6         22,6           10,8       8,5               48,9           39,8
 Ha3Ha4eHHblM HOBblM
 BJJa.!leJlbUeM
 r. HOBblM PYKoBO)lHTem, co             3,7           9,4           16,9      42,3               20,6           26,2
 CTOPOHbl, Ha3HaqeHHblH
 cymecTBYlOmHM COBeTOM
 llHpeKTopoB




71.    PecTpYKTypM3aUHSI nocJle npHBaTM3aUHH. PecTPYKTYpH3aUHSI - :no npouecc HacTpoiiKH, KOToPblM
n03BO.1S1eT      npennpHHTHIO      )lOCTHqb    KOMMep4ecKoH     COCTOSlTeJIbHOCTH.   PecTpYKTYpHlaUHll              MOlKeT
npHBOJlMTb K PaJHblM pe3YJJbTaTaM - ¢lHPMbl MOryT yseJIH4HTb CBOIO npoH3BOAHTeJlbHOCTb H CBmo .!lOJIIO
Ha pblHKe, HJJH lKe OHH MOryT ClKaTbCH, H36aBJIlIllCb OT He lKH3Hecnoco6HblX HJlM He nepBOCTeneHHOH
BalKHOCTH Y4aCTKOB cBoeM AeHTeJlbHOCTI1. TaKHM 06PaJOM, cnaA lleJlOBOH aKTMBHOCTH npe.!lnpMllTHSI He
cneAyeT aCCOUMHpOBaTb C HeAocTaT04HoH pecTpYKTypH3aUHeH.




                                                        23
72.     HCnOnh3Yll    TOT    JKe    npHMep    62-x     qmpM,     MI1CCHll   BCeMl1pHOrO      EaHKa    BhlllBnllna     CTeneHh
peCTpYKTYpH3aUI1H, HCnOnb3Yll lleBHTb nOKa3aTeneH, CBHlleTenbCTBYlOml1X B ee nOnh3Y: 1i36aBneHl1e OT
nHWHeA pa60'leA CHnbl, POCT npOlla)!( 113 paC'IeTa Ha Ka)!(llOrO pa60THHKa, 3aKphiTHe HnH npOllaJKa
HenpH6hlnhHblX npellnpHllTI1A, C0311aHHe PhIHO'IHOH CeTl1 P03HH'IHOA npOllaJK 11 ,                     pa3BI1Tl1e       HOBhl X
TOBapOB, nOI1CK KOHTaKTOB c HOBblMI1 napTHepaMH, , HOBOBBelleHHll Ha ljJa6pl1l(ax no ynY'IWeHI1IO ycnoBHH
TpYlla, 3anYCK MeXaHI13Ma no KOHTponlO 3a Ka'lecTBoM, 11 cOKpameHl1e 6aPTepHhiX onepaul1A. Pe3ynhTaThi
6hlnH conOCTaBneHbl C llPYfl1MI1 CTpaHaMI1 CHr.


73. COKpameHl1e HeHYJKHOA pa60'ieA CI1Jlhl B nepl10ll C 1995 no 1997 rOll np0l130WnO Ha 25                      %   Ka3axCKI1X
qmpM, a npOllaJKI1 113 paC'IeTa Ha pa60THI1Ka BhlpOCJlI1 Ha 11 npoueHTOB. DpOllaJKa aKTI1BOB npOl13owna Ha
24    % IjJHPM a He3Ha'lHTeJ1hHble HOBOBBelleHI111 Ha 39 %. HOBble TOBaphi             6blJ1H pa3pa60TaHhI Ha       33%   Q:lI1P~
11 B   16 % IjJI1PM HOBa)] p03HI1'1HalJ ToprOBall CeTh 6hIJla OpraHI130BaHa            C KpyweHl1eM uempaJIl130BaHHOA
MOHOnOJIhHOH rocYllapcTBeHHotl ceTblO 11l1cTpI16bIOTepoB. 3T11 MOMeHThl lleMOHCTpI1PYIOT O'leBl1llHOCTb
npouecca pecTpYKTYpH3aUI1I1, npoxollllmero B npHBaTH3I1p0BaHHhIX Q:lHpMax, OllHaKO He TaK WI1POKO KaK
XOTeJlOCh     6hl   y'lI1ThlBalJ   Ha'laJIbHble   YCJIOBI1J1.   Ta6JIHua    5   npellCTaBJl)]eT   pe3ynbTaTbi       0630pa    no
pecTpYKTYp H3a umL




                                                                24
                                                    TaOJlHua       5.   nOlCa3aTeJ1H pecTpYKTYpH3aUHH.
                                                            ( IlpoueHT OT BbiCTOIIBmHX II peJlllpHIITHH,
                                                            KpoMe OTJlenbHO OI"OBopeHHblX cnY'IaeB)


         CrpaHa                                          ICOKpallleHHe llJTaTa,      YBenH'IeHHe npOJl:aJK           npO):laJKa           Co6CTBeHHaJI
                                                                1995-97              Ha 1 paOOTHHKa, B rO):l      060py1I0BaHHlI         P03HH'IHaJI CCTb
                                                                                             1995-97


fpY3HlI                                                            31,2                                19,2                   18,2                     24,6
Ka3aXCTaH                                                          24,8                                11,4                   24,3                     16,5
Kblprb!3CTaH                                                       27,3                                14,6                   33,6                     29,7
MOll.noBa                                                          24,1                                 9,4                   23,7                     15,2

POCCHlI                                                             15,2                               12,1                   24,6                     22,3
YKpaHHa                                                             10,3                               10,8                   21, I                    27,1


CTpaHa                     HOBble np0,llYKTbl              HOBble napTHepbl              He3Ha'ilITenbHaJI      KOHTpOJl!, Ka'leCTBa     ,ll,OJlJl 6aprepa B
                                                                                         peKOHCTpYKUHlI                                ToprOBbiX onepaUHIIX


fpY3HlI                          23,6                              40,5                     24,2                     12,2                   24,2
Ka33XCTaH                        32,6                              1l,2                     39,2                     15,2                   28,3
Kblprbl3cTaH                     25,8                              14,8                     44,2                     19,6                   19,3
MOll.noBa                        27,4                              26,3                     29,6                     16,3                   33,2
POCCHli                          33,7                              29,7                     30,2                     21,6                   44,1
YKpaHHa                          41,9                              18,8                     52,6                     38,4                   48,6




           74.        4T06bl   onpellellHTb,             KaKOBbi        OCHOBHble    npemlTCTBHlI      B     pecTpYKTYpH3auHH,     06clle.noBaHHe
                 BIWIO'laJlO Bonpocbl Ha 3TOT npe.nMeT. He.noCTaTOK MapKeTHHroBoro nOTeHUMana 6bln Ha3BaH                                       25
                 npoueHTaMH Ka3aXCKHX qmpM B Ka'leCTBe rllaBHOro c.nep)lCHBaJOlUero <jlaKTopa. OrcYTCTBHe HaBbIKOB,
                 'laCTble HopMaTMBHble M3MeHeHMl!, Hell,OCTaTOK Q>HHaHcHpOBaHHl!, a TaIOKe HaJlorOBble CnOJKHOCTH
                 6blJlH OTMe'leHbl OT   II   .lIO   14   npoueHTOB Q>HpM.           B Ta611Mue 6   npe.lICTaBneHbI pe3ynbTaTbI.




                                                                                    25
        TaOJ1Hua 6: KaKosbl OCHOBHble npenSlTcTBHH Ha nyTH LlaJlbHeHWeH pecTpyKTypH3aUHH
                                 (B npoueHTax OT o6w:ero 4Hcna onpoIlleHHblx)


npemlTCTBlI.e             fpy3Jili       KlI3axCT8H   Khlprhl3CTaH   Momlosa     POCClI.ll     YKpall.H8



HeJlOCTaTOK               16,7            14,3             4,1       21,6        5,7           16,4
KBaJlmpHKaUIiH


HeJlOCTarOK               18,2            13,8             4,7       12,2        9,2           12,3
Q)l1HaHCHpOBaHHll


HellocTaro4Hoe            30,1            24,8             5,2       21,8        7,4            7,2
3HaHHe pblHKa


113MeHeHHll B              8,3            13,9             12,1        14.9     20,3           11, I
npaBoBoM
perynHposaHHH


KoppynUHll                10,7             5,3             2,5        2,2       11,2           13,3

HaJloro06no)f(eHHe         6,9            11,7             69,1      15,3       24,1             30.4

HeB03MO)f(HOCTb            8,8            13,4             1,4       10,2       11,7            7,2
paCnpO.D.8Tb
OCHOBHb!e cpellcTBa


OpraHH30BaHHall            2,3             2,8             0,9        1,8       10,4            2,1
npeCTynHoCTb




3aMe4aHHe: }J.OJlH npe.D.CTaB,1eHbl B Ka4eCTBe HeB3BeIlleHHb!X cpellHHx,


75. B   JiCCJlellOBaHHH TaKlKe cnpaWHBaJlOCb 0 TOM KaKHe BH,!lh1 TPeHHHrOB HeOOXOllMMb! qTOObl n03BOnHTb
qmpMaM YBeJIHtJlI.Th npOH3BOllHTeJIbHOCTb H 06eCne4HTb pOCT. MapKeTHHr Ii npO.D.a)f(H , oYXrarJTepCKHA
YtJeT H 3KcnopTHall CTpaTenH! 6b!JlH Ha3BaHbl B KaqeCTBe HaH60nee BalKHblX o6naCTeH llJIll nOBblweHMll
npocpeCCHOHaJlH3M8. 3TOT pe3ynbTaT llBnlleTcll conOCTaBMMblM B OTHOIlleHHH Tex         weCTH crpaH    CHr,   B
KOTOpblX 6blJIO npOBelleHO 06cnellOBaHHe H:nO nOKa3aHO B Ta6nHue           7.




                                                      26
                               Ta6J1Hua   7:   KaKoH BHt! TpeHHHra Heo6xo,/lHM
                                  ( B npoueHTax OT o6wero .. HeJla OTBeTOB )


npenllTCTBHe               rpY3Hll      K33axcraH      Kblprbl3CTaH    MOilJIosa     I    POCCHl'I     YKpaHHa


MapKeTMHr H                37,4           41,3               48,0     34,8               26,4          29,7
npOAa)!{M
6yxYLfeT                   21,5           ] 8, 1             17,2     17,4               18,5          14,2
KOHTPOJ1b KaLfeCTsa         ],6             2,4              3,0       5,6                9,3           5,1
CTpaTenlJl 3KcnopTa        18,4           11,6        !:leT AaHHblX    7,5                8,]          11,7
nepeBoA                     7,4           ]4,3               5,2      17,8               11,4          17,9
PYKoBonHTeneA 3a
rpa!:lMUy
i1HocTPaHHble               4,9            6,3               1,2      14,7                3,2           8,2
Jl3blKH
He H)')KeH                  8,8            6,0               4,9       2,2               23,1          13,2



            3aMeqaHMe: ,nOJlH npenCTaBJ1eHbl B KalfeCTse HeB3BeweHHblX cpenHHX.


76.   3aKJ1K)lfeHHe. CTpYKTYpa BJ1aneHMJI co6CTseHHocTbIO s           HenaBHO npowenwHx Lfepe3 MaCCOBYIO
npMBaTM3aUllH qmpMax nOCTlIrna TOW TOlfKH, Korna 3cj>.peKTHBHOe KOpnOpaTHBHoe ynpaBJleHHe CTano
nOJlBJll'lTbCJI Ha 60JlblllHHCTBe npennpHID"HH. PeCTpYKTYPH3aUHJI npennpHID"HH 6b1Jla naCCHBHOW fJlaBHblM
06pa30M nOTOMY LfTO npHXOllHJlOCb H36aBJ1J1TbCJ1 OT J1MWHeH pa60Lfel1 CHJ1bl, pacnpOllaBaTb HeH)')KHble
cj>OH.llhi Ii yxonMTb C HenpH6blJlbHblX PbIHKOB. AKTHBHaJ1 peCTPYKTYPH3aUHlI ( Lfepe3 HOBble HHBeCTHUHH )
TOJlbKO Cel1LfaC MO)!{HO CKa3aTb HaLfanaCb         Ha MHorHX npennpllllTHliX. ,n:nll Toro LfT06bl n03B0J1I1Tb
npe.nnpHJ1THliM YCKOPHTb npouecc peCTpYKTYpH3awm, Heo6xo.nHMO npHCTanbHoe BHHMaHHe y.nenl1Tb reM
Cllep)!{UBaIOUlHM   MOMeHTaM, KOTopble 6blJlII      BblllBJ1eHbl caMHMIi   )!(e   npennpHJlTIIJlMH.   TO eCTb 3TO
nOTpe6YeT nOBblllleHHe KBaJJH.pHKaUHH B opraHH3aUHH npo.na)!{ II MapKeTHHre, 6yxranTepcKOM YLfere H
3KcnopTHbiX onepaUHlIX.




                                                        27
                                                  TPETh.SI r JIABA
                                      PA3BI1THE I1H«I>PACTPYKTYPbl

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pelllalOlIlHM $aKTOpOM B C03D.aHHH YCJlOBHM D.J\.II fiH3HeCa, 'no Hanp.llMYIO CB.II3aHO C HHBeCTHUH.IIMH .-i
cepbe3HO BJIH.IIeT Ha MelKD.YHap0D.Hble             n03HUHH CTpaHbl B OTHOllleHHH pa3BHTH.II B HeM fiH3Heca.
npOBeD.eHHble MCCJleD.oBaHH.II nOKa3aJJH, 'ITO             HHBeCTHUHH B HH$paCTPYKl)'PY cYlIlecTBeHHO CHH3HJlH
npOH3BOD.CTBeHHble 3aTpaTbi          B p.IID.e CTpaH C BblCOKHMH         nOKa3aTeJI.IIMH D.OXOD.HOCTH. 3TOT pa3D.eJl
$OKYCHPyeT BHHMaHHe Ha nOJlHTHKe rocYD.apcTBa B 3HepreTHlJeCKOM H TeJleKOMMYHHKaUHoHHOM ceKTopax
C TeM, '1Tofibl 06eCne<fHTb B HHX 3$$eKTHBHOe npe}l,OCTaBJIeHHe yCJIyr ceKTOpy 6H3Heca.


ECTeCTBeHHble MOHOHOJl"H.


78.   PecTpYKl)'pM3aUH.II H pa3BHTMe eCTeCTBeHHblX MOHononHM .IIBJI.IIeTCli OCOfiblM Bbl30BOM no OTHOllleHHIO
K rocYD.apcTBy. B 3neKTp03HepreTHKe H TeneKoMMYHHKaUHOHHOM ceKTope eCTb p.llD. CXOlKHX cepbe3Hbix
npofineM. lJ.0 HellaBHero BpeMeHH B HMX llOMMHHPOBaJJM npMHa,llJle'lKalIlHe rocYllapcTBY MOHononHM.                    11
OTCyrCTBOBaJJH MaJJD-MaJlbCKHe cTHMynbl K CHHlKeHfllO ueH, yny4UleHHIO 3$$eKTHBHOCTH pafioTbl, HnH
YCTaHOBJIeHHIO ueH Ha HaD.IlelKaweM ypoBHe.


79.   HecMoTp.ll Ha TO, 'ITO 4aCTO ueHbl fibl11H HHlKe cefieCTOHMOCTH, MHorHe KJlHeHTbl He Onna<fHBaJJH .Il.alKe
3TH HH3KMe ueHbl HJIH lKe nJIaTMllH 06ewaHHlIMH B OTJlH<fHe OT lleHer. OllHHM H3 nOCnellCTBHM HH3KHX ueH
H HeOnJlaTbI yCJlyr llBKllCll XpOHH'IeCKHH He}l,OCTaTOK CpeD.CTB B 3THX ceKTopax H, COOTBeTCTBeHHO,
HeB03MO'lKHOCTb     CD.eJlaTb   HeofixoD.HMble HHBeCTHUHH B 06CJlY'lKHBaHHe, BBOD. HOBblX                 MOWHOCTeM H
MOD.epHH3aUfllO.


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KOHKypeHuHH TaM, me ::no TeXHHlJeCKH OCYlIlecTBHMO. 3TOT noD.XOD., OD.HaKO, BepollTHee Bcero He
npHMeHI1M K Ka3aXCTaHY B TOM BHD.e B KaKOM KaK 3TO 6bInO B npyrHX CTpaHax. Pa60THHKM 3THX CeKTOpOB
60llTClI nOTepllTb CBOIO pa60l)' B cnylJae, ecnH '1aCTHbJe              1m aD.eJ1b Ubi   nonblTalOTClI CHH3HTb 3aTpaTbi.
HeKOTopble nOTpe6HTeJlH D.OmKHbl 6yD.yr nnaTHn, 3HalJHTe,1bHO fioJlee BblCOKYIO UeHY 3a Te ycnym,
KOTopble OHM    D.O 3TOro nOJlY'laJJH nli60 6eCnJlaTHO, JlHfio 3a HOMHHaJJbHYIO ueHY. npOllalKa KOMnaHIiM B
3THX ceKTopax HHOCTpaHHblM HHBeCTopaM nOllHHMeT ypOBeHb onaceHHH la HHOCTpaHHoe nOMHHHpoBaHHe
H KOHTp011b.


81.   He CMOTPll    Ha 3TO npoTHBonOCTaBJIeHHe, KroaxcTaH CD.eJlaJI cYlIlecTBeHHble lllarM B pa3BMTI1H
pe$opMbl :)THX CeKTopOB H onepelKaeT 60JlblllHHCTBO D.pyrHx crpaH pemoHa B nJTaHe npHBaTH3aUI1H
KpynHoM tJaCTH 3HepreTH'IeCKOrO H TeneKoMMYHHKauHoHHoro CeKTOpoB. OllHaKo eCTb PHCK 3aMeD.J\eHHlI
XO,lla pa3BHTHlI pe$opMbI. B 60Jlee paHHHe rOD.a H3-3a 3KOHOMHlJeCKOrO KpH3IiCa B KOTOPOM OKa3aJ1aCb
cTpaHa, rocYllapCTBO 6b1Jlo fionee npellpaCnOJTOlKeHO K npHH.IITfllO llep3KHx nnaHOB pelj>opM. Tenepb 'lKe,
KOrD.a cHT)'aUHll B 3KOHOMHKe cTa6Klll13l1poBaJJacb, CpoqHOCTb pe$opMMpoBaHMlI nOlllna Ha yfiblJTb.


3HepreTH'-IeCKHH CeKTop


82.   npeD.bICTopUSI.     Pe$opMa B :mepreTfllJeCKOM ceKTope B Ka3aXCTaHe l1D.eT B onepelKalOllleM TeMne no
cpaBHeHHIO co MHOrHMI1 cTpaHaMH pemoHa. rOCYD.apCTBO npMcBoHIlO rnaBHblH npHOpHTeT npHBaTH3aUIHl
reHepaTopHblX      MOUlHOCTeM     M HMeno         311eCb   orpoMHblH    ycnex.    focY.ll.apCTBO   B   HaCTmtwee   Bpe~ll
npeD.npHHHMaeT YCHJlMli no npHBaTH3aUMH nepeD.alOWHX H pacnpeD.eJTHTeJlbHblX MOWHocTeH. PaccYlK.ll.all
cerollH.II la.ll.HHM YMOM, OllHaKO, HaD.O OTMeTHTb, 'ITO rOCYD.apCTBY CJTenOBaJJO fibl rnaBHblM npHopHTeT B
npHsam3aUMH npl1CBOHTb paCnpelleJIHTeJlbHblM crpYKT)'paM, a He reHepaTopHbiM. OCHOBHbie np06J1eMbl
3Toro ceKTopa B03HHKalOT B nnoxo ynpaBJl.lleMbiX pacnpeD.eJIHTeJlbHbIX, a He IS reHepaTopHblX KOMnaHHlIx.


83.   KaK M D.PyrHe MH$pacTPYKl)'pHble ceKTopa, 3HepreTM'IeCKI1H ceKTop fibln nocrpoeH KaK lJaCTb fioJlee
KpynHoH CHCTeMbl, oficnYlKHBalOlIlej:j BeCb COBeTcKHH COlOl, a He KaK HHTerp"'pOBaHHali CHCTeMa,
06C11YlKHBalOwalf       Ka3aXCTaH.    Do lIla>!    MOlUHOCTb       YCTaHOBJleHHoro       reHepaTopHoro    o60pynoBaHHlI
paBHlIeTCll npI16J1H3MTeJlbHO     17,800 MW,        HO H3-3a nJlOxoro oocnYlKHBaHH.II peaJJbHa.ll $YHKUHoHaJlbHall



                                                              28
MOUlHOCTb, 110 HMelOUlHMClI CBe.!leHHllM, COCTaBJllleT TOJlbKO                  13,000 MW,    a B03MOlKHO H HaMHoro MeHbwe.
OCHOBHblM TonmlBOM Mll reHepaTopHblX cTaHUldi lIBJllleTCli yrOJlb, Hcnonb3YIOwHlkll Ha Tpex 4eTBepTlix
MOUlHocTei1.     OCTaBWallCli          '{aCTb 3TO B OCHOBHOM             rM.!lp03nel<Tp03HepreTHKa C He60nbwolf               4aCTblO
MOUlHocTei1 Ha ra3Y Ii Heqrrenp0.!lYKTax. OKono                     30   npOueHTOB MOUlHoCTeH YCTaHOBJJeHO Ha 3aBO.!laX
KOTopble npOH3BOJlllT 3JleKTp03HeprHIO, a TaKlKe TenJlO llJ1ll perHOHaJlbHOM CHCTeMbi OTOnJJeHHlI.


84.    npHBaTH3aUHSI reHepaTopHblX CTaHUHH.                         Ha'ulHali C    1996   rO.!la rocYJlapCTBO npHBanmlpOBaJlO
IUIH    nO.!lmfCaJIO       KOHrpal<T Ha ynpaBJleHHe           C    37    npeJlnpHllTMllMM OTBe'lalOlUHMIi 3a           82   npoueHTa
reHepaTopHbIX MOUlHocTeA BO BceM crpaHe. MHOrMMH                                M3 MHBecTopoB CTaJlH 3ana.llHble KOMnaHHM,
BKJJIO'lali AES, Samsung, Japan Chrome, Ispat H He3aBMcHMali 3HepreTH'leCKali KOMnaHHll. HeKoTopble M3
HI1X .lIBJlllJJHCb 3aperMcrpMpoBaHHblMH 3HepreTH'leCKHMH KOMnaH1UIMH, KOTopble TOJJbKO crpeMMJlHCb
BbIMTH Ha Ka3aXCKMM pbIHOK. )];PYrMe OblJlM npOM3BO.!lCTBeHHbIMH HIlH .!l06bIBaIOlUHMH KOMnaHH.lIMM, Y)I(e
paCnOJlOlKeHHblMH B crpaHe, crpeM.lIlUMMMC.lI o6eCne'lHTb ceoll H8.l1elKHbiM HCTO'lHMKOM 3HeprHM.


85.    )lnll CTOPOHHHX Ha6JJIO.!laTeIleA OCTaBaJlOCb B KaKOM-TO Mepe 3ara,!lKOH, KaK rocY.llapcTBY Y.!laJlOCb
npMBaTH3HpoBaTb TaxylO 60JlbWYlO '-IaCTb CBOHX reHepaTopHbIX MOlUHocTeR B                                    1996   ro.llY. Ka3axcTaH
Ka3aJIClI   30HOlf         nOBblweHHoro     pHcKa       C TO'IKM     3peHM.lI    MHBecropoB.     B    'laCTHOCTH      OTCyrcTBOBaJla
He3aBHCHMalI CHCTeMa perymipOBaHHlI KOTOPall MOrJla 61.1 n03BOIlMTb MHBeCTopaM 6bITb YBepeHHbIMM B
TOM '-ITO OHH 6Y.!lYT MMeTb B03MO)l(HOCTb YCTaHaBnMBaTb Te ueHbI KOTOpble .!l8.l1YT HM pa3YMHyIO OT.!la<.fY Ha
J.!X MHBeCTMuMM. BMeCTO 3Toro nOJlHTHKM H BIlaCTHble CrpYKTYPbI Y.!lep)l(HBaJlH ueHbl Ha HH3KOM ypOBHe, M
orpOMHblA npoueHT nOTpe6HTeJJeA, BKJlIO<.fali roCY.!lapCTBeHHble MMHHCTePCTBa, npoCTO He nJJaTMJ1 .!lalKe
3TY HH3XYlO ueHY ( HeynnaTa .!lOCTHrana no OT.!leJlbHbIM perMOHaM                    70   npoueHToB).


