Russia is addressing its trillion-rouble deficit by initiating a privatisation plan aimed at raising funds for the national budget, enabling firms to invest in infrastructure and cutting corruption.

According to Igor Shuvalov, the country's first deputy prime minister, more than 5,000 companies – including ports and airports – may be converted into joint stock organisations.

He acknowledged to attendees at a Washington briefing that privatisation was not previously discussed "when it was very good in the market and we were collecting money for our reserves".

"It was almost dead," remarked Shuvalov, adding: "All the plans which were adopted we never fulfilled."

"I think now is the time when we can return to it … because of the revenue we can get."

Russia's finance ministry revealed in August that the country's public deficit could be set to reach 3.4 trillion roubles this year.

Earlier this month, reports suggested that some Russian airlines were close to bankruptcy because of dropping traffic levels brought about by the weak rouble and rising unemployment.

Shuvalov has stressed that most of the privatisation is unlikely to happen until the second half of 2010 "when the situation is better and safer than now".