Administrative divisions of Lithuania Governorate (consisting of eleven districts) and Slonim Governorate, were established after the third partition of the Polish–Lithuanian Commonwealth. Just a year later, on December 12, 1796, they were merged into one governorate, called Lithuania Governorate, with capital in Vilnius. In 1801 Lithuania Governorate was split into Lithuania-Vilna Governorate and Lithuania-Grodno Governorate. Forty years later the word "Lithuania" was dropped from the two names and official maps of Europe. The territory of the former Grand Duchy of Lithuania became known as the Northwestern Krai. In 1843 another administrative reform took place, creating Kovno Governorate out of seven western districts of the
Economy of Lithuania degrees of business, fiscal, and financial freedom. Lithuania is a member of the EU and the WTO, so regulation is relatively transparent and efficient, with foreign and domestic capital subject to the same rules. The financial sector is advanced, regionally integrated, and subject to few intrusive regulations. One of Lithuania's most important reforms was the privatization of state-owned assets. The first stage of privatization was being implemented between 1991 and 1995. Citizens were given investment vouchers worth €3.1 billion in nominal value, which let them participate in assets selling. By October 1995, they were used as follows: 65% for acquisition