86.    BCne.!lCTl'me TOro, 'lTO peanbHhle C.!lenKH no npHBaTH3aUHM lIBJUllOTC.lI KOH<pM.lleHUHaJlbHbIMH, O<.feHb
CnO)l(HO OC03HaTb,           nO'-leMY    HHBeCTopbI      nO)l(enaJIH     npMHlITb TaKHe      PMCKH,    O.!lHaKO     eCTb TOMY       pll.!l
B03MO)l(HbIX 06'hllCHeHHH. HeKOTopble HHBeCTopbI xy!JI1nM reHepaTopHble MOUlHOCTM B OCHOBHOM C uenblO
06eCne'leHHlI :meprnelf CBOMX c06CTBeHHbIX npOM3BOllCTBeHHbIX H .!lOOblBalOlUHX npe.!lnpHllTHit TaKHM
06PaJOM,      HOPMaTMBHO-npaaOBoR pelKHM He MMeJl llJ111 HMX oc060ro 3Ha<.feHMlI. .ll.PYrMe HHBeCTopbI
3a!lJlaTMJ1H HM3KylO ueHY 3a cymeCTByIOlUMe reHepMpYlOmHe MomHOCTH, CHM3MB TeM caMblM CBOH PHCK, M
noo6elUaB npH 3TOM B 6Y.!lYlUeM cnenaTb KpynHble MHBeCTMUMH. i1HBecTopbI HMenH HeKoTopoe BpeM.lI llJ1ll
TOro, 'lT06bl OueHHTb IOpM,lUI<.fecxylO, nOJlHTH<.fecxyIO M npaBOBYIO 06CTaHOBXY nepen TeM, KaK .!leJJaTb 3TH
HHBeCTMUHM. EcnM 06CTaHOBKa OKa3bIBaeTClI                         xY)l(e, <.feM O)l(HllaJlOCb, H PHCKH Bblwe, OHH MOryT
nOBpeMeHHTb C HHBeCTMUHSlMM IiJlH He .!lenaTb MX BOOOlUe, apryMeHTHpyll 3TO TeM, <.fTO M3MeHMJlHCb
06CTORTenbCTBa.


87.    HeKoTopble          MHBecTOpbI    MMeJlM       KOHTpaKTbl    C rocy.uapcTBoM,        no   KOTOPblM       rocY.!lapCTBO      JlM60
corJlaWanOCb 3aKynaTb MX 3JleI<Tp03HeprMIO MJ1H rapaHTMpOBaJlO HM npaBo YCTaHaBJlMBaTb onpe.!leJleHHble
ueHbI npH npo.!lalKe 3neKTpo3HeprMH. Ha .Ilene )l(e 3TH KOHTpal<Tbl CTaJlH 3aMeHOH CBO.!la HOpM H npaBMJ1.
3TH KOHTpal<Tbl, OllHaKo, MOrJlH H He 06ecne4HTb HHBecTopaM TOM 3alUMTbI, KOTOpyIO OHM OlKM.!laJIM. Do
KpaHHeti     Mepe,     B O.!lHOM cny<.fae nOKynaTenb reHepMpYlOmeH                    KOMnaHH"        o6cYiKnan      COrJlameHMe C
rOCYllapCTBOM, no KOTOpoMY 6blBWall rocYllapCTBeHHall nepe.!lalOlUa!l KOMnaHMSI cornacliJlaCb noxynaTb
3JJeKTPo:3HeprMlO, npOI13BelleHHYIO 3TOH reHepMpYlOmeH KOMnaHJ.!eH. Depe.!laIOmall KOMnaHHlI, O.!lHaKO,
OKa3aJ1aCb     He      B    COCTOSlHMH    BbInOJlHHTb      YCJlOBHlI     COrJlameHMSI,     fIOTOMY    'ITO    He    CMoma     c06paTh
cooTBeTcTBYIOUlHX cpenCTB C pacnpe.ueJllllOlUMX KOMnaHHH. B llpyroM CJly'lae BJlaneneu AnMaaTHHCKOH
pacnpe.nenHTeIlbHolf KOMnaHMH HaCTaHBan Ha TOM, 'lTO rOCY.!lapCTBO He BblllOJIHHJlO CBOM KOHTpal<THbie
06H3aTeJlhCTBa, He n03BOJlHB KOMnaHllH YCTaHaBJlMBaTb 60Jlee BblCOKHe                            ueHbl C TeM, '-IT06bl       nOKpbITb
nonHylO CTOHMOCTh nOCTaBKH 3JleKTp03HepmM.


88.    npHBaTlf3aUIfSi npe.llnpMSlTHH no nepeLla'le H Pacnpe.!leneHlf1O 3HepropecYPcoB. B                                   1997   ro.!ly
rOCYllapCTBO TaK)I(e npe.!lnpHHMMaJlO nonblTKH npMBaTM3MpOBaTb KaK rocynapCTBeHHyIO nepe.!lalOmylO
KOMnaHMIO. TaK H            18   perl10HanbHbix pacnpeneJllllOlUMX KOMnaHMH, HO ycnex OKaJaJlCSI He3Ha<.fMTenbHbIM.
rocY.!lapcTBo        BeJlO        neperoBopbl     C       D.ByMlI       MelK.!lYHaponHblMH       KOMnaHHllMM         National      Grid
(BeJlHK06pHTaHMlI) M ABS ( WeeUHll\ illBeHuapMjl) 0                       nOKynKe rocY.!lapCTBeHHoH CeTM 3JleKTponepella'l,
HO neperoBopbl 3aKOH41H1MCb HeYlla'lelt                 no   CBeneHHl'IM focY.!lapCTBeHHOrO KOMHTeTa, no I1MymeCTBY
TOJlbKO ./lse H3 pefHOHaJlhHblX pacnpe.!leJI.SllOlUMX KOMnaHMH 6blJlH npOllaHbl 'laCTHblM MHBeCTopaM.



                                                                    29
89.   MMCCMlI BceMMpHoro EaHKa OKalaJIaCb He B COCTOllHHM onpe.ueJlMTb TO'IHO, nOtieMY roCy.uaPCTBO He
CMOrJJO      npo.uaTh     60nbwe     nepeJJ,alOlllHX M pacnpellemllOWHX                 KOMmlHHH.      HeKOTOpble        Ha6JlIO.uaTemt
npe.unOllaraIOT, tiTO H3-3a 06peMeHMTe1IbHblX YCJlOBHH H orpaHHtieHHH, KOTopble rocynapcTBO nOnblTaJIOCb
HaJlO)l(HTh Ha HHBeCTopOB. B03MOlKHO OT HHBeCTopOB nOTpe60BaJlH OnJlan-lTh Bce cyllleCTBYIOWHe .uOJlrH
(HanpHMep, OrpOMHhle .nollnr no 3apa6oTHOH nJlaTe, H 3a,n01l)l(eHHOCTH .nPYrHM npennpHliTHlIM), a Tal()l(e
CneJlaTb KpynHble HHBeCTHUHM H CneJlaTb KpynHYIO neHe)l(HYIO npenonnary. KpOMe TOro, HHBecTopbl,
MOlKeT 6blTh, HCnblTblBaJIH 03a60'leHHOCTb no nOBony oTcyrCTBMlI YCTaHOBlleHHoA CHCTeMbl npaBoBoro
perynHpOBaHHlI.


90.   3Ta Hey.natia C npHBaTM3aUI1eH pacnpene1llllOWMX KOMnaHI1i1 npHBeJla K llelPMlJ.Hry 3JleKrpo:mepnrM,
XOTli reHepMpYIOWHe 3HeprHIO KOMnaHHM Bblpa)l(aJlM )l(e1IaHMe nOCTaBJlllTh 3HeprMlO, eCJlH 61.1 HM 3a Hee
nJlaTHJlH. 3TO npOMCXOllMT nOTOMY, 'ITO nJlOXO ynpaBJllleMhle paCnpelle1lMTenhHble KOMnaHHM He co6HpalOT
.neHbnr CO CBOMX nOTpe6HTeJIeA M, TaKMM 06Pa30M, He MOryT 3anJlaTMTb 3a 3HepmlO, 3arynaeMylO y
KOMnaHHH, ee reHepMPYlOlllHX.


9l.    AJlMaaTHHCKaSi          3HepreTH'IeCKaSi            KOMnaHHSI.        npHBaTH3aUHlI        AnMaaTHHCKOH          perMOHaJIbHoi1
KOMnaHHH lIBJllleTCli OTlleJlbHblM CJlY'laeM, HO TeM He MeHee lleMoHCTpMpyeT BalKHOCTb npHBaTH3aUMH B
06JlaCTM pacnpeneJIeHHlI 3JIeKTp03HeprHH. B 3TOM CJlytiae OTlleJleHHe KOMnaHHH Belgian Tractebel Group
BJlalleeT reHepaTopHhlMH CTaHUHlIMM, MeCTHoi1 paCnpelleJIHTe1IbHoi1 cHcTeMoH, H MecTHoi1 pai1oHHoM
oTOmlTeJlhHOM cHcTeMoi1. 3Ta KOMnaHHlI OTJlM'IaeTCli OT .npymx pacnpeJJ,emlTeJlbHbIX KOMnaHMH, nOTOMY
'ITO lIBJllleTClI B nOllHOM Mepe caMonOCTaTOtiHOH B CMblCJle                            reHepMpOBaHMe         3JleKTp03HepnrH      M He
HY)l(naeTCli B 3aKynKax ee B npyrHx reHepHpYlOlUMX KOMnaHl1l1X.


92.   Tractebel    HMeJla orpOMHhlM ycnex B pellleHMH BonpOCOB HenJlaTe)l(eii B AJlMaaTHHCKOM penrOHe H no
3JleKrp03HeprHH H no Tennoo6ecne'leHHIO. Ha ceronHlIllIHHH MOMeHT OHa c06HpaeT                                  95%     Bcex nJlaTe)l(ei1
no nponalKaM 3JleKTp03HeprMH H                    85%    no TenJlY. ,[(0 3TOro co6HpaeMocTb nnaTe)l(ei1 HaXOnHJlaCb Ha
ypOBHe       HH)I(e tieM    30%    OT Bcex nOJlrOB KOMnaHMH.                 Tractebel pelllHlIa       np06JleMY HenllaTelKeM         3a
3neKTp03HeprHIO nocpencTBoM BBeneHHlI .D.Jlll nOTpe6HTeJleM npaKTHKH                            OTK1IIO'leHHH B cJlytiae HeynJlaTbl.
3T0 KaCaJlOCb HeKoTopblX KpynHblx H BalKHhlX ytipe)l(lleHHM B cTpaHe TaKMX KaK npaBHTellbCTBeHHbJe
MHHHCTepCTBa H BOeHHbJe ynpaBJleHHlI. PellleHHe np06JleM HenJlaTe)l(eH 3a TefUlOCHa6)1(eHHe, ollHaKo,
lIBJllleTCli 3aJJ,a4eM 60Jlee cephe3HoM nOTOMY 'ITO '1aCTO He npenCTaBlllleTCli B03MOlKHblM QJH3M4eCKH
OTKJlIO'lMTb TenllOCHa6)1(eHHe B )l(HlIbIX pai1oHax, HanpHMep, B 601lblllHX MHorOKBapTHpHhlX nOMax. Tal()l(e
no npH'lHHe 3KCTpeMaJlbHblX 3HMHMX TeMneparyp He no.ua4a TenJla B )l(HlIble lloMa MO)l(eT C03naTb yrp03y
6e30naCHOCTH H 3nopOBblO. Tractebel pelllHll                      ny    np06JleMY, YB1I3aB ormary 3a TefUlO C ormaToi1 3a
'lJleKTp0'lHeprMIO. Tractebel            Bna,neeT 11 3JleKTpH'IeCKOH, H TermOCH36)1(eH4eCKOH pacnpe)lenHTe.1hHoH
CeTllMM,     H n0'lTOMY       npoCTO BbICTaBJllleT onHH C'IeT 3a oGe                    yCJlym    M npH6eraer K OTKJl104emllO
'lJleKTp0'lHepnm B CJly'lae He ynJIaThI Bcero C4eTa.


93.    I-hB..leQeHHLle      YpOKl1.      ECTh llBa ypOKa,           KOTOpbJe CJle.uyeT H3Bl1e'lh 113           onhlTa    npHBaTH3allHM
'lHepreTI1"leCKoro         ceKTopa       B   Ka3aXCTaHe.          nepBhlH    ypOK       COCTOMT    B   TOM,      'ITO    npHBaTH3allHlI
pacnpeneJlHTeJ1bHblX ClfCTeM JJ,OJl)!{Ha npOHCXOJJ,HTb B nepBYIO 04epe.ub. HeCOBepweHCTBO ynpas.'leHHlI B
CHCTeMax pacnpe.ueneHI1J1 3HeprMlf (oc06eHHO BalKeH acneKT npOBaJla B c60pe OfUlaTbI 3a nOCTaBJleHHYIO
'lJleKTp03HepfH10)         Bb13h1BaeT B OCHOBHOM H Bce OCTaJlbHbJe np06J1eMbl B 'lTHX CMCTeMax. be3 Ha.ue)l(HOrO
nocrynJleHHlI .ueHelKHhlx cpenCTB paCnpene1lHTeJlbHble KOMnaHMH He B COCTO$lHMH OnJla4HBaTb YCJlynt
reHepaTopHblX KOMnaHMH, a reHepaTopHble KOMnaHHH B CBOIO O'lepeJJ.b He MOryT 3anJlaTMTb 3a TOnJlHBO H
OCHOBHoe 06CJlY)l(HBaHl1e.         11,   KaK pe3YllbTaT, CTpaHa I1CnblThlBaeT HeJJ,OCTaTOK 'lJ1eKTp03HeprHH. 3TO He
03Ha4aeT, 'ITO rOCYJJ,apCTBO .uOJl)l(HO npHB3TH3HpOBaTb H reHepaTopHble, H pacnpeJJ,eJlHTeJ1bHble MOlUHOCTH
B     pyKH     O.1lHOrO    HHBeCTopa,        KaK    'lTO     np0I130111J10    B    AnMa-ATbl.       npMBaTI13aUMli        BepTHKaJlbHO
HHTerpMpOBaHHOH MOHOnOJll111 npH KOTOPOH onHa KOMnaHl1l1                            BlIalleeT H reHepHpYlOllll1MH MOlUHOCTlIMH,
H pacnpeneJIHTeJlhHhlMH orpaHI1'lMBaeT KOHrypeHUHIO.


94.    BTOPblM       ypOKOM        lIBJ1l1eTCli    TO,     '{TO    lKeJlaTeJlbHO    npO.1laBaTb     MecTHbie      OTOnHTeJ1bHble       11
3JleKTp03HepreTH4eCKHe             pacnpeneJlHTeJlbHble             KOMnaHHH        B    pyKH     O.!l.HorO    HHBeCTopa.       TOJlhKO
06beJJ,I1HeHHall TaKHM 06pa30M KOMnaHHll, no BceM BepOllTHOCTH, CMO)l(eT 3aCTaBHTb OnJJa'lHBaTb yClIyrH



                                                                       30
no TennOCHaO)KeHMIO. TaKas! OObeJl,HHeHHas! KOMnaHMR CMO)KeT BblCTaBJIRTb nOTpe6MTemiM ellHHble C'IeTa
Ha onnaTY KaK :meKTpo:mepnm, TaK If TennOCHa6)KeHHR, If 6blTb B 60nbllleli CTeneHH YBepeHHOH B If X
onnaTe, TaK KaK CMO)KeT OTKJIIO'IaTb 3neKTp03HeprHlO B cnY'Iae HX HeOnnaTbl.


95.    6y.nYlUHe   pect>opMbl.     nOCJIe      npOBaJlbHOH    nOnblTKH       nplfBaTlf3lfpOBaTb       paCnpeIleJlIfTeJlbHble       If
nepe.nalOWHe KOMnaHHIf, rocy.napCTBO C03.naJIO HOBYIO rocy.napCTBeHHYIO KOMnaHHIO B HIOJle                           1997     ro.na,
Ha3Baa ee Ka3axcTaHcKas! KOMnaHI1R              3JleKTpo TpaHCJIRUHOHHOH Cenl (KK3TC) • 3ToA KOMnaHHIf 6b1nH
nepellaHbl B c06cTBeHHocTb 3JleKTpO-rpaHCJlSlUHOHHble CCTH H ynpaBJIeHHe no pacnpe.neJleHHIO. KpoMe
TOro, rocy.napcTBo B ceHTR6pe            1997       ro.na npellOCTaBHJlO KOMnaHHH npaBo ynpaBJIRTb                  11-10   113   18
perHOHaJlbHblMIf paCnpeIleJlHTeJIbHblMIf KOMnaHHSlMH. OHa TaK)Ke ynpaBJIReT o.nHoA H3 caMblX HOBblX If
KpynHblx     3JleKTpOCTaHUl1H      B    crpaHe.      rOCYIlapcTBo    Ha3HattHJIO      1f3BeCTHOrO     6113HecMeHa      Ha     nOCT
npe3HlleHTa 3TOli     KOMnaHHI1 H BBOlllfT B npaKTHKy cOBpeMeHHble no.nxo.nbl B 6H3Hece. KOMnaHHSI
HaCTaHBaeT Ha ycoBepWeHCTBOBaHHH ynpaBJIeHHSI B rpaHCJlSlUHOHHblX ceTRX                               H pacnpe.neJlHTeJlbHblX
KOMnaHHSlX HaxO.nSlWHXCSI nOll If X KOHTpOJleM, HanpHMep CHH3HB YPOBeHb He nJlaTe)KeA.


96.   KK3TC nblTaeTCSI HailTIf         100   MHJlJlHOHOB IlOllJlapOB Ha Me)K.nYHapo.nHbIX            Kpe.nHTHbiX pblHl<aX .ll1ISI
<pHHaHcHpoBaHHR        HeooxoIlHMoro            06cnY)KHBaHIfR        H      ycoBepweHCTBoBaHHSI             nepen.alOWHx          H
pacnpellemneJIbHblX ceTeli. K CO)KaJleHHIO IPHHaHcoBaR cYMaToxa B A3HH MO)KeT C03.naTb CJlO)KHOCTIf B
nOHCKe     <pIfHaHcHpoBaHIfSi.     3TO       YBeml'lHT    Heooxo.nIfMOCTb       npHBaTH311poBaTb           pacnpe.neJlHTeJlbHble
KOMnaHIfH l<aK MO)l(HO cKopee.
97.    KpoMe :nora rocy.napCTBo npe.noCTaBHJlO               KK3TC OTBeTCTBeHHOCTb 3a npOBe}leHlfe Boeooweil
pecrpYKTYplf3aUHH B 3HepreTH'IeCI<OM ceKTope ( Pe30JIIOUlfR                  N!!1193   OT   31   MIOJISI   1997   ro.na). KK3TC
HMeeT .nep3I<IfH nJlaH C03.naHI1S1 KOHKYpeHTHoro 3HepreTH'leCI<OrO ceKTopa I<OTOPblH BKJlIO'IaeT CJle.nYIOLUlfe
3neMeHTbl:


•      MeCTHble pacnpe.neJIHTeJIbHble KOMnaHHH 6y.nYT TOJIbl<O pacnpe.neJIJlTb 3J1eKTp03HeprHlO I<OHe'lHbIM
       norpe6HTenSiM H He oyn.YT 3aHHMaTbCR ee reHepaUHew nOKynKoli HJIH npo.na)l(eA,
•      norpe6HTeJJH 6y.nyr nOKynaTb HX 3Jlel<rp03HeprHIO y KOHKYpHPYIOLUHX onTOBblX nOCTaBllI.HKOB,
•      onTOBble nOCTaBUlHKH 6y.nYT 3aKynaTb HX 3J1eKTp03HeprHIO y pa3HbiX KOHKypHpYlOllI.HX He3a.BHCHMblX
       reHepHpytOUlHX KOMnaHHH,
•      onTOBblH PbIHOK 3JleKTp03HeprHH 6y.neT opraHH30BaH He3aBHCHMbiM onepaTopOM pblHKa (HattaJIbHO
       KK3TC), H
•      Ha onTOBOM pblHKe 6y.1l.YT 6y.nyr HCnOJlb30BaTbCSI COBpeMeHHble HHCTpYMeHTbl TaKHe l<aK onUHOHbl H
       IPopBap.nHble KOHTpaKTbI.


98.    MHCCHSI BceMHpHoro EaHKa Bblpa3HJla o3a6o'leHHOCTb no nOBollY nJlaHa                           KK3TC no C03.naHIfIO
cOBpeMeHHoro OnTOBOro pblHKa .1l)lSl 3JleKTpo::meprenIKH. OnblT .npymx crpaH pemOHa (                                 HanpHMep
POCCHH H Yl<pal1Hbl ) nOI<a3 bl BaeT, 'ITO rJlaBHblM npenSlTCTBHeM B C03llaHHH TaKHX PblHI<OB JlBJlSleTCSI
BblCOKHH ypOBeHb HenJIaTe)Kei1. Tal<He pblHI<H npocTO He MOryr IPYHKUHOHHpOBaTb eCJlH ero Y'laCTHHKH He
onna'mBalOT 3aKynaeMYlO 3JIeKTp03HeprHtO.


99.   OnblT AnMa-aTHHcKoi1 ::mepreTHQeCKOH KOMnaHHH n01<a3bIBaeT, 'ITO np06JIeMa HenJlaTe)Kei1 He 6y.neT
peweHa JIO Tex nop, nOKa He 6y.nyr npHBaTH3HpOBaHbi pacnpen.eJlHTeJlbHble KOMnaHIfI1. C03.naHHe
COBpeMeHHoro       onTOBoro      pblHKa       3neKTp03HeprHli       MO)KeT    6blTb    B03MO)KHbIM         TonbKO    Korn.a       ere
Y'laCTHHKaMH 6YIlYT '1aCTHble            KOMnaHHIf       KOTopble C06JlIO.naIOT CBOH 06S13aTeJlbCTBa no· onnaTe 3a
3J1eKrp03HeprHlO.    KK3TC CJIe.nYeT 60JIee .neTaJlbHO BblSlCHHTb nOtteMY npl1BaTH3aUHSI paCnpelleJlSlIOLUHX
KOMnaHHH nOTepne.1a Hey.na'lY B              )997   rOIlY H .naTh peKoMeHn.aUHH no nOBo.ny B03MO)KHbIX YCJlOBHH,
KOTopble C 60JIbllleA BepoliTHocTbtO MornH Obi 3aHHTepeCOBaTb '1aCTHbIX HHBeCTopOB.


100.   MO)l(eT 6hITb HMeeT CMblCJl HaqaTh C npOCTeHWeH <pOpMbl OnTOBOrO pblHKa, H.nelO KOToporo MO)l(HO
peaJIH30BaTb CeH'IaC 11 KOTopblA C03.D.aCT MOTHBaUHtO .1l)lJl CHH)I(eHHlI HellJlaTe)l(eH. npHBanl3HPOBaHHbie
reHepHpYlOllI.l1e KOMnaHHIf Y:>Ke C03.nanH npOCTeHllIHH OnTOBblH PbIHOK, OCHOBaHHblH Ha llBYCTOPOHHI1X
KOHrpaKTax C 3aKynlllHl<aMH.           npeHMywecTBo .nBYCTOPOHHHX 1<0HTpaKTOB COCTOHT B TOM,                           'ITO OHH
o6ecne'UiBalOT C031laHlfe llJIaTe)l(HOH IlHCUHnnHHbl. ECJlH 3aKynUlHK, TaKOH, KaK pacnpe.neJIHTeJlbHaJI




                                                              31
KOMnaHH~. He BblnOnHlIeT KOHTpaKTHblX 06~3aTenbCTB (HanpHMep, cpblBaeT                         onnary   3a :'MeKTp03HeprHfO),
Ilpoll.aBeu He HeceT 60Jlee 06J13aTeJlbCTB no nOCTaBKaM 3JleKTp03HeprnH 3TOMY 3aKynIl(HKY.


