This article describes privatization and denationalization program in the Republic of Kyrgyzstan which has been given high priority in the Government's agenda. This program has its origins in the privatization law drafted at the end of 1991 and adopted by President in January 1992. Initially the program got off to a slow start, but it quickly gained momentum when Parliament approved a new "Concept Note" in December 1992, calling for rapid sale of small-scale enterprises and mass privatization of medium to large-scale enterprises through competitive methods. The State Property Fund (SPF), or Gosimuschestvo, was established in July of 1992. Parliament assigned the SPF the task of carrying out the privatization program, making the SPF responsible for its design, the drafting of legislation, and the promulgation of regulations. The whole process of privatization in the Kyrgyz Republic can be divided into two stages. The first one covers the time period between December 1991 and December 1993; the second stage began in January 1944. Each stage is discussed separately in this article.