* Development of a new political framework, including the negotiation of treaties and of agreements with international monetary institutions.
* Development of a new legal framework, including the establishment of contract and corporate law.
* Preparation for macroeconomic stabilization, including controls of social spending and government credit.
* Small-scale privatization and liberalization programs.
1992
* Commencement of large-scale Western financial aid ($15-30 billion annually) led by the IMF and contingent upon the continuation of reforms.
* Creation of an independent central bank and a balanced budget.
* Large-scale price liberalization on all but essential consumer goods.
* Opening of the economy to the West, including the creation of a convertible ruble.
1993
* Privatization of large enterprise.
* Conversions of portions of the defense industry into new, non-defense enterprises.
* Upgrading of the infrastructure.
1994-1997
* Intensification of changes previously set in process.
* Development of the social programs required by a market economy.