The programme for market reformation of the economy of the Republic of Belarus (1990) defined the following as strategic directions of socio-economic development of the country: the formation of the new in principle socio-economic system and the creation of an effective economic structure based on introduction of modern progressive technologies meeting the real needs of the society and able of sustainable functioning in conditions of market and integration into the world economy; transformation of property relations; development of entrepreneurship and formation of a competitive environment; liberalisation of foreign trade; increasing environmental safety; and legal support of market reforms and guarantees of human rights and liberties of citizens and their social protection.

The main conceptual provisions of the programme are reflected in important state socio-economic documents: The Socio-Economic Development of the Republic of Belarus till 2000 (1996), The National Strategy of Sustainable Development of the Republic of Belarus (1997), The Industrial Policy till 2015 (1998), and The Main Directions of Socio-Economic Development of the Republic of Belarus till 2010 (1998-1999).

These programme documents fix the directions and the mechanisms for implementation of the elaborated strategy for reforming and creating a prospective model of socio-economic that was determined as a socially-oriented market economy. To stimulate the development of the market economy, the State conducts a weighted liberalisation of different spheres of economy, transforms the state property into joint-stock and individual private property; new social types of economic entities adequate to market economy are being established with an active role of state regulation accompanied by the creation of flexible mechanisms of economy reformation.

Privatisation in Belarus is conducted along two main directions: the "small" privatisation covers spheres of trade and services, small-scale industrial and construction enterprises represented by municipal property; "big" privatisation concerns large enterprises included into the Republic's property. It presupposes paid or free transfer of state property into private or joint-stock (corporation) property for the purpose of attaining a reasonable balance of interests of various social groups.

The process of privatisation in the Republic is managed and coordinated by the Ministry on Management of State Property.

By now, the legal basis for reformation of property relations has been mostly formed in Belarus.

For the purpose of assuring a single state policy in the sphere of formation of state property, President of the Republic of Belarus issued Decree No. 3 on 20 March 1998 On Desta-tisation and Privatisation of State Property.

As regards property facilities representing the Republic's property, the dominant method of reformation is transformation of state-owned and leased enterprises into open joint-stock companies followed by the sale of shares to internal and external investors.

Most active processes of destatisation and privatisation take part in trade, transport and services and at enterprises of light, forest, woodworking and food industries.

Over the period of 1991-1998, the number of state facilities reformed in Belarus was 3,112, including 891 facilities representing the Republic's property and 2,221 facilities of com-munal property. Of all reformed state-owned enterprises, 1,038 facilities were transformed into joint-stock companies, 639 facilities were bought out by labour and renting collectives, 857 facilities were sold at auctions, and 34 facilities were sold through contests.

Restructuring is especially actively conducted in the machine building, the electrical engineering sector and in the instrument-making and the radio and electronics sector. Among the directions of restructuring of industrial enterprises the following may be picked out: the creation of concerns and holdings, the formation of branches and subsidiaries, the spinning-off of social infrastructure facilities, etc.

The law on destatisation and privatisation allows and even stimulates participation of foreign investors in privatisation, above all, of enterprises needing realignment and technical updating as well as of unprofitable enterprises and in-process construction facilities.

Foreign investors may acquire property rights at auctions or through contests, take part in authorised capital of the enterprise privatised, make use and dispose of privatisation facilities and results of their activities, including reinvest-ments, trade and other operations, acquire shares of enterprises through subscription using agency services of commercial banks and of broker's firms.

The law on ownership allows foreign artificial persons to have in Belarus production and other enterprises, installations and other property for the purpose of their economic activi-ties. In so doing, inviolability of property of foreign entrepreneurs and of their property rights is guaranteed.