The vote, passing 207 to 90 in favor with 19 abstentions, was welcomed by its supporters in the former Soviet republic's reform-shy parliament as a victory for President Leonid Kuchma, who unveiled a radical program of economic reforms last month.
"It's not perfect but it finally opens the door to real privatization," reformist legislator Sergei Sobolev said.
Privatization has proceeded at a sluggish pace in Ukraine since the state gained independence three years ago. The slow pace of progress was brought to a virtual standstill last July when parliament imposed a moratorium on privatization.
As little as 5 percent of Ukraine's economy is in private hands but Wednesday's vote allows for the privatization of up to 77,000 medium and large-sized enterprises.
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