Read e-book online Argentina's privatization program: experience, issues, and PDF

By Myrna Alexander, Carlos Corti, World Bank

ISBN-10: 0821325868

ISBN-13: 9780821325865

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Extra info for Argentina's privatization program: experience, issues, and lessons, Page 93

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The Brady Page 21 deal for Argentina was consummated in April 1993. Without a rapid privatization effort, this deal could not have been closed so early. Moreover, the financial situation of many public enterprises deteriorated even more once a decision was made to sell. It was difficult to maintain financial discipline and staff morale when such a major change of ownership was known to be pending. Rapid sale was the only way to stem these growing losses. Combined with the speed of the Argentine program was the decision to begin with the largest, most difficult enterprises: the airline, telephone company, and railways.

The Purpose and Scope of the Privatization Program Upon assuming responsibility in July 1989, the government of President Carlos Menem also concluded that privatization had to be one of the main features of its economic platform. The prime intent was to bring an end to the state-corporate hegemony that had governed Argentina for so long. ) Another goal was to have privatizations become an important avenue for providing a financial cushion while fiscal reforms took hold; this would facilitate the implementation of Argentina's stabilization program and resolve its external debt problem.

These liabilities are not yet fully ascertained but are reported to be substantial and are now included in the government's debt consolidation and reduction programs. 5 billion in cash, which has enabled it to forgo Central Bank financing and borrowing from domestic markets. The funds have also provided the treasury with the resources for implementing the Brady deal. Further receipts are destined for the repurchase Page 14 of the consolidation bonds the government is issuing to pensioners and suppliers in recognition of previous underpayments.

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Argentina's privatization program: experience, issues, and lessons, Page 93 by Myrna Alexander, Carlos Corti, World Bank


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