101. EllHHcTBeHHblM Hell.OCTaTKOM CHCTeMbl, OCHOBaHHOH Ha lI.BYCTOPOHHHX KOHTpaKTax, ~BJl~eTC~ TO, 'lTC
reHepHpYfOIl(He CTaHUHH, B03MOlKHO, He 6YllYT 3!j>!j>eKTHBHO CTHMYJlHpyeMbl no 6blCTpOTe nOCTaBOK
.D:PyrHMI1 CJlOBaMH, CHCTeMa MOlKeT OKa3aTbC~ HeYlI.a4HOH                   B nJlaHe llOCTHlKeHH~ "3KOHOMH'lHoro" HJn1
CTHMYJlHpYIOIl(erO pelKHMa npH KOTOPOM reHepHpYfOlUHe KOMllaHHI1 C HaHMeHbWHMH ueHaMH 6YllYT
nepBblMH     peamnOBblBaTb         CBOIO     3JleKTp03HeprHfO.     3KOHOMH'leCK0e       cTHMynHpoBaHHe                  6blCTpOTbi
peaJIH3aWtH 3neKTp03HeprHH MOlKeT 6bITb JlOCTHrHyrD, TeM He MeHee, eCJlH reHepHpYIOll\He KOMnaHHH B
CBoeH cpe.ue 06pa3YIOT TOprOBYfO CHCTeMY                  TaK Ha3blBaeMoro "nYJJa".        Y    HHX nOllBHTC~ CTHMYJI 3TO
CJleJIaTb, TaK KaK )TO CHH3HT I1X 3aTpaTbI Ha npOH3BOllCTBO 3JIeKTp03HepnlH. TaKoif 3HepreTH4eCKHH ny.1
MOlKeT   6b1Tb 06pa30BaH           uenHKO~     H nOJlHOCTblO      reHepHpYIOll\HMH      KOMnaHHlIMH        H    He      nOTpe6YIOT
BOBJle'leHHlI    B    3TOT     npouecc      peryJmpYIOIl(HX      opraHOB.     Korlla    3Heprerl1'-IeCKI1H      ceKTOp      6YJleT
npHBaTH3HpOBaH H pecTpYKTYpHPOBaH a np06JIeMa HellJIaTelKeif OKalKeTCj!                           peweHHOH, Torlla CTaHeT
B03MO)KHbIM paCCMaTpHBaTb 60JIee CJlOlKHble !j>OPMbl KpynHo onTOBblX PblHKOB 3J1eKTp03HeprHH.


102. B   KOHue KOHUOB rocYJlapCTBO npMHlIJIO pHcKoBaHHoe peweHHe npeJlOCTaBHB OTBeTCTBeHHOCTb 3a
pecTpYKTYpH3aUHIO 11 npHBaTH3aUHlo 3HepreTH4ecKoro ceKTopa KpynHeHwen opraHH3aUHH H3 CaMoro
ceKTopa, a HMeHHO          KK3TCy. OnblT B JlPyrnx cTpaHax nOKa3blBaeT "'ITO rOCYllapCTBeHHoil MOHOnOJIHH
JlOBOJJbHO      CJIOlKHO      3!j>$eKTHBHO      npOBOllMTb       pecrpYKTYpJ.i3aUMIO       OTpaCJIH.       PeCTpYKTYPH3aUHlI
nOll.pa3YMeBaeT pa3pYilleHHe MOHOnOJJHH, ee IlpHBaTH3aUHIO, H YMeHbweHHe ee pa3MepOB, MOIl(H H
BJIH~HHlI. PYKOBOJlHTeml TaKHX opraHH3aUHH 'laCTO                  IlPOTHBOCTOllT JlI06blM           ype3aHHlIM HX BJIaCTJ.f H
nOJIHOMO'lHM. BCTb HallelKlla Ha TO 'lTO               KK3TC CTaHer HCKJl104eHHeM 06ll\eH KapTHHbl 1l0BelleHH$I,
KOTOpa$l Ha6JIIO.ll.aJlaCb B .nPyI'HX CTpaHax H 'lTO OHa cyMeer CTaTb JlH.uepOM npo.nOJllKafOll\erOCJI npouecca
npHBan13aUHl1 H pecTpYKTYpH3aUHH B ceKTope.


103.   DepeKpecTHbie         Cy6CHJlHH.      BalKHeHwHM      nYHKToM,    KOTOPOMY       .nOJllKHbl     6YJlYT   npoTHBoCTOllTb
3HepreTI1'-IeCKHe KOMnaHHH H peryJlHpylOlUHe OpraHb),                lIBJI~eTClI   YCTpaHeHHe CHCTeMbl nepeKpecTHblX
Cy6CHJlHif npH YCTaHOBJIeHHH ueH Ha 3JIeKTpo3Hepnllo. B Ka3aXCTaHe, a TaKlKe Be3Jle B peniOHe npaKTHKa
6blJla TaKOBa, 4TO ueHbl Ha 3JIeKTpo3HeprHIO .nn~ npOMblillJIeHHblX lloTpe6HTeJJeH YCTaHaBJJHBaJlHCb Bblwe
ce6ecTOHMoCTH,        a    ueHbl   .1lJI~   4aCTHbiX   lloTpe6HTeJJeH   HHlKe      ee   ce6ecTOHMoCTH.          C    nO$laneHHe~
KOHKYpeHUHI1         3TH     nepeKpeCTHble      Cy6CHJlHH     CTaHOBliTCli     60Jlee    He     JIOrH'lHblMH.       Y     MeCTHblX
pacnpe.ueJIHTeJIbHblX KOMnaHHH TaKHM 06pa30M He 6YJleT .npyroro BbJ60pa KpoMe KaK nOJlHHMaTb ueHbl Ha
3JJeKTp03HeprHfO.nn~ 'laCTHbiX nOTpe6HTeJIeii JlO ypOBHlI , KOTOPblif nOKpblBaeT 3aTpaTbi Ha ee 1l0cTaBKY.




                                                              32
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104.      nOCMOTpes Ha aMnnl1TYny Kone6aHHA Tpe5YlOIlll1xCli H3MeHeHMH B ueHax, MO)f(HO CpaBH.l1Tb ueHbl B
Ka3aXCTaHe C ueHaMl1 B npyrl1X crpaHax (pHc.3).                       B   3anaAHblX CTpaHax, ueHbl YCTIiHaB.JlHBaeMbie Aml
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TeJleKOMMYHHK3l\HOHHbIH CeKTOp.


105. B TeJleKoMMYHMKaUHoHHoM                    ceKTope rocYAapcTBO cnenMO 60JIbWMe ycnexM B npHBaTl13aUHl1. 05lUeA
.IVl!!    B';ero Ml1pa TeHneHUMeH. liBJIlieTCII             npl1SaTM3aUHli rocy,n.apcTBeHHbIx TeJIe<j>oHHbiX                        KOMnaHMH   l1
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C,lleJlaJ1 SToporo.


106.       TIPHB3TH3allJUI.         B   npownoM rony rocynapcTBo nponaJlo                    40   npOueHTOB aKUHH rocynapcTBeHHoH
reJle<j>oHHoH KOMnaHHI1 Ka3aXTeJ1eKOM KOMnaHMM Daewoo Corporation. Daewoo rapaHTl1pOSaJla, "ITO
Ka3aXTeneKOM HHBeCTlipYeT                 J   MHJlJlHapn ll.OJ1napOB S MonepHH3aUHlO 11 paCWHpeHl1e Tene$OHHOH ceTH llO
2000       rOna.    B 06MeH    Ha :no rocynapcTBo npe)l.OCTaBl1JlO HeKoTopble MOHOnOJIbHble npaBa Ka3axTeneKoMY,
KOTopble 6Y,llYT 06CYlKD.aTbCli 60Jlee lleTaJlbHO HI·!)Ke.


107.          KPI1THKH Bbl,llBHHYJIH Bonpochl no nOBony 3TOM npHBan!3aUHOHHoM C,lleJIKH. Daewoo JlMlieTCJl
np0l13BOnHTeneM TeneKoMMYHI1KaUHOHHoro 060pYIloBaHHJl, a He TeJIe$OHHblM onepaTopOM. KPI1THKI1
cnopliT 0 TOM, "ITO KOMnaHHlI nOJl)f(Ha 6bma 6blTb npOllaHa KOMnaHHM C 60JIbWHM OmlTb! paGoTbl B
Ka4eCTBe Tene<j>oHHoro onepaTopa. OTBeTOM Daewoo CTM TOT apryMeHT, "ITO OHM HaMMYT nylfwl1x
3KcnepTOS 11 KOHCYJIbTaHTOB C TeM, 'lTo6bl nOMO'lb ynpaBJIliTb KOMnaHHei1. )J;pyrHe KpHTHKM rOBOpliT 0
B03MO)!cHOM KOH$m1KTe MHTepeCOB,                     KOTOPblM MO)!{eT B03HHKHYTb Me)f(llY pOJlblO Daewoo KaK OCHOBHOro
BnalleJlbua         KasaXTeneKOMa         H ee       pOJlblO   S   Ka"leCTBe       nOTeHUHaJlbHOrO                    nOCTaSlUHKa   Tene$OHHoro




                                                                     33
060PYllOBaHHII. OTBeTOM Daewoo CTaJlO HX 3aBepeHHe B TOM 'ITO Ka3aXTeJleKOM 6YlleT npOBOllHTb
OTKpblTble    11   LfeCTHble    Te Hllep bl    Ha    nOCTaBKY    mo60ro         060pYD:OBaHHSI      H      KO   BceM    Y'IaCTBYIOIUHM
nOCTaBLUHKaM 6YD:eT OllHHaKOBoe OTHoweHHe.


108.     BCJlell   3a     A3HaTCKHM           KPH3HCOM,        Daewoo        npHHJlnl1       peWeHl1e       nOBpeMeHHTb         C   :nOH
TeneKoMMYHHKauHoHHoH              ClleJlKoH.    TaK      KaK   :no    npOH30WJlO         nocne    OKOH'IaHI1J1       pa60Tbi    MHCCHH
BceMHpHoro 6aHKa B paMKax :noro HccnelloBaHH)l, B 3TOM OT'leTe OTcyrcTByeT CneUHaJlbHaJI HH<p0pMaUH)l
06 3TOH nOCJlellHeH ClleJlKe. no BHD:HMOMY, Daewoo npo.!laJla CBOK npaBa no npOll(l)KaM KOMnaHHH
Kazkommertz ,           XOn!   ocraeTC)l      He)lCHOH    cY.!lb6a    06)l3aTeJlbCTB         Daewoo.       Te   He   MeHee,    :no llaeT
B03MOX<HOCTb        rocyllaPCTBy        nepeCMorpeTh           CBoe        npellbl)l)'IUee     peWeHl1e         no   npenOCTaBneHHIO
1l0JlrOCpOLfHOH JmueH311H,         a TaKlKe         npHrnaCHTh llpyroro          CTparerH'IeCKOrO          HHBeCTopa, KOTOPblH        He
nOCTaSHT ce611 B cmyaumo KOH<pJll-IKTa HHTepeCOB, KaK 3TO 6blJlO B cny'lae C Daewoo, H y KOTOPOro 6Y.!leT
nOTeHUHaJI no <pHHaHCHpOBaHHIO 1l0nOJlHHTeJlbHbiX HHBeCTHUHH.


109.     flepeKpecTHble          Cy6CHllHH.          UeHbl      3a        TeneKoMMYHHKauHoHhle              yCJlym,      HaJHatfaeMble
Ka3aXTeJleKOMOM,         paJ6aJ1aHCHpOBaHbi          H .!lOJlX<Hbl    6blTb      nepecMorpeHbl         B    CBeTe    KOHKypeHUHH.     B
LfaCTHOCTI1, ueHhl Ha yCJlyrH, npellOCTaBJl!leMbie 'laCTHbIM KJll1eHTaM, HHx<e ce6eCToHMOCTH 3THX yCJlyr,
Torna KaK Te lKe YCJlym, npenOCTaBIlJleMble llJlJl KOMnaHHH, Bblllle ce6ecToHMoCTH.


110.    4ro6bl npOHJlJllOcrpHpOBaTb :no paccornacoBaHHe B ueHo06pa30BaHHH, cpaBHHBalOTCJI ueHbl Ha
TeJle<PoHHbie yCJlyrH, YCTaHaBJIHBaeMble Ka3axTeneKoMoM, C ueHaMH British Telecom B BeJlHK06pHTaHHH
( CM. Ta6JlHUY     8).   BeJlHK06pHTaHHJI JlBJlJleTC)l XOpOWHM cpaBHeHHeM, TaK KaK 3TOT ceKTOp TaM lIBJIJleTC)l
KOHKypeHTHhIM. BcnellcTBHe KOHKYpeHUHH, British Telecom 6hlJl BhIHYlK)leH c6anaHcHpoBaTb CBOH ueHhl
TaKHM 06PaJOM, tfT06bl Bce ueHbl nOKpblBaJlH 3aTpaThi H tfT06hl HM Ha OJlHY H3 yCJlyr He 6blna YCTaHOBJleHa
3aBblweHHaH HJlH 3aHHiKeHHa)l ueHa. EcnH ueHa Ha yCJlyry 3aBbiweHa, KOHKypeHTbl ( HanpHMep Mercury
Telecommunications) npellJlOlKaT 60JIee HH3KYIO ueHY B nonhlTKe npHBJlel.fh HOBblX KJlHeHTOS.




1 II.   UeHo06paJOBaHHe B Ka3aXCTaHe                     60Jlee 6JlarOCKJlOHHO K 'IaCTHbIM KJlMeHTaM. KaJaxTeJleKOM
Ha3HatfaeT ueHhl 3a CBOH ycnym no YCTaHOBKe B 'IaCTHOM ceKTope HaMHOr{) 60nee HH3KHe HeiKeJlH B
ceKTope 6M3Heca, TOr)la KaK British Telecom                     YCTaHaBJlHBaeT O.!lMHaKOBYIO ueHy. AHaJlOf'H'IHO 3TOMY
a60HeHTcKaJl nJlaTa B Ka3aXCTaHe llJlJl 'laCTHOro lKHTeJlJl O'leHh HH3KaJI no CpaBHeH1110 C KJlHeHTaMM MX
'lHCJla KOMnaHHH.




                                                                     34
 Ta6JIlfua       8 : CTOUMOCTh TeJle~OHHhIX     neperoBopoB, HCKJIIO'IaH H.LI.C, Ha            1 HHBapSi 1998 (         B TeHre )


                                                   Ka3axmeneKoM                               British Telecom
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YCTaHOBKa                                               8333                40000              12375                 12375
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BpeMlI)
Ka3aXCTaH - BellHK06pHTaHI111               I             158                    158
BeJlI1K06pHTaHI1l!      Ka3aXCTaH                                                                      85                 85
BeJlHKo6pHTaHHl! - CWA                      I                                                          25                 25
HCTO'iHHK: PaC'ieTbl MHCCHH BceMHpHoro naHKa, OCHOBaHHble Ha llaHHblX Ka3aXTeJleKOMa H British
Telecom




112.     Ilpellnpl{lITHlI 6H3Heca B Ka3axCTaHe C 60JlbUleM sePOllTHOCTblO 6y.ll)'T nOJlb30BaTbClI YCJlyraMH
Me)l{ll)TOpO.llHei1 H Me)l{llYHapollHoM CB1I3H B CpaBHeHl-lIf C 'iaCTHbIMH KJlHeHTaMH. UeHbl Ha 3TH yCJlym
BbICOKH no cpaBHeHl{1O C British Telecom. Hanpl1Mep, ueHa, YCTaHaBJlI1BaeMall Ka3axTeJleKOMOM Ha
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British Telecom 3a 3BOHOK H3 BeJlHK06pHTaHHI{ B Ka3aXCTaH. B                            llaJlbHeHWeM no Mepe Toro KaK
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KOHKypeHTHbIM, TaK KaK TeneKoMMYHHKaUHoHHall HHllyCTpHlI B 06eHx cTpaHax B 3Ha'lHTenbHol1 CTeneHH
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TaKOe )I{e, KaK Me)l{llY BeJIHK06pl{TaHHeA H Ka3axcTaHoM. OllHaKo ueHbl Ha MeX<llYHapollHble 3BOHKH
MeX<llY BenHKOOpHTaHHeA I{ ClllA COCTaBJllIlOT MeHee             20   npoueHToB OT TeX ueH, KOTopble YCTaHaBJIHBaeT
Ka3aXTelleKOM Ha TeJlelj}oHHble pa3rOBOpbl Me)l{llY BellHK06pHTaHI{etl H Ka3aXCTaHoM. Ha caMOM lleJle
KOHKypeHUHl! Bbl3blBaeT 03a60qeHHOCTb y Ka3axTeJIeKOMa, TaK KaK 3TO MO)l{eT pe3KO CHH3HTb ueHY 3a
MeX<ll;,'HapOllHble TeJle<poHHble pa3rOBOpbl H KOTopall MO)l{eT COCTaBHTb JIHUlb He3Ha'lHTeJIbHYIO qaCTb
TOrO,-lTO YCTaHoBlleHo Ha cerOllHlI.


113.     HellOCTaTO'lHaSi KOHKypeHuHSI. B COOTBeTCTBI1H C comaweHHeM MeX<llY rOCYllapCTBOM H Daewoo
Corporation KaJaXTelleKoMY 6blJla npellOCTaBJleHa J1HueH3HlI, KOTOpal! o6ecne'lI1BaJla onpelleneHHble
3KCKJlf0311BHble       npasa   no    o6eCne1.JeHHIO     TeneKOMMYHHKaUHOHHblX                 yCJIyr        Me)l{.1lyropollHej:!      H
MeX<llYHapollHoH CB1I3H        Ha npOTlIx<eHHH nocne.uylOlllHx         15   neT. TaKoe Bne'laTIIeHHe, 4TO 3Ta JII1ueH3HlI
TaKx<e ynpO'lHBaeT MOHOnOJlHiO KaJaxTeneKoMa nByM~ llpymMH cnoc06aMH. Bo-nepBhlx, :na nHueH31{1I
D.aeT Ka3axTelleKoMY npaBo OTKa3bIBaTbClI nOllcoeneHlITb llpyrHe cent, KOTopble npeDJIaralOT yCJlym
MellX<YHapollHoH H Me)l{.1lyropollHeH CB1I3H H nblTalOTClI 060MTH 06lUecTBeHHYIO Tene<P0HHYIO CeTb. Bo-
BTOPbIX, Ka3aXTeneKoM HMeT npaBo nepBblM OTKa3blBaTb B nOJlY4eHHH JlI06blX npaB Ha HcnOllb30BaHHe
3J1eKTpOMalHHTHoro cneKTpa,          KOTOPblH    no    peWeHl110      rocYllapcTBa MO)KeT eraTb                 D.OCTyIlHbIM       llJIlI
I1cno.nb30BaHHlI. TaKHM 06pa30M Ka3axTelleKOM HMeeT nOTeHUHaJlbHblH KOHTponb Hall KOHKYpeHTHblMH
TeJleKOMMYHHKaUHOHHblMH TeXHOJlOrl1l1MI1, KOTopble HcnOllb3YlOT pa60 t IHH cneKTp 'laCTOT.


114.       XOTlI    :na nHueH31111   nponHcaHa    He    COBceM        j1CHbIM    1I3bIKOM,   C0311aeTClI      Bne'laTJIeHHe        'ITO
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MeX<llYHap0D.HOH CB1I3H TOJlbKO llJljl KJlHeHTOB, KOTopble HanpllMylO nO.1lKJIlO4eHbi K HX CeTlIM. TaKHe




                                                           35
KOMnamtH OJlHaKO He CMOryr HHHUHHpOBaTb HJlH npepblBaTb MeJK.llyrop0.llHHe H MeJK.llYHap0.llHble 3BOHII:11
Ha ceTH KA3aXTelleKOMa. TaKHM ofipa30M KJIHeHT nO.llKlllO'leHHbiM TOJlbKO K ceTH Ka3aXTelleKOMa He fiY.lleT
HMeTb .llpyroro Bblfiopa KpOMe              KaK nOJlb30BaTbCII ycnyraMH Ka3aXTelleKOMa no MeJK.llyrop0.llHei1 H
MeJK.llYHap0.llHOH CBII3H.


) ) 5. 11   He Y.llMBHTeJlbHO, 'ITO Ka3aXTelleKOM He XO'leT .lleJlHTbCII BblrO.llHbIMH YCllyraMH no MeJK.llyrop0.llHeii
H MeJK.llYHap0.llHOii CBII3H C KOHKypeHTaMH. fOCYJlapCTBO BnonHe B03MOJKHO cornaCHJlOCb opraHM30BaTb
MOHOnOllMIO Ha 3TH yCllyrH, nOTOMY 'ITO 3TO YBeJlH'lHJIO npo.llaJKHYIO CTOHMOCTb KOMnaHHH H YMeHbwaeT
naBJleHHe       Ha    rOCYJlapCTBO   no     YBeml'leHli1O          ueH    Ha ycnyrH      '1aCTHbIX    KJlHeHTOB.    Ope.llOCTaBlleHlie
MOHOnOllHH Ha npenOCTaBJIeHHe yCllyr MeJKJlyroponHeH H MeJK.llYHap0.llHoJ:l CBII3H O.llHaKO HMeeT pllJl
HeJlOCTaTKOB C TO'lKl1 3peHHII HHTepeCOB Bceii CTpaHbl. Bo-nepBblX, 3TO CHHJKaeT KOHKYpeHTHOCTb co
CTOPOHbI Ka3aXCKOrO 6H3Heca, KOTOPblH paCC'lHTbIBaeT Ha ycnym MeJK.llyrop0.llHeii H MeJKnYHaponHOH
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OH JlepJKMT ueHbl Ha YCllYrH, KOTOPblMH nOllb3YlOTClI 'laCTHble rpaJKnaHe HCKYCCTBeHHO HH3KHMM H
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TapHcpHall CTaBKa 3a MHHYTY pa3rOBOpa Ha MeCTHOM ypOBHe He CTHMYllHpyeT KJlHeHTOB COKpalllaTb
npOJlOllJKHTellbHOCTb CBOHX TellecpOHHblX pa3rOBopOB.


) J6.   B JlpyrHx cTpaHax         npH3HaJlH HeofixonHMoCTb pa3fiaJIaHCHpOBaTb ueHbl nepen reM KaK CJlellaTb 3TOT
ceKTOp       nOllHOCTblO OTKpblTblM         .ll1lH    1I:0HKypeHUHH. I1Horna          cyw.eCTBYlOllleH       TellecpOHHOM     KOMnaHHH
npeJlOCTaBlllleTCl! orpaHH'leHHal! MOHOnOllHIl Ha HeCKOJlbKO JleT                        (HanpMMep nllTb HllM weCTb ) nepe.ll
HaCTynJIeHHeM nonHOH KOHKYpeHUHH. OJlHaKO, aBTopbl 3Toro OT'leTa He 3HaKOMbi C cHryauMeH, Korna 61.1
npenOCTaBmlJlaCb MOHOnOJIMlI Ha ) 5 lleT.


