World Bank Document

privatization process. 

Intervention Logic:  T

he WBG plans to support the Government’s efforts in improvement of the efficiency, 

transparency and accountability of State Owned Enterprises (SOEs) through introduction of international corporate 

governance (CG) good practices. This is in line with the Roadmap on SOE Governance Reforms signed by the 

Government and the Bank. The CG area cover (i) establishment of the good practice regulation on transparency and 

accountability, including requirement for establishment of internal audit function, publishing public interest and 

large entities annual financial statements prepared based on International Financial reporting Standards (IFRS) and 

audited in accordance with International Standards on Auditing (ISA), (ii) development of a clear approach directed 

for reduction of state involvement in the economy to the extent justified by strategic factors, based on collected 

information on the sector and applying criteria for mapping and optimizing of state participation, (iii) improvement 

of the performance monitoring of SOEs and business entities with state ownership, and (iv) establishment of 

centralized database covering all the entities (with subsidiaries and branches). In addition, the CG area will target 

strengthening the Center of Excellence in CG.