Public and open privatization of state-owned enterprises and effective management of strategic state companies will ensure increasing revenues of the State budget, the development of enterprises and eliminating corruption. This was stated by Prime Minister of Ukraine Volodymyr Groysman at the Government meeting on Wednesday.

The Head of Government noted that there are over 3.5 thousand state-owned companies in Ukraine, all of which used to be the source for plundering budgetary resource and insane corruption.

In this regard, according to him, Ukraine should apply a series of crucial measures, including public and open privatization.

"Those that are not of strategic importance should be sold through public auctions. Let effective owners come, take these enterprises, upgrade and create new jobs. This is the core step we have to do. It [enterprise] should be public, transparent and sold at official price to fill the country's budget," said Volodymyr Groysman.

He stressed that the privatization of strategic Government-owned enterprises will ensure revenues of the state budget – at first from their sale, and then after their efficient operation commences - from taxes. In addition, it will create workplaces and provide wages.

At the same time, such strategic companies must follow in their work modern standards of global businesses, be ruled by efficient, experienced, unbiased reputable managers with zero tolerance for corruption.

It is also vital to establish independent supervisory boards to control these CEOs, said the Prime Minister adding that members of these boards should be independent experts in a particular field to ensure the effective and profitable activity of the companies.

In this regard, Volodymyr Groysman emphasized that the resolution of the Government from today's agenda related to corporatization of state-owned enterprises and expanding of work of the Nominations Committee for the appointment of managers would ensure the transparency and efficiency of management of public companies.

These decisions were initiated by the Ministry of Economic Development and Trade of Ukraine and developed together with the Group of Strategic Advisors on the Support for Reforms.

"I expect that we will get good results from the activities of state-owned enterprises", said Volodymyr Groysman.

The Prime Minister expressed belief that the steps being made by the Government would in the short and medium term prove that the country was beginning a new history of its development.

"I am sure that we will succeed, because Ukraine is destined to succeed," said Volodymyr Groysman.