) 17.    B    JlOnOnHeHHe     K    0CPHUMMbHOMY             npenoCTaBJIeHMlO         Ka3aXTelleKoMY      MOHOnOll",,',        HeKoTopble
cYlllecTBYlOuu1e KOHKYpeHTbl JKMYIOTCII Ha TO, 'ITO rOCY.!IapCTBO He npe.!IOCTaBlllleT paBHble YC1l0BHlI Mrpbl
JlaJKe B Tex 061laCTllX, r.lle KOHKypeHuHIl pa3peWeHa. KOHKYpeHTbl YTBepJK.!IalOT, 'ITO MHHMCTepCTBO no
TelleKOMMYHMKall,MlIM         CTpeMHTCli             OT.!IaBaTb    npe.!InO'lTeHMe      Ka3aXTelleKOMY         BO      Bcex    Bonpocax
peryllHpOBaHMII 3Toro ceKTOpa. O.!IHHM 1-13 npHMepOB 3TOMY MOJKeT Cll)'JKHTb OC03HaHHoe npe.!IYfieJKneHHe
MHHHCTepCTBa B npe.llOCTaBJleHHH llHueH3HH Ha npe.!IOCTaBlleHMe ycnyr COTOBOH TeJJeq,OHHOH CBlI3H. B
HaCTOlIlllee BpeMIi yCllyrH COTOBOH TenecpOHHOH CBII3H B Ka3aXCTaHe eJlHHOllH'lHO npe.!IOCTaBJIlilOTCII
COBMeCTHblM npe.!InpHliTHeM Ka3aXTeJleKOMa Ii HHOCTPaHHOH KOMnaHHH.                                    MIiHlicrepCTBO npe.ll1laraeT
npe.!IOCTaBHTb .llBC HOBblX JlHlI,eH3HIi Ha yCllym COTOBOH TeJJeq,OHHOH CBlI31i,                               IiCnOllb3YlOllleM GSM
TeXHOJlOrlilO.       KOHKypeHTbI     BblpaJKalOT 03afio'leHHOCTb no                  nOBO.llY TOro,    'ITO Ka3aXTelleKOM         MOJKeT
BOCnOllb30BaTbCII        CBOHM      nepBblM          npaBOM       Ha   OTKa3   no    HCnOllb30BaHMlO      '1aCTOTHoro         cneKTpa   H
3afiJlOKHpOBaTb Bonpoc nOllY'leHHII llHlI,eH3HH KOHKYpeHTaMH, npO.llOllJKHB, TaKHM OfiPa30M, MOHononbHO
npe.!IOCTaBllHTb YCllyrH KaK COTOBOH TaK H Ofibl'lHOM Telleq,OHHoA CBII3H.


I) 8.   3aKJlIO'IeHHe. MIiHIiCTepCTBO no TelleKoMMYHHKall,MlIM .!IOllJKHO C.!IellaTb Bce B03MOJKHoe, 'nofibl
cnoCOfiCTBOBaTb KOHKypeHUIul B 3TOM ceKTope. ECllH Ka3aXTeneKoM 6yneT npO.!IOllJKaTb nOllb30BaTbCli
MOHononbHblMM npaBaMH Ha npeJlOCTaBneHHe Pa3llH'lHbIX TellecpoHHblx yCllyr B Te'leHHe nocnenYlOuufx                                     15
neT, TelleKOMMYHHKaUHOHHbli1 ceKTOp pHcKyeT OTCTaTb B CBoeM pa3BHTHH OT MHorHX .!Ipymx CTpaH.
BCllenCTBHe Bblna.!IeHHII H3 npoeKTa KOMnaHHH Daewoo, rocynapCTBY CllenyeT nepeCMOTpeTb nOnOJKeHHll
3TOH JlHueH3HH.


PerymlpoBaHHe eCTeCTBeHHhlX MOHonomdi.


1) 9.       CywecTsYlOlUee        MepOnpmlTlUl             no      perYJlHpoBaHHIO.        ECTeCTBeHHble        MOHononHH         BCer.lla
pery1ll1pOBMHCb AHTH-MOHOnOJlbHbIM KOMHTeToM. OH TaKJKe HMeeT .IlellO C npOMbllllJleHHblM CllHllHHeM,
MOHOnOJlHllMH H C BonpocaMH KOHKypeHUHH. B HaCTOIIll\HM MOMeHT OH pacnonaraeTClI B MHHHCTepCTBe
CTpaTerH'leCKOrO          TInaHHpoBaHHII.              4J1eHbl     KOMHTeTa         npM3HalOT   'lTO    Te     ueHbl    KOTopble     OHH
YCTaHaBJlHBalOT .ll1l1l eCTeCTBeHHblX MOHononHH nO.!IBepJKeHbl BllHilHHIO co CTOPOHbI nOllHTHKOB BblCWHX
'lHHOBHHKOB          rocynapCTBa.    flOT     KOMHTeT OTBe'laeT 3a              perynHpoBaHHe 3HepreTH'leCKOrO ceKTopa ,
TelleKOMMYHHKau.HH,          ra30BbIX        TpyfionpOBO.llOB,            HecpTllHblX    TpyfionpOBO.!IOB,       JKene3HblX       nopor,



                                                                         36
<npOHaBHraUHH, BOllOCHa6"IKeHH~, H CHCTeM KaHaJlH3aUHH. B KOMHTeTe HaxOll~TC~ lleB~Tb ero qJleHOM
KOTOPblM nOMOraeT BbmOJlH~Tb HX MHoroqHCJleHHble 06~3aHHOCTH nepCOHaJl Bcero B                                  55   qeJJOBeK • .llllSl
cpaBHeHHft TpH peryJlHpYlOlllHe opraHH3aUHH B BeJlHKo6pHTaHHH OTBeTCTBeHHble 3a peryJlHpOBaHHe
3HepreTW-leCKoro ceKTopa, Tel1eKoMMYHHKaUHj:j, npHpollHoro ra3a HMelOT B UlTaTe OKOJlO                          400   qeJlOseK.


120.    npHBaTH3auH~ 3THX eCTeCTBeHHblX MOHOnOJlbHblX ceKTopos Tpe6yeT npHcYTcTSH~                                        Ha MeCTax
npellcTaBHTenej:j        npoQ>eccHOHaJlbHOj:j         H    He3aBHCHMoH        KOMHCCHH.    be3      3Toro     HHBecTOPbl       6YllYT
o6ecnoKoeHbi TeM, 'ITO peryJlHpYIOUlI-le BJlaCTH He pa3pelllaT HM BepHYTb BJlO)!(eHHble B KOMnaHHIO .ll.eHbrH
HJlH nonyqHTb pa3yMHylO HOpMy npH5blJlH Ha 3m HHBecmWIl1. 3To CHH"lKaeT ueHHOCTb rOCY.ll.apcTBeHHoH
co5CTBeHHOCTH B 3THX ceKTOpax, H, Cl1ellOBaTeJlbHO, CYMMy, nOJlyqeHHblX OT npHBaTH3aUHH cpellCTS.


121.   nOKa3aTeJJH 3¢1¢1eKTHBHOCTH pa50Tbl peryJlHPYlOllleH KOMHCCHH. PeryJlHPYlOlllaft KOMHCCH~ llOJl)!(Ha
xapaKTepH30SaTbCft cJlellYlOlllHMH        qeTbIPbM~         nOKa3aTellSIMH:


•      HeJat1UCUMocmb. 4J1eHbl KOMHCCHH llOJl"IKHbl Ha3HaqaTbC~ TaKHM o5pa30M qTo5bl OHH                                  HaCTOJlbKO
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       OHH .ll.OJl"IKHbl HMeTb B03MO"IKHOCTb npHHHMaTb pellleHHlI no nOBollY ueH Ha OCHose 05"eKTHSHbIX
       KpHTepHeB a He Ha TOM "ITO nOJlHTHqeCKH npellnOqTIiTeJlbHO. ,llrtft 05eCne'leHH~ He3aBHCHMOCTH
       npe3H.ll.eHT .ll.OJl)!(eH HaJHaqaTb 'lJleHOB KOMHCCHH Ha ¢lHKCHpOBaHHbIH CpOK , H OHH He .ll.OJl"IKHbl
       CMelllaTbCSI     CO   CBOHX   nOCTOB      3a       HCl<JllOqeHHeM      cnyqaeB     HX       He3aKOHHblX    .ll.eikTSHH     HJlH
       HeKOMneTeHTHOCTH.          OlO.ll."lKeT 3TOH KOMHCCHH .ll.OJl"IKeH ¢lOpMHpOBaTbCli H3 cpellCTB nonYllaeMblX OT
       KOMnaHHH 3a yCJlyrH no HX peryJlHpOBaHHIO.
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       HMeTb npaBO npellCTaSJlllTb CSHlleTeJlbCTSa H apryMeHTbt KOMHCCHH, H Bce peweHHlI KOMHCCHH
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       CTaHllapTOB H CJIellOBaTb Me"IKllYHapOllHO npH3HaHHblM TeXHOJlorHlIM perymlpoBaHHft. U,eHbl llOJl"IKHbl
       n03S0JBITb peryJlHPyeMoH KOMnaHHH nOKpblsaTb CSOH 3aTpaTbJ Ha npollyKUHIO H yCJlyrH Sl<JIlOqaft
       pa3yMHylO npH5bll1b nOCJle HaJloroo5J1o"IKeHHlI nOJlyqaeMYIO Ha HHBeCTHposaHHbtH S KOMnaHHIO
       KamnaJl. ]J,eHbl llOJ1"IKHbl TaK"lKe no5Y"iKllaTb KOMnaHHIO CHH"lKaTb 3aTpaTbi H YJlyqlllaTb 3¢1¢1eKTHBHOCTb
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       KOMHCCHH B llpyrHx cTpaHax npH5eralOT K npaKTHKe HCl<JllOqeHHft H3 paCCMOTpeHHSI 06blqHOrO
       rOCYllapCTBeHHoro nOllXOlla B OTHOllleHHH 3apnl1aTbI, nOOlllpeHHj:j H HaHMa nepCOHana KOMHCCHH.
       PeryJlHpYlOlllaft opraHH3aUH~ llOJl"IKHa lIaCTO 3KOHOMH'leCKH 60POTbCli                      3a CSOH nepCOHaJl        C TeMH
       qaCTHblMH KOMnaHHftMH KOTopble OHa peryJlHpyeT. ECJlH perynHpylOlllaft opraHH3aumi He MO"IKeT
       npelVlO"IKHTb     KOHKypeHTocnoc06Hble              3apnnaTbi    CSOHM    COTpY,llHHKaM       :no   0TpHuaTeJlbHO        6Y,lleT
       CKaJblBaTbCft Ha npouecce      peryJlHpOBaHH~.



122.   WHPOKO npH3HaHHbiM cnoco6oM, KOTOPblM nOJlb3yeTc~                        peryJlHpYlOlllali KOMHCCH~ npH KOHTpOJle 3a
peryJll1pyeMblMH        KOMnaHHSlMH,     ftBJl~eTCft       CHCTeMa JlHueH31dt       B   cJly'lae    :meprenl'leCKoro        ceKTopa,
HanpHMep,        KOMHCCHft       BbInHCblBaeT     OTlleJlbHble      JlHueH3HH      Ha   reHepauHIO,        nepellallY,    llocTaBKY,
paCnpelleJleHHe H nocTaBKY :meprHH. Ka"IKllaft JlHueH3Hft                       nepe'lHCJlfteT pa3peWaeMYIO lle)1TeJlbHOCTb,
o6513aHHocTH H OTBeTCTBeHHOCTb llep"IKaTeJl)1 l1HueH3HH. OllHa KOMnaHHft MO"IKeT 5bITb llep"IKaTeJleM 60Jlee
'leM OllHOH JII1UeH3HH, eCJlH OHa 3aHHMaeTC)1 DeSlTeJlbHOCTblO B 50Jlee, lIeM OllHOj:j H3 llaHHblX c¢lep.


    123. B   paJpa50TKe peryJlHpYlOlllew CHCTeMbl ODHI1M 1-13 BonpOCOB )1SJlaeTCll cJlellyeT l1H HMeTb ellHHYIO
KOMHCCHIO no perymlposaHHIO Bcex OTpaCJleH eCTeCTBeHHblX MOHOnOJlHH HJIH HMeTb MHoro KOMHCCHH
peryJll1pylOlllHX Ka"IKDYIO OTpaCJIb.           Cnopbl Moryr OblTb no nOBOllY               Ka"IKllOrO 113 nHX nOJlXODOB, H
sepOSlTHO SCeOOllll1H KOHceHCYC Cpelll1 Me"IKDYHapOllHbIX 3KcnepTOB He MO"IKeT 5bITb llOCTHrHYT flO nOBOllY
Toro KaKOH 113 nOllXOlloB Jlyqwe.




                                                                   37
124.     EJlHHaSi PeryJmpywlUaSi KOMHCCHSI. ApryMeHTbl B nOJlb3ye.1l.HH0l1 KOMHCCJilH perym1pYlOilleH Bce
eCTeCTBeHHble MOHonomUI Bcex oTpacJleA BlUIlOlJafOT:


•      3KOHOMUJl pecypco8 U CHU:HCeHUe 3ampam Ha pezYJlupo8aHue. npo41eCCJilOHaJlbHble CneUHaJlHCTbI (
       3KOHOMJilCTbI, <j>HHaHcoBble 3KcnepTbl, IOpHCTbl H T.Jl. ) MOryT 6bITb pacnpeJleJ1eHbI no CeKTOpaM 11
       nepeMelllaTbcli H3 O.1l.HOro ceKTopa B JlPyrol1 no Mepe Heo6xo.1l.HMOCTH.
•      Ynpow,eHue U3Y'leHUR 8Cex CeKmOpo6. MHorl1e nOnO}l{eHHlI. no perynHpOBaHJilIO cYlUeCTBeHHO CXO}l{I1
       Mil eCTeCTBeHHblX MOHonOlHlH PaJHblX ceKTopOB a onblT 11 l13YlJeHHe OJlHOrO ceKTopa MO)!(eT
       nepeXO.1l.HTb Ha JlPyrHe ceKTopa.
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       CO CTOPOHbl OJlHoA H3 OTpacJleA KOTopali .1I.OJl)!(Ha perymlpoBaTbClI.. 31'0 Ha3bIBaeTC.SI "3axBaTOM"
       peryJ1HpOBaHJilli . ):{pyrHM PHCKOM ClJHTaeTClI nona.1l.aHHe perymlpYlOlUeH opraHH3aUHH no.1l. BJUllIHHe
       nOJ1l1THKOB H rocYJlapCTBeHHblx lJHHOBHHKOB H3 .1I.pyrHx MHHl1CTePCTB H nOTepllTb TaKHM 06pa30M
       CBOIO He3aBHCHMOCTb.             06a 3TH pHCKa MOryT 6b1Tb CHH)!(eHbl eCJlH KOMHCCHlI IIBJllIeTCli KpynHoA H
       BJlHlITeJlbHoH.     ilpeIlCTaBJllleTClI          MaJlOBepOllTHblM        'ITO    OTJleJ1bHO   B3l1Ta.SI     OTpaCJlb         CMOrJla     6b!
       "3aXBaTHTb" KOMHCCHIO, KOTopall OTBelJaeT 3a MHome OTpaCJlH.
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       BepOllTHO 6YJleT Pa3JlH'fHbIM B                  eCTeCTBeHHblX MOHOnOJ1HlIX              pa3HblX OTpaCJleH, peryJlHpYlOlllall
       KOMHCCHlI, OTBelJalOlllall 3a Bce TaKHe OTpaCJlH CMO}l{eT nOCTeneHHO HapallllfBaTb CBOH nOTeHUHaJJ
       HMell IleJlO C Ka)!(.1I.Ol1 OTpaCJlbl() OT,ll.eJJbHO no Mepe pe<j>opMHpOBaHHlI 3TOH OTpaCJlH H COOTBeTCTBeHHO
       B03HHKHOBeHHlI BocTpe6oBaHHocni peryJlHpOBaHHlI.


125.    HeCKOJJbKO        peryJJHpywlUHx KOMHCCHU. CYlUeCTByeT BMeCTe C TeM pllIl apryMeHTOB B nOJlb3Y
HeCKonbKHX peryJ1HpylOlllHx KOMHCCHH. 3TH apryMeHTbI COCTOllT B CJleIlYl()weM:


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       COBepmeHHO HepeanbHO O)!(H.1I.an. 'ITO KIDK,!I.bIH lJJJeH KOMHCCHH MO}l{eT 6blTb 3KcnepTOM BO MHOrHX
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•      bOllee ollepamU6HaJl peljJopMa. MO}l{eT 6b1Tb He06xoJlHMO paJpa60TaTb CTpaTerHIO peryJlHpOBaHHlI
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       oTseTcTBeHHYlO 3a HX peryJlHpOBaHHe. 3TO MOiKeT 03HalJaTb 'ITO TeMn XOJla pe<j>opMbl B Ka}l{JJ.oA
       OTpaCJJH 6YJleT CHH)!(eT .11.0 ypOBHlI. COOTBeTCTBYlOmero HaHMeHee 6blCTpO paJBHBalOlUeHCli OTpaCJJH.
       ):{PYrHMH   CJlOBaMH           BepOllTHO     6YJleT      He    B03MOiKHO        npOBOIlHTb    pe<j>opMY         OJlHOro       ceKTopa      B
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       opraHH3aU}1H JlJlll BOIlOCHa6}1{eHlJeCKOrO ceKTopa.


126.     3aKJJl0'1eHHe.            npHHlI.B    BO   BHHMaHHe          C.rIOiKHble     TeXHHlJeCKHe     Bonpocbl            no     eCTeCTBeHHblM
MOHOnOJJHlIM         PaJHblX           OTpaCJleH,       rocYJ],apcTBY      Hoo6xOIll1MO      H3Y4HTb        H     paccMOTpeTb            C03,!1.aHHe
He3aBHCHMbiX perYJlHpylOlllHx opraHH3aUHi:t JJ.Jlll Ka)!(JlOH OTpaCJlH. OnbIT cTpaH B KOTOPblX 6blJJ                                       npHH~T
nOJJ,XOJl KaK C eIlHHoH peryJII1PYlOlllei1 KOMHccHei:t TaK Ii C HeCKOJlbKHMH JlOJl}l{eH 6blTb H3Y4eH H npHHlITo
peUJeHHe B KaKHX YCJlOBHlIX O,!l.HH nOIlXoJ], ycnell1Hee 'I.eM J],pyroH.


YaCTll'lHOe rapaHTl1pOBaHHe PHCKOB '!lJJH HH«I>pacTpYKTYPHblX npOeKTOB.


127.    4aCTI1lJHbie rapaHTHH PHCKOB n03BOJlll.IOT cTpaHaM C nepeXO.1l.HoH 3KOHOMHKOH npHBJleKaTb lJaCTHOe
<jlHHaHcHpoBaHHe         JJ.Jll!    BbicoKOnpHOpHTeTHblX             HHBeCTI1UHH       B HH41pacrpYKTYPY,              a    He    HanellTbClI    Ha
<jlHHaHCHpOBaHHe 3a ClJeT 06111eCTBeHHbIX pecypCOB. 3TO ,ll.OCTHraeTClI nYTeM npeJ],OCTaBJleHHlI KpeD.HTOpaM
no OnpeIleJleHHOMY npoeK1)' B o6JJacTH HH<jlpaCTpYKTYPbl rapaHTHI1 no 3aw,HTe OT HeOnJlaTbI J],OJlroB 3a
yCJlyrH, lISJllllOlllHXCn CJle.llCTBHeM Ilel1CTBHlI rOCYIlapCTBa HJlH onpe.1l.eJIeHHblX COOblTHH nOJlHTHlJeCKOr.o
<jlopc Ma)!(Opa «(TIOnHTl1lJeCKoro pHCKa»).                   OCHOBHali ueJlb YaCTH'-IHOrO rapaHTHposaHHlI PHCKOB COCTOHT



                                                                          38
B M06HJu13aUJ.!H 'laCTHOrO qHiHaHcHpOBaHHJ1 nYTeM                         3aWHTbl TeX ""TO KpeLlH'ryeT npoeKT OT HeB03BpaTa
L1eHeJ!(HbIX CpellCTB B pe3YJJbTaTe OC06blX rOCYllapCTBeHHblX lleHCTBHH,                                  HJJH OnpelleJleHHblX C06h1THH
nOJlHTH'leCKoro           <popc         MaJ!(opa.   QacTH'lHoe     rapaHTHpOBaHHe          pHCKa      B   oco6eHHOCTH         aKryaJlbHO      .a.nJ1
KPynHoMaCwTa6HblX HH<ppaCTPYKT)'pHbIX npoeKTOB, KOTopble TPe6}'KlT llOJlrOCpO'lHoro <pHHaHCHpOBaHH51.
OHO TaKJ!(e npHMeHHMO B KOHTeKCTe CTPaH C nepeXOLlHOH 3KOHOMHKOH, KOTopble ewe He C0311aJlH
nOCJJYJ!(Horo cm1CKa ycneIllHblx npOeKTOB no                         'laCTHOMY ceKTOpy. HeLlOCTaTOK nOC.i1)'J!(Horo cmlCKa, a
TaKJ!(e OC03HaHHe BblCOKHX                  nOJlHTH'~eCKHX      PHCKOB, qaCTO npen51TCTByeT KpellHTOpaM pHCKOBaTb CBOHMH
LleHbraMH 6e3 KaKOM - JJH60 rapaHTHH.


128.   BceMHpHhlM              IiaHK      o6ecne'lHBaeT TaKHe         rapaHTHH      'lT06bl    n03BOJlHTb      cTPaHaM         C nepexollHoM
3KOHOMHKOM a TaKJ!(e C                    BblCOKHMH Tpe60BaHH51MH no HH<ppacTPYKTYPHbIM HHBeCTHUH51M                                npHBJJe4b
'laCTHoe <pHHaHcHpoBaHHe 1UI51 HH<ppaCTPYKT)'pHbIX npoeKToB.


PHC.   4   HJJJJlOcTPnpyer, KaKHM 06pa30M CTPYKrypMpoBaHbl 'laCTM'lHbie rapaHTHM PHCKOB:




                  0aW<HH' • "OMReHc,UKH



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HeB03MOJ!(HOCTb ee nepeBoLla, BOMHa H rpIDKllaHCKHe BOJlHeHH51, a TaK)I{e PMCKH no rocYllapCTBeHHblM
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o6513aTeJlbCTBax, C.!leJlaHHblX rocYllapCTBOM 'lacTHoMY KOHCOPUMYMY B KOHTeKCTe HH<ppacTPYKT)'pHOrO
npoeKTa. HanpMMep, rocYllapCTBO .aaeT KOHCOPUMYMY KOHueCCHIO Ha cTpOMTeJJbCTBO H 06CJJYJ!(HBaHHe
He<pTenpoBoLla H Bcrynaer C HHM B KOHTPaKTHhle OTHOIlleHM5l, onpe.!leJJ5151 npM 3TOM CpOK LleHCTBH5I
KOHueCCHH, CKaiKeM,                25    JJeT, a TaKJ!(e TapH<pMYIO H HaJlOroBYIO CTPYKryPY, HCnOJIb3YIOWYIOC5I M5I :noro
He<pTenpoBoLla, oCHoBaHMYIO, HanpHMep, Ha KOJJH"IeCTBe TPaHCnOpTlIPyeMoil He<pTH. QacTH"IHa51 rapaHTH5I
pHcKa 3aWHTHT KpeLl.lITOpOB B c.i1)''lae, eCJlH rocYLlapcTBo HaJlOJ!(HT 60JJee BhlCOKHe TapH<pbl H HaJlOrH
nOCJle TOro, KaK He<pTenpoBoLl YJ!(e Ha'meT pa60TaTb HJJH CBOeBOJJbHO npeKpaTHT LleJfcTBHe KOHueCCMH 110
HCTeqeHH5I      25     "'IeTHero cpOKa, TeM caMblM He LlaB B03MOJ!(HOCTh KOHueccMoHepy nOKpblTb caOH 3aTPaThi H
B03BpaTHTh Cpe.aCTBa KpeLlMTopaM. ,ll.pYrHe KOHTPaKTHhle 06513aTeJlhCTBa TaKHe KaK nOCTaBKa TOnJlHBa Ha
:lJleKTpOCTaHUHlO H onJlaTa 3a 3JleKTp03HeprHlO MOryT 6blTh TaKJ!(e nOKpblThl 'laCTH'lHhlMH rapaHTH51MH
pHCKOB.


