Jun 14 , 2020
A privatisation bill, which will buffer the privatisation process of state-owned enterprises, was legislated by lawmakers last week. It was approved with 16 against and three votes abstaining during a session that was attended by 292 MPs. The proclamation, which replaces its two-decade-old predecessor, recognises the Council of Ministers and the Ministry of Finance as stakeholders in the privatisation process. The privatisation process will be made within the mandates of the Public Enterprise Holding & Administration Agency. The proclamation was drafted by the Ministry of Finance and the Public Enterprises Holding & Administration Agency with technical support from the World Bank Group and the Tony Blair Foundation. It also requires the revenue from privatisation to be deposited in a special account designated for the Industrial Development Fund administered by the Ministry of Finance after the associated costs of the transaction are removed.
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