By Myrna Alexander, Carlos Corti, World Bank
Read or Download Argentina's privatization program: experience, issues, and lessons, Page 93 PDF
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Additional info for Argentina's privatization program: experience, issues, and lessons, Page 93
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. With the adoption of the Convertibility Plan 2 in early 1991, privatizations took on even greater importance in increasing Argentina's international competitiveness. The program did not begin in a favorable climate. Not only was there a burst of hyperinflation during 1989which contributed to the premature assumption of power by the Menem administrationbut the economy was in recession and the physical and administrative capacity of the government was at a record low.
A special unit was formed within the Ministry of Economy headed by the undersecretary for privatizations. This unit provided consistency and transparency to the sales; the planning and execution of the actual transactions proceeded under the respective functional secretaries, mainly within the Ministries of Economy and Defense. 4 The key functional secretariats in the Economy Ministry were those for energy, transport, public works, and combustibles; however, their names changed and there was some consolidation during the program.
Only a few companies, organized as joint stock companies, did not require such approval. A bicameral commission, consisting of members from both houses of congress and representing diverse political parties, had the right to approve the divestiture process, bidding documents, and contract terms and conditions. 5 For the larger, second round of privatizations, however, the bicameral Page 5 commission's power was curtailed; if the commission were unable to reach a consensus within thirty days, the executive branch could proceed.
Argentina's privatization program: experience, issues, and lessons, Page 93 by Myrna Alexander, Carlos Corti, World Bank