130.   QacTH4Hhie rapaHTHH PHCKOB pa3llem!IOT nOJlHTH'leCKHe H KOMMep'lecKHe pHCKH. OHH n03BOJJ5IIOT
4aCTHOMY ceKTopy C<P0KycHpoBaTh BHHMaHHe Ha KOMMep'lecKHe PMCKH MH<ppacTpYKrypHoro npoeKTa, TaK
KaK    rocYllapCTBO            6epeT Ha ce611         OTBeTCTBeHHOCTh        3a    nOJlMTHQeCKHe          PHCKH,   KOTophle      OHO       MOJ!(eT
KOHTPOJlHpOBaTh                H       yperyJJHpOBaTh.     Ha     caMOM      lleJJe,      rapaHTHJ1       BceMMpHoro          IiaHKa       BCer,lla
neperapaHTHpoBaHa rOCYLlapcTsoM                        'lepe3   ComaIlleHHe 0          KOMneHCaUl:m         (CM.   pHC.   4    BhIIlle).    ECJlH
HacrynaeT PHCK nOKphlBaeMhlH t{acTH'lHoH rapaHTMeH M BJlH51eT Ha B03MOJ!(HOCTh KOHCopUHYMa OTBet{aTh
no CBOHM ,J,OJlrOBhIM 06113aTeJJhCTBaM , rocYJlapCTBO B03MewaeT HaHeceHHhIM ywep6 HHBecTopy HJlH
KpeJlHTOpaM 3a nOHeceHHhle HM\eH nOTepH HJlH rapaHTM51 BcrynaeT B lleifcTBHe. Ecmi BocTpe6oBaHa




                                                                        39
rapaHTHH H CpeD,CTBa BCeMHpHOro EaHKa HD,YT Ha KOMneHCaUHlO nOrepb KpeD,HTOpOB , rOCYD,apCTBO HMeeT
06H3aTe1IbCTBO KOMneHCHpOBaTb 3TO BCeMHpHOMY EaHKY no ero Tpe60BaHliIO HnH TaK KaK B npOTI1BHO\<l
cnY'-Iae OH paCnOpHD,HTCH. (eM. MOK   3   rnaBbl   4   D,flll 60JIee D,eTaJIbHoro 03HaKOMneHHH C Onl1CaHHe\<l
CpeD,CTB no npeD,OCTaBJIeHHIO rapaHTHH nOnliTH'ieCKI1X PliCKOB BceMHpHblM EaHI<OM)




                                                       40
                                      qETBEPTASI rJlABA
                               PA3BHTHE <1JHHAHCOBOrO CEKTOPA

06maSi CTpYKTYpa.

J3 J.   <1>IlHaHCOBaJl CllCTeMa Ka3aXCTaHa Hax011llTCIi Ha paHHeH CTa1!HH pa3BHTHIi.                         OCHoBblBalicb Ha
cTPYKT)'pe Pa3BI1TI1J1      <pI1HaHCOBoro ceKTopa,        npe11cTaMeHHoH        Ha pHC.      5,     Ka3aXCTaH 3a    nOCne,llHHe
HeCKOJlbKO JleT C11eJlaJl 3HaqHTeJlbHbie want B C03,llaHHH <pHHaHcoBoH nOJlHTI1KI1, CTPOli IOpHl1l1'ieCKYIO
OCHOBy Mil <pHHaHCOBoA C<PePbl H pa3BHSali Bl!)KHeHWHe cerMeHTbl <pHHaHCOBOH HH<ppaCTPYKTYpbl TaKHe
KaK CHCTeMY OTqeTHOCTI1 H CHCTeMY peanH3aUHH KOHTponli 3a 6aHKOBCKOH lleliTenbHOCTblO. Pe<popMa
<pI1HaHCOBoro ceKTopa Ha npOTlI)KeHl1e nOCJlellHI1X HeCKonbKHX neT 6bJJla C<pOKYCl1pOBaHa Ha 6aHKOBCKoA
CHCTeMe,       %11   pecTpYKTYpH3aUHlI        HaqaJlaCb     B   1994    rOllY   c       nOMolUblO    BCeMl1pHOrO       DaHKa    H
Me)l(,ll),HapOllHOrO BaJllOTHOrO <1>oH11a. B HaCTOlimee BpeMJ/ BHHMaHHe pe<PoPMbl CKOHUeHTpHpoBaHo Ha
pblHKe ueHHblX 6YMar 11 nporpaMMe "roJly6b1x <pllweK"                     a TaK)Ke Ha pa3BI1THI1 <PoH1l0BOrO pblHKa 11
CBlI3aHHbiX C HI1M Y'lpe)KlleHI1H. C X01l0M neHCHOHHOH pe<PoPMbI npellnOJlaraeTCli 'ITO neHCI10HHbie <POHllbl
CTaHYT llrpaTb maBHYIO pOJlb Ha <pHHaHCOBbiX pbIHKaX. ,r(pyrwe BHe6aHKOBCKI1e <pHHaHCOBble yqpe)KlleHHlI
TaKHe KaK CTpaXOBble H JlH3HHrOBble Bce eme He ,!lOCTaTOqHO pa3BHThI H BblllYT                          Ha nOBeCTKY llH1I Ha
CJlellYIOlllllX 3TanaX <pHHaHCOBOH pe<popMbl.
    •
DaHKOBCKaSi CHCTeM8.


132. B     Te'leHHe nOCJle11HHX neT CYllleCTBOBaHHJI COBeTCKoro COlO3a <pHHaHCOBaJI CHCTeMa COCTOllJla H3
                                                                                    4
focGaBKa H nJ/TH CneUHaJlH311pOBaHHbiX rocYllapCTBeHHblX 6aHKOB.                        B 1988 may     foc6aHK npHcrynl1Jl K
Bbl11a'le JlHUeH3HH HOBblM KOMMep'leCKHM 6aHKaM. Ha 3Tane 06peTeHH1I He3aBHCHMOCTH Ka3aXCTaH HMeJJ
cl>HHaHcoBYIO cHcTeMY, COCTOlllUYIO H3 focYllapcTBeHHOrO DaHKa Ka3aXCTaHa                             (6blBwee OT11eJJeHl1eM
rOC6aHKa ),        nliTH CneUHaJlH311pOBaHHblx oaHKoB 11 72-x KOMMep'leCKHX oaHKoB.                         3a I1CKJllOqeHHeM
C6eperaTeJJbHoro DaHKa CneUHaJlI13HpOBaHHhie OaHKI1 Obllll1 npeBpalUeHbl B aKUHoHepHble oomeCTBa,
KOTOPblM fiblJlO pa3peWeHO pafiOTaTb BO Bcex ceKTOPax 3KOHOMHKI1. DblcTPoe pacwHpeHHe 6aHKoBcKOH
CHCTeMbl      nOClIe110BaJlO B pe3YllbTaTe Toro           'ITO npellnpl1RTHlI CTaJlH        C03,!laBaTb CBOH     c06CTBeHHhie
KOMMep'leCKHe 6aHKH 1lJl1l <pHHaHCHpOBaHHli cBoeA lleIlTeJJbHOCTH. K KOHUY                   1994 rO,!la   HaC'lHThIBaJlOCb    184
fiaHKa 176113 KOTOPblX Obl1lH qaCTHbIMH, BKIlIOQall ,!lBa npHBaTI13HpOBaHHbie CneUl1aJ1H311pOBaHHbie oaHKH.'
nOll KOHTPoneM rocYllapcTBa no npe)KHeMY OCTaSaJlHCb TpH OCTaSWHXClI CneUHaJlH3HpOBaHHbix 6aHKa H
6hUlH Y'lpe)K,lleHbl llOnOJlHHTeJlbHO elUe n$lTb rocY11apcTBeHHblx 6aHKos : DaHK )KHJlHIllHorO CTPOHTeJlbCTBa,
BOCCTaHOBI1TenbHblH EaHK, DIO,!l)KeTHbIH baHK, 3KCI1M EaHK, H DaHK Pa3BHTHli. Ha KOHeu                          1995   rOlla 3TH
rOCYllapCTBeHHble oaHKH OTSe'laJJH 3a          35   npoueHTos OT 06lUHX aByapoB KOMMepQeCKHX 6aHKOB.




4 C6epCraTeJlbHblH 6aHK (C6ep6aHK). baHK BHeWHeil TOprOBJlH (BHeW3KOHOM6aHK) • ArponpOMblw.~eHHLlii oaHI< (ArponpOMoaHK),
baHt( npoMLlwneHHOCl1i II CTpOHTe.%CTSa (npoMcTpoii6aHK). baHK COUHaJJbHblX HHBeCTI1UI1H OKIIJlcou6aHK).
j   HHIlFTpllaJJbHbll! baHK CT<lJl TypaH baH"OM. a npOMCTPOH6aHK CTaJJ KpellC030aHKOM



                                                                41
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                         06Ul3S1       CTJ1YKTYP~Jt1U1 pa3BHTHSI qaCTHOrO CeKTOpa
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                        nOCTpoeHlle         Llpyrllx                            Pa3BIITHe pLIHO-        nOBLlwe-
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PHC. 5. 06waH cTPYKTYpa)lJlH palBI1THll Q>HHaHcoBoro ceKTopa


133. Ha KOHeu 1995 ro.aa 06walt CTOHMOCTh aByapoB                      6aHKoBcKOH CHCTeMbl 6e3 YtJeTa pe3epBoB Ha
nOKpblTl-le nOTepb OT Kpe}lHTOBaHHH KaK CBIUleTeJlbCTBYIOT OTtJeTbl HaXOllllJlHCb Ha ypoBHe 4 MI1JlJlHap.aoB
.aOJlJlapOB H cYMMa 06wero KamITana Ha ypoBHe 400 MHJlJlHOHOB .aOJlJlapoB. no oueHKaM MeJKllYHapollHbIX
aYllHTopOB B 1994 ro.ay 50-55 npolleHToB Bcex KOMMeptJeCKHX JaRMOB 6hIJlH JHlfio COMHMTeJlbHblMH B
nJlaHe B03BpaTa JlIlfio YJKe nOTepllHHbIMH. I1CnOJlb3YlI 3TO .aonymeHMe no npe.QOCTaBJleHHIO Kpe}lHTOBaHIUI ,
CKOppeKTHpOBaHHbIR KamlTaJI 6aHKOBCKOH CI1CTeMbl Ha KOHeu                        1995     ro.aa OKaJaJJCH fibI MHHyC           850
MHJlJlHOHOB llOJlJlapoB. rocy.aapcTBeHHaH peQ>0pMa 6aHKoBcKOH CMCTeMbI .uOJlJKHa fiblJla peuHlTb np06JleMY
3THX 3aRMOB H npoBecTM peKamiTaJJl13aUl11O JlH60 JlHKBHllHpOBaTl:. ofiaHKpoTHBlllHecll 6aHKH.


134.CTpaTerlfSl pe41opMbI. npHHllB B paC'leT COCTOllHHe 6aHKoBcKOH CHCTeMbl B 1994 ro.ay, BJlaCTH
npHHllJIH TaKylO CTparefHIO pe$opMbl, KOTOpall MMeJIa .aBa rJlaBHbIX KOMnOHeHTa: (a) C03llaHHe YCJIOBliH
npH KOTOPblX 6YlleT CHHlKeH PHCK onepaUHoHHoH .aellTeJJbHOCTH 6aHKoB, Ii                         (6)   pa60Ta C npOfiJIeMHblMH
3aRMaMH H HeCOCTonenbHbIMH 6aHKaMH. BJIacTH ocywecTBHJlH PlllllOpH}lH'leCKliX                              H npaBoBblx pe$opM
ltllll B03llaHHlI cOOTBeTCTBYlOweM CTPYKTYPbl ltllll HallelKHOH 6aHKoBcKo/.1 CHCTeMbl ltlllt npHBelleHHl" ee K
CTaHllapTaM   MHPOBOA      npaKTHKH.          KpoMe Toro         BJIaCTH   HenocpellcTBeHHo Pal6HPaJIHCb co                 BceMH
Hepa6oTalOwHMH 3aHMaMH H npo6neMHblMH 6aHKaMH. nOJlbillali qaCTb Hepa6oTalOWHX 3aMMOB 6blJIa
OTHeceHa Ha Cnelll'laJIbHble opraHH3aUHH TaKHe KaK BOCCTaHOBHTeJJbHbIM naHK, 3KCHM naHK H <I>OHll
nO)llleplKKH CeJlbCKoro X03HHCTBa. HeCOCTO~lTeJIbHble fiaHKH 6bIJlH 3aKpblTbl , pHll rocy.aapCTBeHHblX
6aHKOB 6blJlH npMBaTH3HpOBaHbl, a 6aHKH KOTopble CtlHTaJJHCb Heo6oCHOBaHHO CJlHillKOM                                   60JIbillHMH
6b1JlH peCTpYKTYHpOBaHbl C HaMepeHHeM B }laJJbHeMweM HX npHBaTH3HpOBaTb.


135.   HatJHHall   C   1995    rolla    focYllapcTBeHHblH       naHK    npHcrynHn        K      cHCTeMaTHtJecKoMY        npoueccy
JlHKBH.uaUHH HeCOCTOllTeJlbHbIX 6aHKOB. XOTlI cTaH.uapTbl 6yxytleTa H npoBepKH 6blJ1H ewe HellOCTaTO'lHO
H3BeCTHbl, rOCYllapcTBeHHblH naHK npOllO."JKaJJ               3ry   pa60ry     H BbIHBJIlIJI HeCOCTOllTeJlbHble 6aHKH             C
nOCJle.aYIOUJ,HM npoueCCOM HX mIKBH.uaUHeH. Ha HatlaJJbHOM 3Tane rocy,uapCTBeHHblH naHK HcnblTblBaJ]
cnOlKHOCTH    H3-3a     HellOCTaTKa       OT'IeTJlHBbIX      IOpHllHtleCKHX    paMOK         H    CQ>0PMYJIHpOBaHHbIX         npaB
cofiCTBeHHOCTH, HO OTBeTOM Ha 3TH HeonpelleJJeHHOCTH CTaJJ npe3H.QeHTCKMH YKal B 1995 rOllY KOTOPblM
npe.uoCTaBHJJ focy.uapcTBeHHoMY naHKY 3Q>$eKTMBHbIe HHcTpYMeHTbl B pa60Te C np06JleMHblMI1 6aHKaMM.
focy.aapcTBeHHblH naHK C03naJJ cneUMaJJbHhle JlI1KBl1llaUllOHHbl nonpa3nelleHHlI B OT.aeJIe no Ha6mo.aeHMIO




                                                               42
3a 6aHKOBCKOA lleHTeJlbHOCTblO 4T06bl OTCJlell<HBaTb npouecc JlHKBHllaUHH HeCOCTOHreJlbHblX 6aHKOB.
HenaBHO npHHHTblH           cYlle6HO-npOUeCCYaJ1bHbIH KOlleKC BKJ1104HJl J1HKBHllaUHOHHbIH npouecc B 06wyIO
npaBOBYIO CHCTeMY.


136. B 1995                                                      42 6aHKoB a B o6weM 56 6aHKoB 6blJlH
                 rollY focYllapcTBeHHblH BaHK OT03BaJ1 J1HueH3HH Y
3aKpblTbi (CM. Ta6JlHUY9). B 1996 H 1997 rOllax ewe 55 6aHKoB OKaJaJ1HCb 3aKpblTblMH , COKpaTHB HX
06wee 4HCJ10 110 82 Ha KOHeu 1997 rolla ( H 110 76 Ha KOHeu 1998 rO,lla). CaMblM KpynHblM 3aKpbITbIM
6aHKoM CTaJ1 KpaMllc BaHK, KOTOPbIH B 1996 rOllY 6blJl LleTBepTbIM no Beml4HHe 6aHKoM. B Ha4ane 1996
rO,lla KallMc 6aHK CTOJ1KHYJlCH C KPH3HCOM JlItIKBHllHOCTH aKTHBOB. focYllapcTBeHHblH baHK npenOCTaBHJl
<pHHaHCHpOBaHHe        nOCJ1enHeti      HallelKnbl        H     norpe60BaJl         OT       6aHKa     npellnpHHHTb          Mepbl   no
peCTpYKTYpH3aUHH. O,llHaKO B oKTH6pe               1996    rona focynapcTBeHHblH baHK OTKaJanCH npenOCTaBJ1HTb
LlaJ1bHeHwylO nOll.D.ep"lKKY JlHKBHLlHOCTH ero aKTI-IBOB, Hero JlHueH3HH Ha 6aHKOBCKYlO LleHTeJlbHOCTb 6blJla
OT03BaHa, 'ITO npHBeno K 3aKpbITHIO 6aHKa.


                              Ta6J1Hua    9:   nOHBJleHHe H 3aKpblTue 6aHKoB,                 1995-97

                                                                   1995            1996              1997
KOJll-ILleCTBO 6aHKoB K HaLiany rona                                       184               130               101

HOBbIe 6aHI<H, 3apemCrpHpOBaHHble B TeLleHHe                                 2                  1                6
rO,lla


YXO./l 6aHKoB C pblHKa B Te4eHI-Ie rOlla H3-3a
OnblBa JIHueH3HH rocY)lapCTBeHHoro EaHKa                                    42                27               17
CJlHHHHe                                                                     1                  3               2
no ):(pyrHM npHLlHHaM                                                       13                30               25
06lUee I<-BO 6aHKOB, ywenUJHX C pblHKa                                      56                30               25

KOJlHLleCTBo 6aHKoB K KOHUY rona                                           130               101               82



I1CT04HHK: HaUHOHaJlbHblA EaHK KaJaxCTaHa.


137.     IOpHJlH'IecKaSi H HHCTHTYUHOHSJ1bHaH Pe!l>0pMa. ,[(J1H nOll.D.eplKKH 6aHKoBcKOH pe<poPMbl BJlaCTH
yl<pelU!1lH IOpHJlHLleCI<HH <PYHllaMeHT npouecca KpenHTOBaHMH .                  B 1995      rOllY, TIapJlaMeHT npHHHJl nepsylO
yaCTb      rpaIKllaHcKoro    KOneKca    KOTOPbl"     npoSicHHeT npasa co6CTBeHHocTM.                    BTopaH       yaCTb    sce ewe
HaXOLllITCH B CTaLlMH pa3pa6oTKH. TIpe3HlleHT TaKIKe nOllm-lCaJ1 B                       1995      rollY YKalbl 0 6aHKpoTCTse H
ImOTe'IHOM KpeLtHTOS3HIU{. YKal 0 63HKpoTcTse                   npellCTaBHJl HOpMbl no peopraHH3aUHH npe.llnpHHTHH,
SHe cyne6HblX yperyJ1HpOBaHl-lti, H npaBaM KpenHTopOB.


138.      HH3KHH   ypoBeHb      6yxraJ1TepcKoro        yLieTa      H    CHCTeMbl    npoBepKH          orpaHH4HBaJlO       nOTeHUHaJl
focY)lapCTBeHHoro EaHKa .llJIH OTCJleIKHBaHHSI YCJlOBHA 6aHKoscKOH CHCTeMb!. KpoMe Toro OTCyTCTSHe
cTaHllapTH3HpoBaHHoro          q,opMaTa    OTYeTHOCTH         orpaHH4HBaJ10         B03MOIKHOCTH           B   KOHTpOmj       pa3BI1THH
6aHKOBcKOH CHCTeMbI.         AJlSl paccMoTpeHHH 3THX np06JleM               MHHHcTepcTBo <I:>HHaHcoB H focY)lapCTBeHblH
DaHK pa3pa6oTan B       1995    rOilY HOBbIH nJlaH C'IeTOB DJlH npe)lnpH~THti H KOMMep'IeCKHX 6aHKOB. HOBbie
fiyxramepCKHe       HopMaTHBbl     H    HHCTpYKUHH        6blJlH       paJpa60TaHbl      B   nOMOllib 06Y'IeHHH         6yxranrepoB
COBpeMeHHblM nOAXO)laM. B         1997    rollY Bce KOMMepLiecKHe 6aHKH HCnOJlb30BaJlH H HOBblH H Cnpbl" nnaH
CLieTOB napanJleJ1bHO H nepeAnyT Ha HOBblH nJlaH C4eTOB I<                 1998    rony. TIpe3HneHTCKHH YKa3 y"penHJl nyx
YLieTHYIO KOMHCCHIO s          1996    rOllY, HaneJ1eHHYIO nOJlHOMOLlH~MH no pa3pa60TKe H peaJ1H3aUHH                                6yx
Y4eTHblx      ~TaHllapToB    COOTBeTcTBylOlUHx         MeIKllYHaponHo         TIpH3HaHHblM           byx    Y'IeTHbIM   TIpHHUMnaM
(IAAP).     K HaCTOllweMY BpeMeHH, OKono          20   6yx Y4eTHbix CTaH)lapTOB 6blJlH oAofipeHbl H ocyweCTBJleHbl,
LITO nOllSOllHT Ka3axCKYIO CMCTeMY 6J1HIKe K MeIKDYHapO)lHbIM CTaH.!laPTaM.




                                                                43
139. BJ1acnl TaKiKe Ha'laJIM 3aBO./UiTb perHcTpbl 3aeMmHKOB, C YKa3aHl1eM                                                HX He.llBMiKHMOCTM, I1X
3aJ10iKeHHOro       HMymeCTBa,         H     MX       3aeMHbiX           cpellcTB.        focY.IlapCTBo      ycoBepllleHCTBOBaJlO                cI1cTeMY
perwcTpaUHlt KOMnaHltH, BceMMpHblH fiaHK OKa3aJ1 nO.!l.!lep)l(Ky npoeK1Y 3eMeJ1bHOH PemcTpaUltM, It B 3TO
BpeM$I OlOpO no pemcTpaUHH Ha'laJIH paooTy no perwcTpaUHlt BTOpOCTeneHHOH He.nBlt)l(HMOCTH. nJ1aTa 3a
perMcTpaUHIO M HOTapMaJlbHOe 3aBepeHMe OblJ1a TaKlKe CHH)I(eHa.


140.   PeryJmposaHHe 3KOHOMH'IeCKHMH HopMaTHBaMH H Ha1l30p 3a oaHKoBcKOH JleSlTeJ1bHOCTblO.
rocy.napCTBeHHblH fiaHK           Ha"laJI BBO.!l.HTb             B nOBce.nHeBHYIO npaKTIlKy B                     1995 I"O.!l.Y npMeMJleMYIO             B
Me)l(.nyiiapo.nHoM CMblcne cHcTeMY nOKaJaTeJ1eH Ha)leiKHOCTM H npaBoBblx HOpM. fiy.nY'lH nO.!l.KpenneHHoH
npe3M.neHTcKMM           YKa30M    0       focy.napCTBeHHoM                fiaHKe         H    oaHKoBcKOH        .ne$lTeJ1bHOCTH,      3Ta       CHCTeMa
YCTaHoBHna HOPMbl perynHpoBaHH$I                        HaJle)l(HOCTH no KanMTanY, J1HKBH.nHOCTH, Kpe.nMTHbIM nHMMTaM,
BHyTpeHHHM TpaH3aKUH$lM, H no Tpe60BaHHlIM Ha pe3epBHblH KanHTan. B                                               1996 roJIY B CHCTeMe 6blJ1l1
c.nenaHbl H3MeHeHHlI no IlpaBHJiaM peryJ1HpOBaHHlI Ha.neiKHOCTM ( TaKHe KaK .nMq,q,epeHUMaUHlI MeIK.ny
KanMTanOM 1-ro lIpyca H BToporo ) '1TOObi npHBecTM ee B 1l0J1HOe COOTBeTCTBHe C MeIK.llYHap0.!l.HOH
npaKTHKoH.


141. TaK KaK oaHKH He MOrJ1H cpa3Y Ha"laTb pa60TaTb B YCJ10BHlIX HOBoro peryJlHpoBaHH$I no Ha.ne)l(HOCTlt,
rocy.napCTBeHHblH fiaHK OOb$lBMJ1 paCnltCaHHe nO~a30BOrO BBe.lleHHlI HOBoro peryJ1MpOBaHMlI B TeqeHMe
n$lTMneTHero cpOKa ( 3a MCKJllOqeHMeM HOpM no npe.llOTBpameHMIO nOTepb Kpe.nHTOB, 'ITO 6blJ10 BBe.!l.eHO
HeMe.nneHHO ). O.!l.HaKO focy.napCTBeHHYIO fiaHK nOTpeOOBaJI nnaHbl no peCTpYK1YpHlaUMH OT oaHKoB B
oOMeH Ha 3TOT nepMO.ll OTCPOqKH no BBe.neHHIO HOBoro peryJ1HpOBaHHlI. fiaHKH KOTopble He CMOrJ1"
npe.nCTaBHTb           nplteMJ1eMble       .llJIlI    focy,napCTBeHHoro                       fiaHKa    nnaHbl        peCTpYK1YpH3aUMH              6blJIIl
nHKBH.llHpOBaHbl.        B   cepe.nHHe       1996 rO.!l.a focY.llapCTBeHHblH                        fiaHK ornaclifJI    nporpaMMY HHHUMaTHB
HaUeJ1eHHbIX Ha cOKpaweHHe .llJIlI 6aHKoB nepeXO.!l.Horo nepHO.!l.a K MeIK./lYHap0.llHbIM CTaH.!l.apTaM                                           C nn"
JleT .!l.0 Tpex.   B   nepBYIO Oqepe.llb oaHKaM paJpellleHo npHHHMaTb Y'IaCTHe B CJ1e.!l.YIOWHx OllepaUI-Ulx: (a)
BJla.!l.eTb   aKUH$lMH       HHBeCTHUHOHHblX                KOMnaHMH,              (6)         yqaCTBOBaTb        B     Kpe.llHTHbIX      aYKUHOHax
focY.!l.apCTBeHHoro fiaHKa, (B) BbmYCKaTb B 06pameHHe q,HHaHCOBble 06113aTeJlbCTBa,                                                      .!l.en03HTHble
cepTHq,MKaThl, M "IeKH, a TaK)I(e (r) BblCTynaTb B KaqeCTBe Ka3Ha"le$l Ha pblHKe KopnopaTHBHblX ueHHbIX
6YMar.


142. l..h06bl YCKOPMTb BHe.!l.PeHMe B IKH3Hb HOBOro peryJ1HpOBaHHlI focY.!l.apcTBeHHblH IiaHK YBeJ1H"IHJ1 CBOH
lllTaT B OT.lleJ1e no Ha,n30py 3a 6aHKOBcKOH CHcreMOH M M06IifJ1H30BaJI TeXHH"IeCKMe pecypcbl .llO ypOBHlI B
llleCTH qeJlOBeKO-JleT B ro.!l.. OT.!l.eJl Ha)l30pa 6blJl npeoopaJoBaH B KOMaH.llbl OTBeqalOmHe 3a rpynnhl
6aHKoB H JlIO.llM 06J1aCTHOro ypOBHlI 6blJlM nepeMeweHbl B WTa6-KBapTHPY. Pa60Ta MHcneKUHM                                                            BHe
TeppMTopHH no.nOT'IeTHbIX 6aHKoB                     6blJla YClifJleHa HOBhlMH cTaH.napTaMH ~OPM OTqeTHOCTM. Pa60Ta IKe
HHcneKUHH Ha TeppHTopMH 6aHKoB CTaJla 60nee HHTeHcHBHoH.


143. TaK KaK           HaJle)l(HOCTb HHq,0pMauHH                     nOBbllllaeTCli       npH       HCnOJlb30BaHHH 6oJ1ee JlyqWltX CltCTeM
OTqeTHOCTH         a npaKTMKa npOBe.lleHltll BHelllHero aY.!l.ltTa CTaHOBHTCli nOBce.nHeBHoH npaKTHKOH npOBapKa
Ha MeCTax .nOJl)l(Ha HllTH .nanbwe onpe.!l.eJ1eHMlI ~MHaHcoBoro COCTO$lHMlI H nOKa3aTeneH paooTbl                                                 M OblTb
HanpaBJIeHHOH Ha oueHKY B03MOlKHOCTH 6aHKoB B nJlaHe Bbl.!lBJIeHHlI, M3MepeHH1l H ynpaBJleHHlI pMcKaMM.
3TO BKJ1lOqaeT aHaJlH3 nOnHTltKH 6aHKa, BHYTpeHHero KOHTPOJ1l1, ynpaBJ1eHHlI HHq,0pMauHoHHbIM OT.!l.eJlOM,
CMCTeMaMH ynpaBJ1eHHlI pJilCKaMM. Ecml CHCTeMbl lIBJllllOTCli a.!l.eKBaTHbIMH , Ha6J1IO.!l.aTeJlH B :nOM cJly"lae
onpe.!l.eJ1l1IOT 3q,~eKTHBHoCTb 3TltX CHCTeM Ha npaKTHKe npOBO.ll1l TeCTHpoBaHHe.                                         B    OTHOllleHHH CJla6blX
MeCT 3THX CHCTeM MOryr 6b1Tb BblCKa3aHbi HeKoTopble peKOMeH.llaUlul. 3TOT npo aKTHBHblH no.!l.XO.!l. ltMeeT
OTHOllleHHe        K paHHeH     KopHeBoH             CTa)ll-1M       nplt4HH       Tex         np06J1eM    KOTopble        3allBJl$llOT      0    ce6e   B
K03<1><PHUlteHTaX Ha.!l.e)l(HOCTH.


144. npuBaTu3aUlul. OCHoBHaS! .!l.e$lTeJlbHOCTb B                           npMBaTH3aUHH 6aHKoBcKOH CHCTeMbl JIlt60 npOH30lll}la
B 3TOM ro.ny JlH60 TOJ1bKO HaMe'leHa npoH30HTM B 1998 ro.!l.Y.                                  H   TypaH AneM 6aHK H )f(MJlCTPOH 6aHK 06a
6blJ111   nponaHbl       MeCTHblM      ltHBeCTOpaM               B     3TOM    ro.!l.Y.       C6eperaTeJ1bHblH         fiaHK   Ha'laJI    nporpaMMY
npHBaTM3aUHlt KOTOPYIO nnaHltpyeTClI 3aBeplllltTb 4epe3 TpH rO.!l.a. 3KCHM EaHK TaKIKe B HaCTOllWMH
MOMeHT npenJlOiKeH .!l.J1$1 npHBaTH3aUHH M neperoBopbl YiKe HaqaTbl C EaHKoM EYMMnYTpa MaJlaihl1H l1 the
IFe.   OllHaKo lt3-3a TeKywero q,MHaHcoBoro KpH3Hca B A3HH l1 ero BJlHlIHHlI Ha Manai13MHCKlte 6aHKH , na
c.n:eJlKa He COCTOllnaCh.



                                                                              44
145.   TIpl1BaTH3amlOHHali nporpaMMa .!lJl1l C6eperaTeJlbHoro EaHKa HMeeT Tpl1 CTallHH. Ha nepBoi1 CTallHH
OK0110 18 npoueHToB aKUHM 6blJlH npOllaHbl DaHKOBCKHM llen03HTopaM, C nHMHTOM 3KBHBaneHTHblM
                                                                   51 npoueHTa cODcTBeHHoCTH DaHKa,
llen03HTaM I1HBeCTopa. BTopali CTallHlI 6YlleT BKJlIO'IaTb npollalK)'
BOJMO)KHO '1epeJ IPOHllOBYIO 6HPliCY. Ha TpeTbeH CTaAHI1 npH6Jl1.f3HTe11bHO B 200) rOllY rocY.llapCTBO
npollacT OCTaBWHeCli aKUHH , XOTli eCTb co06palKeHHe 0 TOM 'IT06bl rOCYllapCTBO Bna,neno HeKOTopblM
KOJlH4eCTBOM       OCTaBWHXCli aKUHH. TIpIIBaTH3aUHlI C5eperaTeJlbHOrO EaHKa C 60JlbwoA BepOliTHOCTblO
npl1BelleT K paccpe.llOTO'leHHOMY B11alleHHIO HM 'ITO OKalKeT HeO.llH03Ha'lHbIH 31PIPeKT Ha ero ynpaBJIeHHe B
OTCYTCTBHM CTpaTerH'IeCKoro MHBeCTOpa.


146.   TIpHBaTH3auHlI TypaH AneM EaHKa, C6eperarenbHoro EaHKa M )l{HnCTpoi16aHKa OblJla cnnaHMpoBaHa
TaKHM 06pa30M 4T06bl coxpaHHTb oonbwHHcTBO aKUHM 3THX 6aHKoB B PYKax Ka3axCKIIX HHBeCTopoB.
CTpaTerMli    COCTOHT   B   C03llaHHH      llByx    MJIM   -rpex      KpynHblx   MeCTHblX       6aHKoB       KOTOpbIe     cMOryr
KOHKypMpOBaTh C HHocTpaHHblMH oaHKaMH. B                   HaCTOlimee BpeMli CYMMapHbli1 KanHTliJI HHocTpaHHblx
6aHI<OB He MOlKeT npeBbllllaTb     25    npoueHTOB OT OOlllero 6aHKoBcKoro Kamnana. HaMepeHHe COCTOHT B
CHlITMH 3Toro nHMHTa nocJle c03llaHHlI KpynHblx Ka3axcKHx oaHKoB nocpellcTBoM CJlHlIHHlI HeCKOJIbKHX
MeCTHblX 6aHKoB. Citibank,         Societe General         H   INO        JIH60 YliCe o6paTH11Hcb nH60 HaMepeBalOTcli
o6paTHTbcli 3a JII1ueH3HlIMH Ha 6aHKoBcKYIO llellTeJlbHOCTb.
147.   KOHueHTpaunH. EaHKoBcKali CHCTeMa xapaKTepH3yeTcli KaK cKoHueHTpHp0BaHHbIM BJla.lleHHeM TaK H
cKoHueHTpHpoBaHHblM KpellHTOBaHHeM. qTO KacaeTCli cKoHueHTpHpoBaHHoro BnaneHHlI Ha KOHeu lIHBapli
1998 ['Olla TOJlbKO llBa 6aHKa (ollHH rocYllapCTBeHHblH BTOPOH '1aCTHbIM ) OTBe'lanH 3a DoJlee '1eM 50
npOueHTOB Bcex aByapoB II llen03HTOB. rOCYllapCTBeHHble oaHKH OTBe4anH 3a                           40       npoueHTOB 06WHX
oaHKoBcKHX aByapoB (CM. Ta6nHUY            10).    TIo Mepe npHBaTH3auHM rocYllapcTBeHHblx oaHKoB B nOJlb3Y
OCHOBHblX '1aCTHbIX 6aHKoB, KOHueHTpaUHlI BJlalleHHlI B 6aHKoBcKOM CHCTeMe 6YlleT yrnyOJIeHa, no
Kpai1HeH Mepe Ha HeKoTopoe BpeMli.


   Ta6JIHUa    10. .llOJISl OCHOBHblX 53HKOB B        aKTHB3X, 3anM3x, .nen03UTax n '1HCTOn CTOUMOCTn,                     31
                                           SlHB3pSl   1998 (    B npOueHTax).


                                                                                   lfucmaJl
Ha:J6allue aaHKa              AKmU6bl         Kpeoumbl              ,aen03umw      cmOlUlOcmb
XanHK6aHK                      25,6                22,5               38,6          12,2
Ka3KOMMepu6aHK                 24,5                21,4               14,2          28,9
TypaMAnHMEiaHK                  8,1                 8,3               12,3           4,9
ABN Amro                        5,0                 2,1                7,5           5,3
3KcHM6aHK                       3,5                 5,6                2,7          10,0
MepLJeHroaHK                    3,3                 2,5                4,9           1,6
)KI1JlCTpOH6aHK                 2,9                 2,9                4,6           2,2
Ll,eHTpKpe)lI1TEiaHK            2,6                 3,5                3,0           2,4
ArponpoM6aHK                    2,2                 2,8                2,9           4,0
)J.pynle 6aHKH                 22,3                28,4                  9,3        28,5
J1CTO!'{HHK: Paccl.feTbi MHCClUi BceMHpHoro BaHKa OCHOBaHHble Ha .naHHbIX
                                                                                                         i
rOCY,l,apCTBeHHoro baHKa KaJaxcTaHa                                                                      I

148. lITO KacaeTCli KOHueHTpaUl1H KpellHTOBaHHlI, LlOJlll 20 KpynHeHlllHx 3aeMWHKOB                              B KpellHTHblX
nOpTlPeJIliX nliTH KpynHeHwHx 6aHKoB BapbHpyeTcli OT                43   npoueHToB llO   74   (CM . Ta6JIHuy )   I ).   3TH nllTb
DaHKOB OTBe'laJOT 3a nO'fTH   70   npoueHToB o6meM CYMMbl Kpe.nHToB 6aHKoBcKoi1 CHCTeMbl. B TO BpeMli KaK
MHCCUli    BceMHpHoro    6aHKa      He   CMoma       nonY!'{HTb       HH$opMaUHIO    0    KpellMTHOM         OOHaliCeHHH    BceM
6aHKOBCKOH CHCTeMb! 3a C'IeT         3THX KpynHeHlllHX 3aeMWHKOB, BnOJlHe BepOliTHO 'ITO BCli 6aHKOBCKali
CHCTeMa B03MOlKHO CTpa.llaeT OT 3T0i1 KOHueHTpaUl1H KpellHTOBaHHlI OllHHX 11 Tex :lKe rpynn 3aeMWHKOB.




                                                               45
Ta6JIHua     11    llpoueHTHaH .uOJlH KpynHeHlUHx 3aeMllllUCOB B Kpe.uHTHhIX nOpT~eJlHX nHTH 6aHK08 Ha
                                                        31   neKa6pH   1997.

                               Xil/lUK         Ka:JKoMMep~           TypaHAJlen              l.(enmpKpeoum               3KCUM

,[(ecSlTKa    OCHOBHblX        49,6                 35,0                    31,6                    35,7                 53,1
3aeMllll1KOB
,[(Ba)J.u.aTKa                 62,6                 49,0                    43,4                    50,5                 74,4
OCHOBHblX
3aeMIlU1KOB
HCTOl.JHI1K: [ocY)J.apCTBeHHbIH DaHK Ka3aXCTaHa




149.(J)HHaHCOBoe COCTOSiHoe 6aHKOB • .D;Ba napaMe-rpa nOKa3bISaIOT l.fTO li.ueT npouecc 03L\OpOBJIeHlijj
6aHKoBcKoti CIiCTe~bl.       Bo-nepsblx, npOli30WJIIi YJIYl.fWeHIi$l B nOKa3aTeJI$lX pa60Tbl                         6aHKa B nJIaHe
YLl,OBJIeTBOpeHIil'l CTaHLl,apTOB Hane)l(HOCTIi. (CM. Ta6JIliUY              12).   Ha KOHeu 1995 ro.ua TOJIbKO nOJIOSMHa
6aHKoB cYMeJIa y.uoBJIeTBOpIiTb CTaHLl,apTaM Ha,Ue)l(HOCTIi.               3Ta UM~pa        y.rryl.fWIiJIaCb   no   66   npoueHTOB Ha
KOHeu 1996 rO.ll.a M Ll,0 71 npoueHTa Ha KOHeu 1997 ro.ua. K KOHUY 1998 ro.ua O)l(Ii.uaeTCl'l l.fTO 30 6aHKOB
CYMelOT Y.lI.OBJIeTBopliTb -rpe6oBaHMe no KanliTaJIY B O,llIiH MIiJIJIliap,ll TeHre Hap$l.llY co BceMIi OCTaJIbHblMIi
Me)l{.lI.YHap0Ll,HbIMIi   CTaH,IlapTaMIi    Haae)l(HOCTIi.      O)l{Ii,llaeTCl'l    l.fTO   OCTaJIbHbie        30   6aHKOB       CYMelOT
yaOBJIeTBOpliTb 3TliM CTaHaapTaM ( BKHIOl.fal'l KanliTaJI B 1 MIiJIJIliap,ll TeHre) K KOHUY 1999 rO,lla.


TaoJ1oua     12:    llpoueHT oaoKoB, y.uoBJ1eTBOpSilOlllHX cTaH.uapTaM Ha.ueiKHOCTO.


CmaHoapm HaOe:HCHOCmU                           j(e1<.1995 J(e1<.1996               j(eK 1997
BceM cTaH)J.apTaM                                       50,0       65,3                 70,8
no A)J.eKBaTHocTH KanHTaJIa                1      HeT              81,2                 83,3
$Ipyca                                          )J.aHHbIX
no     A)J.eKBaTHocTI1         KanHTaJIa             95,4          96,0                 84,3
(5Ipyc   1 H 2)
no nHMHry Ha e)J.HHI1l.JHbIH 3aeM                    82,3          89,1                 84,4
no       Kpe)J.HToBaHHID           CBOI1X            91,5          95,0                 96,8
nOCTO$lHHbIX K.ll1eHTOB
no JlHKBI1)J.HOCTb                                   91,5          94,0                 88,5
HCTOl.JHI1K: [ocY)J.apcTBeHHblH DaHK Ka3axcTaHa



150. BO-BTOPbIX, 6bIJIIi ,IlOCTlirHYTbI ycnexii B cOKpaUleHli1i Hepa6oTalOUllix Kpe,llliTOB Ii npe,llOTBpaweHMIi
nOTepb Kpe.ll.liTOB ( CM. Ta6JIliUY      13). C   55 npoueHToB Ha KOHeu 1994 rO,lla ,IlOJIl'l Hepa60TalOUllix Kpe,llliTOB
CHli31iJ1aCb ao MeHee l.JeM 30 npoueHToB Ha KOHeu                      1997 rO,lla. KpeJlIiTbI, KJIaCcHq,liuHpyeMble KaK
HeYJlOBJIeTBOpI1TeJIbHble, COMHIHeJIbHble IiJIIi nOTepjjHHble COCTaBJIl'lIOT 13 npoueHToB OT o6weM CYMMbl
Kpe,llliTOB Ha KOHeu. 1997 rO,lla.




                                                                46
Ta6J1HlJ,a 13. KJlaccmlmKalJ,HH KpetlHTOB Ha 31 )J.eKa6pSl1997 rotla (B np0lJ,eHTax)

                                                     BblPYilKa 6 % om CYM.Mbl
                        TeJlO          Cma6Ka no     OCU06UOU CYM.Mbt KpeiJuma
                        Kpeouma        Kpeoumy       IL'IIOC npou,euma no UeMY
   B paMKax                 72,4          51,9
   cTaHAapToB
   DJIH3KHe K               15,3             18,0               6,7
   cTaHAapTY
   HeYAOBJIeTBOpH            4,3             15,5              20,4
   TeJlhHhle
   C BhlCOKHM                1,8              2,6              43,6
   PHCKOM
   TIOTepHHHhle             6,2           12,0                 95,9
      Bcero               100,0          100,0                  8,9
   KpeAHTOB
   l1CTO'lHHK: [ocYAapcTBeHHhiM DaHK Ka3axcTaHa




                                        47
 Ta6mma     14 npe.uCTaBJIlieT KOHCOJIHLll1pOBaHHblH 6aJlaHCOBblH OT4eT 6aHKoBcKOH CI1CTeMbl B Te'leHl1e
 nepl1o.lla C1995 no 1997 ro.ua.

 Ta6J1HUa   14.   KOHC0J1HJlHPOS3HHbIH 63J1aHCOBblH OT'leT Ha KOHeu rOlla
                                                  1995                         1996                             1997
                                                   Tenze     (6                Tenze   (6                       Tenu      (61      %
                                                   MU/I/lUOnO      %           MUJUlUOna           %            MUJUlUOn
                                                 • x)                          x)                               ax)            .
 OCHOBHble aKTHBbl
 Pe3epBHble aKTHBbl                                      14772          7, 7        27522              14,4           32087            19,0

 HHOCTpaHHble aKTHBbI                                    28197         14,7         20067              10,5           20889            12,4

 AKTI1Bbl         no      3a,llOJIlKeHHOCTH               5104          2, 7          8664              4,5           25615            15, I
 npaBHTeJIbCTBa
 AKTHBbl          no     3a,llOJIlKeHHOCTSlM             11361          5,9           13008 .           6,8            4401             2,6
                                                                                               i
 'laCTHbIX JIH U,                                    ,
 AKTI1Bbl         no     3a)l,OnlKeHHOCT5IM              60 627        31,7          51034             26, 7          72 861           43,1
 npe)l,npH5ITI1H
 .ll.PYrHe aKTHBbl                                       71282         ill           70979             ill            13238             1Jl
         ~1TOrO                                          191343    100,0            191274             100.0          169092       100,0


 naCCHBbl
 HHOCTpaHHble             KpaTKOCpO'lHble                 10939         5,7           3135               1,6          II 540            6, 8
 3aHMbi
 I1HocTpaHHble             Cpe)l,He-        11            15546         8, I          1273               0, 7          3929             2.3
 .lI.onrOCpOl.{Hble 3aHMbJ
 .ll.eno3l1Tbl         rocY)l,apCTBa        11           11299          5,9          26234              13,7          28066            16,6
  rOCY)l,apCTBeHHoro 6aHKa
 naHKOBCKHe )l,en03HTbl                                   5265          2,8           6006               3, I          3551             2,1

 .ll.eno3HTblnpe)l,npI1S1TI1H                            48739         25,5          50605             26.5           57291            33,9

 .ll.en03l1Tbl qaCTHblX nHU                               13234         6,9           19364             10, I         27165            16, 1

 ,npynte )l,en03l1Tbl                                     1958          1,0            1123              0,6               0              0
  BblnYllleHHble 06S13aTenbCTBa                           1902          1,0               94               0              29              0
 ,nPyrHe naCCHBbl                                        53202         27.8         45682              23,9            6436             3. 8
  4HCTa51 CTOHMOCTb                                      29259         .!1,J         37759              \9,7          31 086        ~
           I1TOrO                                        191343    100,0            191274             100,0          169092       100,0

,I1CTOliHHIC PaCC4eThI MI1CCI1I1 BceMHpHoro naHKa, OCHOBaHHble Ha )l,aHHbIX rOCY)l,apCTBeHHoro
 baHKa Ka3aXCTaHa




 J 51.    3aBepllIeHue     nporpsMMhl        pelflopM.      DpHHSlTl1e         6aHKaMI1    MeJKllYHapo.uHbiX             CTaHllapToB,
 OJKI1.ualOllleeCli K KOHUY   1999   ro.ua, 03HaMeHYeT OKOH'laHHe 6aHKoBcKOH pelflopMbl, Ha'laTOH B                       1995     rOilY.




                                                              48
O.uHaKO, CJle.uYlOlUHe pe<pOPMbl 6y.u)'T HanpaBJleHbl Ha nOBblWeHHe 3<p<peKTHBHOCTH H <pHHaHCOBOrO
nepepacnpe.ueJleH Hli.


152.   Bo-nepBblx,    orpaHH'leHbl     lUIli    HHocTpaHHbix 6aHKoB,      npHXO.D.lllUHX         Ha PblHOK .uOJll!<Hbl   6blTb
OCna6JleHbl. B oc06eHHocTH, 10cY.lI.apcTBeHHoMY EaHK)' CJle.uyeT y6paTJ:, Tpe60BaHHe, KacalOlUeeCli Toro,
'ITO 06benHHeHHbiA KanHTan Bcex HHOCTpaHHblX 6aHKOB He .uOJDKeH npeBblwaTb                        25   npoueHToB OT 06wero
6aHKoBcKoro KanHTana. YnaneHHe 3TOro orpaHH'leHHlI 6yneT cnoc06CTBoBaTb 60JlbweM KOHKypeHUHH B
6aHKoBcKOH CHCTeMe.


153.   BO-BTOPblX, KOMMep'leCKHe 6aHKH, Haxo.ulllUHeCli B rocy.uapcTseHHoH c06cTBeHHoCTH nOJll!<HM 6b1Tb
nponaHbl xopowo M3BeCTHbiM cTpaTerH'leCKHM HHBecTopaM. B nepBoe BpeMli 3Ta cTpaTerHlI B03MOl!<HO
060CTpHT CTpYKTYpHbJe np06JleMbi               B 6aHKoBcKOH CHCTeMe eCJlH rocYllapCTBeHHble 6aHKH OKaJK)'Tcli
cKynJleHHblMH MeCTHblMH 'laCTHbIMH 6aHKaMH. OllHaKo CHliTHe orpaHH'leHHH Ha npHxoll HHocTpaHHbix
6aHKoB KaK 6b1J1o peKoMeH.uoBaHo paHee npHBHecer 60JlbWYlO KOHK)'peHUHIO TaKHM 06pa30M pewal!
np06JleMY KOHueHTpaUHH. '4.TO KacaeTCli MeTona npHBaTH3aUHH C6eperaTeJlbHoro EaHKa, BHHMaHHe
nOJll!<HO   6bITb   C<pOK)'CHpOBaHo      Ha     npHBJle'leHHH     crpaTerH'leCKOrO      HHBecTopa,        KOTOPblH     CMOJKeT
06eCne'lHTb ero ynpaBJleHHe. 1I13-3a .llOMHHHPYlOlUel:i .uOJlH C6eperaTeJJbHoro EaHKa Ha pblHKe 'laCTHbIX
llen03HTOB    Kpyr   npeTeHneHToB       H3      cTpaTerH'leCKOrO      HHBecTopa     .llOJlJKeH    6b1Tb   orpaHH'leH     o'!eHb
H3BeCTHblMH 6aHKaMH C KpynHMMH yCTaBHblMH KamrranaMH. Cnemfanl1CT 6aHKHp no lfHBecnfIDIliM
nOJll!<eH GMTb HaHIiT «T06b1 pa3pa60TaTb H ocyweCTBlfTb               cTparertllO no npHBaTH33UHH C6eperaTeJlbHOrO
EaHKa.


154.   B-TpeTbHx, 10cynapcTBeHHoMY EaHKY CTOHT nepecMoTpeTb Bonpoc KOHueHTpaUI1H KpenHToBaHHII
HeCKOJlbKHX npennpHlITHH HJlH oTpacJleA. PHCKH no Kpenl1TOBaH111O OT.!l.eJlbHblX npe.unpl1l1TI1H H oTpacJleA
CJle.uyeT H3Y«HTb H npennpHHlITb COOTBeTcTBYlOlUHe warM no CHHJKeHHIO onpe.!l.eJJeHHoH Kpe.!l.HTHOM
0pHeHTaUHH BCen        6aHKoBcKOH CHCTeMbL B BOCTO«HOH A3HH, HanpHMep, OT.ueJlbHble peryJlHpylOlUHe
nOJlOJKeHHlI HaJJOJKHJlH JlHMHTbl HJlH npOCTO He I100WPllJlH .uonOJlHHTeJlbHOe KpellHTOBaHHe Clle,10K C
HellBHl!<HMOCTbIO Hnl1 B CTpOHTeJlbHOM ceKTope Korna 6aHKOBCKali CHCTeMa OKa3b1BanaCb 'lpe3MepHO
copHeHTHpOBaHHOH B HanpaBJleHI1H 3THX CeKTOpOB.


155.   B-lleTsePTblx, rocy.uapCTBo MOrJlO C0311aTb cxeMbi 'laCTH«Horo rapaHTHpOBaHHlI PHCKOB C TeM «T06bl
pa3J1H'laTb 110JlHTH'!eCKHe H Kpe.nJ1THble pHCKH.         3TO   n03BOJlHJlO 61.1 <pHHaHcoBoA CHCTeMe <pOK)'CHpOBaTb
CBoe BHHMaHHe        Ha oueHKax B OCHOBHOM KOMMep'!eCKHX pHCKOB. MOK                         3     npellCTaBJllleT onHcaHHe
COCTaBJlSllOlUHX cxeMbi 'l3CTH«HOH rapaHTHH PHCKOB, oGecne'!HBaeMoH BceMHpHblM EaHKoM.




Pa3BHTlte PhlHKa ueHHhlX 6YMar.


156.   Pa3BHTHe pblHKa aKIDIti B Ka3axCTaHe               HaueJleHO    Ha .uBa rJJaBHblX pblHKa: (a)           HHocTpaHHblx
nopT<Pel1bHblX HHBecropoB H (6) neHCHOHHblX <pOHllOB. ,IVili npHBJle'!eHlfll 3THX HHBeCTopOB , PblHOK
ueHHblX 6yMar .uOJlJKeH 06nallaTb BblCOKOM creneHblO np03pa'!HocTH H 3alUlITbI HHBeCTopOB. CeronHlIwHlIli
cTpcrrerMli He pa3peWaeT npliMOH 1l0CTyl1 OTlleJlbHblX rpal!<.uaH Ha              PblHOK ueHHblx 6YMar. IiMell B BBHny
llBa   ueJleBblX rJlaBHblX   pblHKa,    BJlaCTH    pa3pa60TaJJH     I1porpaMMy      "rony6blx       <pHweK"     110   KOTOpoA
OrpaHH1.JeHHOe '!Hcno BblCOKO KOTHPYlOlUl1XClI npennpHlITHH               BHOClIT    CBOH aKUHH B CI1HCOK Ka3aXCKOH
¢lOH1l0BOM 6I-lPl!<H. Ha ceronHlIWHHH lleHb I1pOrpaMMa neHCHOHHOH pe<PoPMbl Haxo.ulITClI Ha nonxone.


157.   IiH«ppacTPYKTypa pblHKa. B               1997   rOlly 10cy.uapCTBo ClleJlanO KpY"Hble lUam 110 C03.uaHHIO
HHQ>pacTpYKTYpbl, KOTopali nOTpe60Bana CBeCTli BMeCTe HHBecTopoB H I1pOllaBuoB. 3a lfCKJlIO'leHHeM
HOBOro 3aKOHa 0 KOMnaHHlIX, BCli cTpYK1Ypa Ha CerOllHlI C03naHa. 3aKoHbi .. 0 pblHKax ueHHblX 6YMar", "0
perHCTpaUHH onepaUHA C ueHHblMH 6YMaraMH Pecny6J1HKH Ka3axCTaH" ,                      "06   I1HBeCTHIDIOHHblX Q>oHllaX B
pecny6J1HKe    Ka3aXCTaH"     6b1JlH    npHHlITbI      B 'MapTe    1997   rona.    OHH     06ecne«HBalOT       .uOCTaTO'"lHble
IOpHllH«ecKHe paMKH lUIli onepaUHH C ueHHblMH 6YMaraMH, lUIli                <PYHKUHoHHpoBaHHlI <poH.D.OBOrO pblHKa,
HHBeCTI1UHOHHblX GaHKoB, perHcTpaUHoHHblX 61OpO, HHBeCTHUHOHHblX KOMnaHHH, a TaKJKe )]JIll OKa3aHHlI
yCJlyr Ka3Ha'lei1cTBa. 03a60'leHHOCTb OllHaKO Bbl3blBaer OTc)'TcTBHe 3<p<peKTHBHoIl CHCTeMbl no 3aWHTe
npaB H HHTepecoB HHBecTopoB. B oc06eHHocTH nopT<peJlbHblX 11 He3Ha'lHTeJlbHbIX Henpo<peccHOHallbHbJX



                                                             49
IiHBeCTopOB. O)KIiD.aeTClI, 'lTO nOD.OOHall 3aUlliTa 0YD.eT 3aKpenJleHa B HOBOM 3aKOHe 0                           KOMnaHI,UIX,
KOTOPblH 0YD.eT aD.peCOBaH KOpnOpanfBHOMY ynpaBJleHHIO a TaK)f(e                   npaBaM Ii 06}"!3aHHOCTlIM aKUliOHepOB
Ii KOMnaHMH, BbmYCKalOUlHX aKUHH.


J 58.   CflI13H'leCKall   IfHQJpacTpYKrypa    no ToprOBJle        ueHHblMM      6YMaraMH      6JlH3Ka   K   YllOBJleTBopeHli1O
Me)f(D.YHap0D.HbIX Tpe60BaHHH       (G-30).   KaJaxcKall <1>oHllOBaJl DHp)f(a CJllfJlaCb HeD.aBHO C AJIMa-aTI1HCKOH
6Hp)KeH <1>IiHaHcoBbIX I1HCTpYMeHToB npH focYllapcTBeHHoM DaHKe (                           paHee    HCnOJIb3YlOllleHclI D.Jl1l
KaJHa'leHCKHX OOJl3aTeJIbCTB ) H O)f(IiD.aeTClI 'lTO OHa CTaHeT D.OMHHI1PYlOllleM B 3TOM ceKTope. llJIeHbl :;TOH
OI1P)KIi, COCTOllUll1e 113 6aHKOB H '1aCTHbIX KOMnaHI1H CeH'laC B npouecce npHHlITHlI YCTaBa, OCHOBaHHoro
Ha npHHUlfne "OllHH 'lJleH -OllHH rOJlOc". UeHTpaJIbHO-A3HaTCKM <1>oHlloBall DHp)Ka, cnoHcHpyeMall
USAID no npe)KHeMY CYlllecTByeT, HO ee 6YD.Ylllee lIBJIlIeTClI HeOnpeD.eJIeHHbIM.


159.    KmipHHroBaJl H paC'leTHall CHCTeMa CTaJIa nOJIHOCTblO pa6oTocnoc06HoH B HIOHe                       1997   rOD.a 6yD.y4 H
nOJIHOCTbIO cOBMecTIiMoH C peKoMeHllauHlIMH fpynnbl 30-TH, BKJIIO'lall T+3 paC'leT, QJOHD.bl no TOMy )Ke
llHIO, nOCTaBKY npoTHB OflJlaTbJ. OCHosaHHblH s Mae                 1997   rOD.a D.en03HTapHH llBJIlIeTCli OpraHH3aUHeii,
KOTOPOH BJlaD.eIOT ero        'lJleHbl, Ii y KOTOPOH caMO peryJlHpyeMblH CTaryc. IJ;eHTpaJIbHblH D.en031fTap1fH
OCYllleCTBJIlIeT paC'leTbl no onepaUHlIM , 06ecne'lHBaeT KaJHa'leHCKHe yCJlym .!VBI ynOJIHOMO'leHHblX
D.ep)KaTeJIeH,    H   ynpaBJIJleT   ueHHblMI1      6YMaraMH,     HaXOD.l!IllHMHClI   Ha     nOne'leHI1If.   UeHHbie     6YMam
D.CMareplfaJIlfJOBaHbI Ii BJIaD.eHHe HMH QJHKcHpyeTCJI B perHCTpe. PaC'leTHall IfHQJopMaUHlI B 3JIeKTPOHHOM
BHD.e    nepellaeTClI     C QJOHD.OBOH   6HP)f(H    If   HaXOD.IfTClI   noD.   KOHTpOJIeM    UeHTpaJIbHOrO D.en03I1TapHlI.
focy,aapCTBeHHbIH DaHK npHHHMaeT nJlaTe)KH 'lepe3 C'leTa ueHTpaJIbHOrO D.en03I1TapHlI.




                                                               50
DnOK 3: nporpaMMbl no npe.1l0cTa8neHHIO rapaHTH" Ha cnY'laH nOnHTH'IeCKHX PHCK08

BceMHpHblM BaHK pa3pa60TaJI HOBblH nponyKT, Cpell,CTBO o6eCne'leHIUI fapaHTHH nOJlHTH'leCKoro pHcKa,
KOTOPblH: HMeeT cBoeH ueJlblO pe aKTHBHpoBaTb cYllIecTB)'lOWHe npOH3BOll,CTBeHHble MOlliHOCTH B crpaHax
C nepeXOll,HOH 3KOHOMHKOH.                       Cpe.ucTBO 06eCne'leHIDl fapaHTHH nOJlHTH'leCKOrO pHcKa o6eCne'lHBaeT
.uocryn K ItHOCTpaHHoMY KamlTaJlY B 'laCTHOCTH B npoeKTax, B KOTOPblX 33,!leMCTBOBaHbl cywecTBYlOlliHe
MeCTHble   npe.unpIDlTM~.

Cpe.ucTBo 06eCne'leHM~ fapaHTHH nOJlHTJ1qeCKoro pHcKa .ueJlaeT B03MOX<HbIM npellOCTaBJl~Tb rapaHTHM no
nOJlHTH'leCKHM pHcKaM llJI~ 'laCTHbIX npellnpH~TMR                              3aHMMaIOWHXC~ 6M3HecoM B crpaHax rlle peaJIbHble
H\HJlH    B03MOX<Hble       nOJlMTJ1qeCKHe                PHCKH    BblcoKHe,           a    nOTOMY    orpaHJ1qHBalOT       llocryn    K   nOTOKaM
HHocrpaHHblx KanHTaJlOB H Kpell,HToB. B caMOM lleJle, HHocrpaHHble nOCTaBllIHKH H HX 6aHKH C 60JlbllIHM
x<eJlaHHeM BMH 6bl 6H3Hec C MeCTHblMH npellnp~IDlMH, eCJlH 6bI onpelleJleHHbIe nOJlHTHl-leCKHe PHCKH
5blJlH ycrpaHeHbl. CpellcTBa 05eCne'leHH~ rapaHTHR nOJlHTJ1qeCKHX PHCKOB n03BOJl~IOT npHHHMaIOweR
cTpaHe nOJl)'laTb Bblro.uy nocpencTBoM YBeJlHlieHIDl 3KOHOMH"lecKoH aKTHBHOCTH 6e3 Heo6xo.uHMOCTH
o6eCne'leHHH        nOJlHblX        rocy.uapCTBeHHblx             rapaHTHH            no     npHBJle'leHHIO     HHocTpaHHoro         KanHTaJla.     B
.uonOJlHeHHe K 3TOMY cpe.ucTBa 06eCne'leHIDl rapaHTHM nOJlHTH'leCKHX PHCKOB MOryT HrpaTb KJlIO'leBYIO
pOJlb B      3KOHO'dHKe crpaHbl B Te'leHHe ee nepexo.uHoro nepHo.ua B TO BpeMH KaK npoxo.uHT pa3BHTHe
MeCTHblX PblHO'"lHbIX OTHOllIeHHH. Ha paHHHX CTalllUIX peanH3aUHH npoeKTbl nOllll.epX<HBaeMble B paMKax
CpenCTB      06eCne'leHHH fapaHTHH nOJlHTH'"IeCKOrO pHCKa                                     npenOCTaBJI~IOT cywecTBeHH)'lO nOllll.epX<KY
MeCTHbiM 6aHKaM nocpenCTBOM llaBM HM B03MOX<HOCTb QlHHaHCHpOBaTb Me)KllYHapOnHble onepaUHH.
KpoMe Toro, CpellCTBa 05eCne'leHIDl fapaHTHH nOJlHTH'leCKOrO pMCKa                                            MOryT nOMO'"lb npHHHMalOwen
CTpaHe C03naTb en XOpOwylO penyTaUHIO B fiJlaHe npHIDlTIDl PHCKOB no BJlox<eHHIO cpenCTB B pa3BHTHe
'laTHOrO ceKTopa, C03naB BHYllIHTeJlbHblH nocnYX<HOH cnHCOK KOMMep'"leCKHX onepaUHH no 6H3Hecy 6e3
BMellIaTeJlbCTBa      rocynapCTBa.                  HaKOHeu,      pe3YJlbTaTbl,             nOCTHrH)'Tble     npH   HCnOJlb30BaHHH        CpenCTB
06eCne'-ieHHH       fapaHTHH             nOJlHTH'"IeCKOrO         pHCKa         ~BJI~IOTC~        COCTO~TeJlbTbIMH     ewe      H    nOTOMY       '"ITO
KOMMep'leCKHe        CB~3H      Me)Kny HHocrpaHHblMH H KOMMep'"leCKHMH KOMnaHIDlMH, 3aWHweHHblMH 3THMH
rapaHTH~MH,        Moryr   OCTaTbC~           H npOnOJl)KaTb npHHOCHTb nOJlb3Y H nocJle                     3aBepllIeHH~   caMHX npoeKTOB.


HH)KeCJlenYlOllIHH PHCYHOK KaK CpenCTBa 06eCne'leHH~ fapaHTHH nOJlHTJ1qeCKOrO pHCKa nOCTpoeHbl:
     Crpytcrypa'npe~~

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CpenCTBa 05eCne'leHHH rapaHTHH OTneJlHIOT KOMMep'leCKHe PHCKH OT nOJlHTH'"IeCKHX . focy.uapCTBO
OTBe'laeT 3a nOJlHTH'"IeCKHe PHCKH, KOTopble OHO MO)KeT KOHrpOJlHTOBaTb H yperynHpoBaTb, TeM BpeMeHeM
'laCTHbIH ceKTOp MO)KeT CQlOKYCHpOBaTb BHHMaHIfe Ha KOMMep'"leCKHe acneKTbl onepaumi, He onacaHCb 3a
BMellIan:JlbCTBO      rOCYllapCTBa HJlH npyrHe                     nOnHTH'leCKHe pHCKH.               06bl'iHO,     CpellCTBa        ofiecne'"leHHH
fapaHTHH nOnHTH'"IeCKOrO pHCKa nOKpblBalOT cnenylOWHe PHCKH: (a) no HeB03MO)KHOCTIf KOBepTHpOBaTb H
nepeBOllHTb 3a py6e)K cpenCTBa, (6) no 3KcnponpHaUIfIf, (B) no BoeHHblM neHCTBHHM H rpY)KnaHCKHM
BonHeHH~M,         (r) no BMelliaTenbCTBY co CTOPOHbl rocy.uapCTBa B pa60ry If ee pe3YJlbTaTbl                                        (HanpHMep,
nOBblllIeHHe 3anHHM '"IHCnOM TapHQlOB nnH OT3bIB mmeH3HH ).




                                                                            51
CpellCTBO 06eCne'leHHlI fapaHTHH nOnHTH'IeCKoro pHCKa lIBJllIeTCli m6KHM MexaHH3MOM KOTOPblH MOJKeT
06eCneI.JHTb nOMepJKKY WHPOKOMY cneKTpY KOMMepI.JeCKHX onepaUHH (CM. HH)Ke). CpeD.CTBa 06eCne'leHHlf
fapaHTHH     nOJHITH'IeCKOrO      pHCKa      MO)KeT   pacnpOCTpaHHlITbC!'I   Ha     HeCKOJlbKO    CeKTOpOB    HJlH     6blTb
HanpaBJIeHbl Ha OTllenbHblH ceKTOp ( T.e. ClleJlKH no cenbCKOMY X03l1HCTBY H arpo-nepepa6aTKe, HJIli
D.06blBalOweMY ceKTOpy H . T.ll.) HaH60nee BaJKHblM MOMeHTOM 3lleCb !'IBJIlieTClI TO, 'ITO CpeJlCTBa
06eCne'leHHlI fapaHTHH nOnHTH'IeCKOro pHCKa               MOryT 6blTb cneUHaJJbHO nOllOrHaHbl K cneUHIj>HI.JeCKHM
HYJKD.aM H ycnoBHlIM CTPaHbl B CMblcne PHCKOB KOTopble He06xOIUIMO nOKpblTb H BHllOB C.1lenOK KOTopble
npHeMJleMbi 1lJI1i nOKpblTHlI.

npHMepbl npHeMJleMblX onepaUHH BKJIlO'laIOT : (a) npOllaJKa TOBapOB 06bl'lHO B KpellHT, (6) Ij>HHaHcoBblH
JlH3HHr, (B) onepaUHOHHblH nH3HHr, (r)                HMnopT OCHOBHoro 060PYllOBaHHlI llJIlI           aelleHHlI 6H3Heca
llepJKaTeneM 3THX CTpaXOBblX rapaHTHH,           (11) HMnopT TOBapOB llJIlI npOllaJKH, (e) HMnopT npOllYKUHH ,Il.!ll1
nepepa60TKH H .lla1IbHeihllero 3KcnopTa, ()K) KpellHTbl H npeJlOnnaTa HHOCTpaHHblX napTHepOB MeCTHblM
npellnpmlTHlIM, (3) 06113aTeJlbCTaa 6aHKOB, nOD.TBep)KllaIOWHX KpellHTbI peaJJbHO BblD.aHHble MeCTHblMH
'1aCTHbIMH 6aHKaMH.


160. Ha KOHeu 1997 rO.1la npHcyTcTBOBaJlO 60 Ka3Ha'lei1cKHx 6aHKoB H 34 perHcTpaUliOHHblX 6IOPO,
KOTopble XpaHHJlH         3,289 cnHCKa aKUHoHepoB. no 3aKoHY aKuHoHepHble 06weCTBa C 500 HJlH 60nee
aKUHOHepaMH 1l0Jl)KHbl nOMewaTb caoH perHcTP B He3aaHCHMOM perHcTpHpYlOweM 61OPO, a TO apeMli KaK
KOMnaHHH C MeHbWHM '1eM 500 I.JHCnOM aKUHoHepoB MOryT HCnOnb30aaTb BHyTpeHHlO1O                            perHcTpaUHIO
eCJlH HMH 6Y.1leT HaHliT HMelOlllHH JlHueH3HIO MeHellJl(ep no perHCTpaUHH, KOTOPblX HaC'IHTblBaeTClI OKono
400.   B MapTe 1997 rOlla rocYllapcTao npHHlIno HOBblH noplllloK nHueH3HpoBaHHlI KalHa....eHCTB.

161. Ha KOHeu 1997 rona KOMHCCHli no U,eHHbIM EYMaraM BblD.aJJa 6poKepcKHe nHueH3HH 60-TH
KOMnaHIHIM, aKJIIO'Iall    31   6aHK. MHHHMaJlbHblM Tpe60BaHHeM no aKUHoHepHoMy KanHTaJJY                   C HIOHli   J997
rOlla lIBJ1l1eTCli 200,000 D.OnnapOB eWA. :Donee 2000 rpaJK.1laH npOllJnH KBaJlHIj>HKauHoHHblH TeCT H
nOJlY'IHnH JlHueH3HH OT KOMHCCHI1 no U,eHHbIM EYMaraM Ha 6poKepcKYIO .1le!'lTenbHOCTb. KOMHCCHli no
U,eHHbIM EYMaraM Ha cerOllHlI Tpe6yeT OT 6poKepoB '1To6bl OHH He MOrnl1 3aHHMaTbClI HH KaKOH D.pyroH
6H3Hec lleliTellbHOCTblO. ECTb HeCKOJIbKO 06paweHHH OT HHOCTpaHHblX 6poKepOB no Y'lpeJKlleHHIO CBOHX
Ij>HJlHaJlOB a KalaXCTaHe H nOKynKe MeCT Ha Ij>OH.1l0BOH 60p)Ke.


162. KOMHCCHlI no UeHHblM EYMaraM lIBJ1l1eTClI HcnonHHTenbHblM perynHpylOWHM opraHoM KOTOPblH
nO.1l0T'IeTeH HanpliMylO Dpe3IUleH1Y. KOMHCCHli no UeHHblM EYMaraM COCTOHT H3 npeJlce.1laTenll, TPex
'1J1eHOB KOMHCCI1H H Tpex npellCTaBHTeJleH OT focY.lIapCTBeHHOrO EaHKa, MHHHcTepcTBa ~HHaHcoB H
MHHI1CTepcTBa IOcTHuHH COOTBeTCTBeHHO. KOMHCCHlI no U,eHHbIM EYMaraM perHcTpHpYeT 3MHCCHIO
ueHHblX 6YMar COBMeCTHO C MHHHcTepcTBoM IOcTHuHH, KOTopoe a03rnaBnlleT pa60TY no pefHcTpaUHH
MaJJblX 11 Cpe.lIHHX KOMnaHHH.


163. DporpaMM3 "rony6L1x             tPHllleK".   no nporpaMMe "rony6blx Ij>HweK", fOCYllapCTBO nnaHHpYeT
3aHeCTH B cnHCOK a 3aTeM nponaaaTb Ha KaJaxcKoi1 1j>0H.lIOBOH 6Hp)!(e MaJlble naKeTbl aKUHiA BellYWHx
KaJaxcKHx KOMnaHHit KOHTPOJlbHble naKeTbl aKUHH 3THX KOMnaHHH CHa'laJIa 6YllYT npO.lIaHbl nyTeM
OTKpblTOro aYKU!10Ha B PYKH CTpaTerHI.JeCKHX HHBeCTopOB KOTopble TaK)Ke 6y.lIyT OTBe'laTb 3a ynpaBJIeHHe
3TI1MH KOMnaHHlIMH. Bce 3TH H3BeCTHbie KOMnaHHH npOBenyT aYD.l1TOpcrylO npOBepKY MX Ij>HHaHcoBoro
COCTOllHHlI, H nyTeM TeH.lIepa 6y.lIyT Bbl6paHbi HHBeCTHUHOHHble OOHKH, KOTopble 6y.lIyT ynpaBJIllTb
npoueCCOM BbICTaBJIeHH!'I HX aKUHH Ha npO.lIaJKY Ha Ij>OHllOBOH 6Hp)Ke. ,n;.lHHHbIH cnHCOK 56-TH KOMnaHHH
"rOJly6b1X   Ij>HllleK"   npellCTaBn!'l1OT    raloaylO   H Helj>TllHYIO   OTpacnH,     MeTaJlyprmo     H ll06blBalOWYIO
npOMblwneHHOCTb, HHlj>paCTpYKTYPHble H Ij>HHaHcoable ceKTopa.                B   HOll6pe 1997 rO.lIa , 1j>0H.lIOBall 6Hp)Ka
Ha3Bana nllTb KOMnaHHH, llJIlI aKnlO.... eHH!'I a KOTHPOBO'iHbIH cnHCOK: (a) OT 5 JlO 20 npoueHTOB MeD.HOro
KOM6HHaTa ,lJ,JKe3Ka3raHUBeTMeT, 40 npoueHTaMH aKUHil KOToporo BJlalleeT CaMcYHr,                         (6) OT 5 .lI0 7
npoueHToB MaHrI1CTaYMYHaHra3a 40 npoueHToB KOTopOro npHHa1lJle)!(HT HHD.OHe3HHcKoH KOMnaHHH
Me.lIKO, (B) OT 5110 15 npoueHTOB AKT06eMYHaHraJa 60 npoueHTOB KOTOPOro HaxOll.HTC!'I B C06CTBeHHOCTH
KI1TaHCKOH     HaUHOHaJlbHOH Helj>TlIHoH KOMnaHI1H, (r) oT2 .lI0 4.5                  npoueHToB Ka3axTeneKoMa, 40
npOueHTOB KOTOpOn HaXOll.lITC!'I B c06cTBeHHocTI1 ,lJ,3Y, H (Jl) 16.5 npoueHToB YCTb-KaMeHoropcKoro
nnaHO-MarHHeaoro KOM6HHaTa.




                                                            52
164.   WHocTpaHHbIe       nopnJ!eJIbHbIe        HHBecTopbI.          HHOC1paHHble     nopTcpenbHble       HHBecTopbl     Ha'lanH
cKynaTb aKUHH KOMnaHHH            "rony6blx cpHweK"          HMelOlllHXClI Ha pblHKe. 80 BTOPOH nonOBHHe           1997    rona
6bInH C03naHbI      'IeTblpe HHBeCTHUHOHHbIX <poHna, HaueneHHblX Ha pa60T)' B UeHTpanbHoH A3HH H B
'IaCTHOCTH B Ka3axCTaHe. 3TH cpOHnbI aKKyMynHpOBaJIH                  500    MHnnHOHOB nonnapoB H ynpaBnlUOTClI TaKHMH
KOMnaHHIIMH KaK AIG, Global, Peregrine, Regent Pacific.


165.   neHcHoHHaH pe«J!0pM3.          I   IIHBapll    1998   rO,lla Ka.3aXCTaH Ha'lan ,llep3KYIO pecpopMY neHcHoHHOH
CHCTeMbI no 4HnHHcKoMY 06pa3UY. B                COOTBeTCTBHH C             3aKOHonaTenbCTBOM   1997      rO,lla, neHCHOHHble
CPOH,llbl 6y,llYT ocywecTBnn 06113aTenbHble H ,ll06pOBOnbHble B3HOCbI KOTopble 6Y,llYT HHBecTHpOBaTbClI
npocpeccHOHaJlbHbIMH ynpaBnllIOWHMH aKTHBaMH.                   Y   HaCeneHHlI 6Y,lleT Ha Bbl60p TpH BH,lla neHCHOHHbIX
CPOH,llOB : rocynapCTBeHHblH neHCHOHHbIH CPOH,ll, KopnopaTHBHble cpO Hnbl ( .QJ111 cny:lKalllHX KOMnaHHH ),
OTKpblTble cpoHnbl ( 06CJI)':lKHBaIOIllHe HeCKonbKO KOMnaHHH ). Ha KOHeu lIHBapll                1998     ro,lla, KOMHCCHlI no
Ll.eHHbIM 6YMaraM BbI,llaJIa nHueH3HH weCTH HerocynapCTBeHHblM neHCHOHHblM cpoH,llaM. I1HBecTHUHoHHa1I
,llellTenbHOCTb     .QJ111 HHX OrpaHH'IeHa BnO:lKeHHeM              cpencTB    B rocY,llapCTBeHHble     ueHHble 6YMarH,         Ha
6aHKoBcKHe nen03HTbl, H nonrOBble 06113aTenbcTBa cpHHaHcoBblX Y'lpe:lKneHHH. B HaCTOllWHH MOMeHT .QJ111
HHX Tpe6yeTclI ,lleplKaTb no KpaHHeH Mepe               50   npoueHToB CBOHX aKTHBOB B rocynapcTBeHHblx ueHHbIX
6YMarax, HO no Mepe p33BHTHII, 3THM cpoHnaM 6y,lleT pa.3pellieHO HHBeCTHpoBaTb Cpe,llCTBa B ueHHbIe
6YMarH MeCTHblX KOMnaHHH " rony6blx cpHweK".


166.   npHB3TH3aUHoHHble <!>oHnbl.              Bo     BpeMlI   npouecca       MaCCOBOH   npHBaTH3aUHH,       67   npoueHToB
HaCeneHHlI HHBecTHpoBanH CBOH K)'noHbl B               170   npHBaTH3aUHoHHbIX HHBeCTHUHOHHbIX CPOH,llOB, KOTopble
npH06penH aKUl111 60nee LleM          1,700    npennpHlITHH . .LI:0 He,llaBHerO BpeMeHH, OTCYTcTBHe IOpHnH'IeCKH
YCTaHosneHHbix nOBepHTenbHblx npaB npH ronocoBaHHH 03Ha'lanO 'ITO 3TH npHBaTH3aUHOHHbie cpO H.ll bl
6bInH Be B COCTOllHHH C03BaTb 061llee c06paHHe aKUHOHepOB, 'ITO npennCTBOBano perHCTpaUHH HX B
aKUHOHepHble       06 weCTBa.     B   ArycTe         1997    rona    3aKOH    6bln   H3MeHeH   YT06bl      paJpeIllHTb    npaBa
,llOBepHTenbHoro ronocoBaHHlI, onHaKO TonbKO Tpl1 <poHna C03BanH 061llee c06paHHe aKUHoHepoB. KpoMe
TOro, KOMnaHHH. KOTopble 6blnH npHBaTH3HpoBaHbi B pe3ynbTaTe MaCCOBOH npHBaTl13aUHH, 6blnH Bo061lle
rOBOpll HenpHBneKaTenbHbl, H O'leHb HeMHOrl1e ecnH He Bce He nnaTHnH JlHBH,lleHTOB. I1MeeT MeCTO
Bce06ulee HeJlOBepHe K npHBaTH3aUHoHHblM cpOHnaM • .LI:alKe ecnH OHH npe06paJYlOTCli B HHBeCTHUHOHHble
KOMnaHHH B paMKax 3aKoHa " 06 HHBeCTHUHOHHblX cpoHnax", O:lKHnaeTClI 'ITO 60nblllHHCTBO aKUHOHepOB
npH 6mt:lKaHIlIeH B03MO:lKHOCTH npe,llnO'lT)'T nony'l HTb neHbrH, nponaB CBOH aKUHH 3THX CPOHJlOB.


167.   CTpaxoBoH CeKTop. Ha KOHeu         1997 rOJla cywecTBoBano 64 cTpaxoBblx KOMnaHHH C 061llHM
YCTaBHblM KanHTanOM B      55 MHnnHOHOB nonnapoB. 110 oueHKaM 061lla1l cYMMa CTaXOBblX B3HOCOB B 1997
roJlY COCTaBHJla OKono    50 MHnnHOHOB JlOnnapOB, OKono 70 npoueHToB KOTOPOH COCTaBnlllOT cTpaxoBKH OT
HeCyaCTHblX cnY'IaeB H C1paxOBKH no nepeB03KaM. ITPHHHMa1I BO BHHMaHHe He6onbllloH p33Mep ceKTopa H
KpaTKHH CpOK ero cywecTBoBaHHII, ManOBepOllTHO nonaraTb, 'ITO 3TH CTpaXOBble KOMnaHHH 6ynYT HrpaTb
Ba:lKHYIO pOJIb B OnH:lKaHllIee BpeMIi.


168.   PeKoMeHnaUHH. 110-npeIKHeMY, He06xonHMo npoBeCTH HeCKonbKO BalKHblX pe<popM no pa.3BHTHIO
PblHKOB ueHHbIX 6YMar H KanHTaJla. Bo-nepBblx,                      HOBblH 3aKOH 0     KOMnaHHIIX nOn:lKeH 6blTb npHHlIT
MaKCHManbHO 6b1C1p0 C TeM, YT06bl ooecneLlHTb 3alllHTY npaB BnanenbueB ManblX naKeTOB aKUHH H
C03naTb OCHOBY .llJl1l BbmycKa KopnopaTHBHblX 06113aTenbcTB nocne BbmYCKa B 06paweHHe. BO-BTOPbIX,
He06xonHMo        npOJlOnIKl1Tb    pecpopMbl     B    06nacTH       6yxranTepcKoH     OTyeTHOCTH      H    npHBeneHHlI     ee    K
Me:lK,llYHapoilHbIM cTaHnapTaM, a TaK:lKe He06xo,llHMO npOBOnHTb aY,llHTOpCKl1e npoBepKH B COOTBeTCTBHH C
Me:lKnYHaponHblMH npHHIITblMH cTaHnapTaMH .llJl1l KOMnaHHH C 60nbIllHM YHCnOM aKUHoHepoB. B-TpeTbHx,
nporpaMMa "rony6blx <pHweK" nonlKHa npoBonHTbcli KaK H 3annaHHpoBaHo C TeM, YT06bl 06eCneYHTb
aneKBaTHoe HX KOnHyeCTBO Ha <poHnoBoH 6Hp:lKe. B-'leTBepTblx, cTpaxoBoH ceKTop nOn:lKeH pa3BHBaTbcli
6naronapll CPOpMHpoBaHHfO 3aKoHonaTenbHoH OCHOBbl H nOTeHUHaJla no Han30py 3a ero neliTenbHOCTblO.
B-nnblx, HHBeCTHUHOHHbIe <poHnbl Bo06111e H neHCHOHHble <pOHll,bl B yaCTHOCTH ll,OnIKHbl pa3BHBaTbClI npH
npaBHnbHoM npaBoBoM perynHpoBaHHH H noll, COOTBeTcTBYlOlllHM KOHTponeM.




                                                                53
                                  OOJlaCTb        pelJlOpM                                                                                  )1,eACTBlfe/CJle,ll,YlOlIlIfH   war
                                                                                             )1,eJlOBaH cpe,ll,a
 3anOJIHlfTb HCIWTopble np06eJIbi B 3aKOHO,ll,aTCllbHOH IfHcppaCTpYKrype ,ll,JISI                             •   npl1HSlTb nepepa60TaHHblH 3aKOH 0 KOMnamilIX
 KOMMep'leCKOH ,ll,eSlTeJIbHOCTIf H Kpe,ll,HTOBaHlflI                                                         •   npHHHTb HOBblH 3aKOH 0 JIH3HHre

                                                                                                              •   paCCMOTpeTb       3<lKOHbl     H    HX   peaJIH3aUHlO       Ha       npe,ll,MeT           BbUIBJleHIUI
                                                                                                                  npOTHBopetfHH       If    OCHOBHblX       KOlluenryaJlbHblX          If       peaJIH3a lllfo HHbIX
                                                                                                                  np06JleM
 Y npOCTI1Th      perymHopHhlH      1I0PH,ll,OK    ,ll,JI1I    CHIf)!(eHHH       TpaH3aKUlfOHHbiX             •   nepeCMOTpeTb npOlle,ll,YPY Bbl,ll,atllf JllfueH3HH H perYJllITOpHble Tpe60BaHHH
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                                                                                                                  BpeMeHH,     He06xoll,HMOrO         Ha   If X   06pa60TKY,       a    TaK)!(e         COKpameHHlI
                                                                                                                  nepHO,ll,1f4 HOCTH OT4eTHOCTH
-nOBbICHTb      Ka4eCTBO   rocY,ll,apCTBeHHoro       a,ll,MHHHCTpHpOBaHHSI           B    ueJlOM    H         •   peaJIH30BaTb peKOMeHll,aUIfIf, 1f3JlO)!(e1lHble B 3aliMe BceMlfpnoro J)aHKa ua
 HaJIOrOBOro a,ll,MI1HIfCTplfpOBaHIfSl B 4aCTHOCTH                                                                yperYJlHpOBaHHe          BonpOCOB    ynpaBJIelllfSl    06meCTBeHHblMH                     pecypcaMl1,
                                                                                                                  3aTparuBalOwero np06JleMbi paUlf0llaJIlf3aUlflf H nOBblIIJeHHlI Ka'leCTBa
                                                                                                                  COUlfaJIbHOro 06CJIY)!(IfBaHIf1I If HaJloroBoro all,MHHIfCTpHpOBaHHlt
                                                                                                              •   .n;OBeCTIf pecpopMbI rocy.n;apCTBellHoro a,ll,MI1HHCTpHpOBaHHlt ,ll,0 BJIaCTeH Ha
                                                                                                                  MeCTax (MeCTHbIX a,ll,MHIIHCTpallHH)
 nOBblCI1Tb Ka4eCTBO IOpH,ll,lfllecKoi'l: npocpeCCfm                                                          •   BOnJIOTI1Tb B )!(113Hb peKOMeH.n;aUI1H, H3JIO)!(eHHble B npoeKTe BCeMl1pHOrO
                                                                                                                  IiaHKa no IOpHJlH l leCKOH pecpopMe, BKllI04alI nOBbllUellHe KBaJIHcpIfKaUl1H
                                                                                                                  CY,ll,eH M nOBbllUeHMe Ka4eCTBa IOpH.n;lflfeCKOH HlIcpopMaUMH
 Ytlpe,ll,HTb   CneU11allH3HpOBalilloe   areHTCTBO            no   paCCMOTpeHMIO         )!(aJI06   OT        •   y4pe.n;HTb OTll,eJIeHHe no paCCMOTpeHHIO )!(aJIo6 lIa npaBHTeJlbCTBeHHblX
 'IaCTIiOrO CCKTopa B OTHOlUCHMM ,ll,ei1cTBl:dl npaBl:rreJIbCTBeHHblX tllfHOBHMKOB                                4HHOBH11KOB OT HaCeJleHllll
 Co.n;eHCTBOBaTb     npllMblM   HHOCTpaHHblM          MHBCCTHUHHM            B    Hc.n;o6blBalOlUHe           •   CTaH,ll,apTIf3MpOBaTb CMCTeMY npell,OCTaBJIeHI1H n06Y,ll,HTeJIbHbIX CTHMYJIOB
 OTpaCJIH                                                                                                         C ueJlblO MHHlfMH3aUH11 cy6bCKTHBH3Ma 11 3KOHOMlfH BpeMeHI1 Ha pa60TY C
                                                                                                                  .uOKYMeIlTaMH
                                                                                                              •   co BpeMeHeM yCTpaHHTb cy6CH.n;HpOBaHHe

                                                                                                              •   nepecpOKYCHpOBaTb          .ueHTeJlbHOCTb       I1HBecTHUl1oHHOro                   KOMHTeTa       Ha
                                                                                                                  OK,13aHHe CO,ll,eticTBHlt 3apy6e)!(HblM MHBeCTopaM, KOTOpble )!(aJIYIOTCH Ha
                                                                                                                  npellHTCTDHSI H He.n;o6po)!(eJIaTeJlbHOe OTHOIIJeHHe

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                                                                                                                  HHDeCTOpOB H KBaJIHCPHllHpOBallllblX pa60THHKOB
rcO.udtcTBoBaTb pa3BHTMlO cpellHHX M MallbIX npe.unpHlITMH                                                    •   ynpocTMTb peryJlHpOBaHHe H HaJIoroBoe a.uMHIIMCTpHpOBaHl1e

                                                                                                              •   npMHltTb 3aKOB 0 JlH3HHre H 60Jlee CTPOfHH 3aKOH 0 3aJIore

                                                                                                              •   OTMeHHTb OrpaHH'l~aKpeJlHTHYIO Map)l{Y no 6aHKOBCKHM 3aHMaM




                                                                                                         54
                               06JlaCTI. pelj:lOpM                                                                          ,Ll,CiiCTBIIC/cJleIlYIOIUH" lIIar
                                                       npHBanuall,IUI, PCCTPYKTypHJalllUI n ynpaBJlCHHC
IIpHllanl'3MpOBaTh KpynHble npOMhllIlJ1eHHhle npellnpmlTl:UI                              •          npollaTb I1X CTpaTerHqeCKHM HHBeCTopaM B XOlle aYKll,HOHa, lIa KOTOPOM
                                                                                                     uella llllJlaelt;;a Ul:IlUBllbIM KpHTepl1eM
                                                                                          •   ----
                                                                                                     paCCMOTpeTl:, OCOllHhle BonpOChI OIlIIOH KOMnaHlU1
Pa3pa6oralb     McxamnMhl     IIOCTnpHlJaTH3aUHOHHOH     nOLl.llepJKKH,   KOTopali        •          nOBblCI1Th KllMmj:mKall,HIO B 06JIaCTH MapKeTHllra, 3KCnOpTI1pOllaHHlI H
nO'lROJlHT    npl10aTH3Hp01l9HHbiM    npellnpmlTllHM    npOnCCTlf     ycnCIllIIYIO                   IPUllallCOll
peCTpYKTypI13all,HIO                                                                      •          YJIY'mmTb ,neJIOBO" KJIHMaT, oco6eHHO B 06JIaCTliX perYJIHpOBaHHII H
                                                                                                     HMO rOO6J10JKeIlHlI




                                                                                     55
                            06naCTb peljlOpM                                                        .l1.eHcTBlle/cne.llYIOlll,"H war'
                                                        I1HljIpaCTpYKTypa
PCCTPYK1ypH3aJIHII H npHBaTH3aUHII JueprOCCKTopa                    •        npHBaTH3HpOBaTb llHCTPH6YTOPCKHC KOMnaHHH
                                                                    •        pa3BHTb npOCTOH OmOBhl" PblHOK JUlII 3HeprHH

                                                                    •        C6aJIaHCHpOBaTb TapmtJHylO CTJlYKTYPY JUlR MHIlHMH3aUHH nepeKpeCTllblX
                                                                             Cy6CHllHH

                                                                    •        pa3pa6oTaTb      pelynllTOpHyto        HH<ppaCTpYKTYPY      C   He3aBHCHMblM
                                                                             peryJIlITOpOM
            --------

flpHBeCTH KOHKypCHUHIO B TcneKOMMYHHKaUHOHHblH CCKTOP               •        06eCnelJHTb HaXO>K)leHHe B CCHTope 60JIbWerO KOnl1'leCTBa Yl[aCTHHKOB,
                                                                             KaK H B 06naCTH npellOCTasneHHR COTOBOro 06cny>KHBaHHR

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                                                                        ..
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                                                                             npouecc     npHHRTHR    peweliHU AOn>KeH 6bITb np03pa'leH,       ero   AOn>KeH
                                                                             nO)]Jlep>KHBaTb BbICOKOKBaJIH<PHUHpOBaHHbIH WTaT

                                                                    •        B HaCTORmee BpeMR IIeT lIe06XO)lHMOCTH B HeCKonhKHX perYJIRTOpllblX
                                                                             arellTCTBax JUlR pa3nJ.rl[lIbIX eCTeCTBelIlIblX MOHononHH




                                                               56
                               06naCTh pelPOPM                                                    )l,eikrBlle/cnelJ.YIOUI,IIA lllar
                                                 Pa3BIITlle IPIIHaHCOBoro ~"'K I up"
r::~

  3aBcplllMTb pC(jJOPMY 6aIlKOBCKoro CCKTOpa                          •   npMB3TM3HpOB3Tb         OCTaBlllHCC)I   roc6aHKH,       npo.u3B        MX   IPHHaHCOBbiM
                                                                          OprUHHJaUMliM       C   BblCOKOM    pcnyrauMcH,       HCnOJIb3YlI      MHBCCTHUHOllllblX
                                                                          6aHKHpOB )))Ill pa3pa60TKH II PCaJIH33UHH CTp3Tcnm npHBaTH3aUHH

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                                                                          6UIIKOBCKOil CHCTCMOti B OTHOllleHl111 KOHKP(;ll'lIbIX KOMl1amlH H OTpaCJICH,
                                                                          H pa3pa60TaTb nJIaH .uciicTBMH B OTHOlllCHMM BblCOKOH KOHL(CHTpaLIHM
                                                                          KpC.llI1TOBaIlHlI

                                                                      •   OCJIa6HTb OrpallMqCIIHlI      1I11 BXO)l{.uCHHC 3apy6c)I{IIbIX 6aHKOB             3a ClICT
                                                                          OTMCHbI 25%-HOit MaKCHMaJIbHOM IJ.OJIH KanHTa.na 3apy6c)I{HbiX 6aHKOB BO
                                                                          BCCM KanMTaJIC

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                                                                          MCTOJUfKY H MaT06ccncQCmlC, KOTOPblMM pacnOJIaraeT BCCMHPHblH ballK
  Pa3BHTb pblHKM KamITaJIOB                                           •   npMHHTb ncpcpa60TaHHblH 3aKoH 0 KOMnaHM)lX

                                                                      •   nOBblCMTb KaQCCTBO ,QellTCJIbIlOCTH KOMHCCHH no UCIIHblM 6YMaraM B Xo.uc
                                                                          nporpaMMbI MIICTMTYUMOHaJIbHOrO pa3BMHIli

                                                                      •   BOnJIOTMTb B )l{IBb nporpaMMy            rony6blx     (jJMlllCK    3a C'ICT YCKOPCHHJ!
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                                                                          ypOBIIC    MC)I{,QYllap0,QlIbIX    CTaHIl3pTOB    6yxYQCTa,        a   TaK)I{C   3a   CQCT
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                                                                          6YMarH)))I)I ,QonycKa CC K TopraM Ha (jJOH,QOBOM: 6Hp)l{C)

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                                                                          H nCHCHO£lIIblMH (jJOH,QUMH
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                                                                          H pcrYJlHpoBalIHio. B QHCJIC npoQcro oco6oc BHHMaHHC TaK)I{C Y,QCJIMTb
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                                                                          MHBCCTHUMOHHblM npaSlfJIaM.




                                                                 57