Argentina's Privatization Program: Experience, Issues, and Lessons. Development in Practice

摘要

Argentina's privatization program was characterized by its scope, speed, and breadth, as well as by the intensity of World Bank support. Between 1990 and the end of 1992, the government closed or sold virtually all of its public enterprises. Its main tactic was to establish new corporations as separate business units spun off from the state-owned companies; the latter were either to own the public enterprises' assets or to have the right to operate them under long-term concession agreements. Regulating legislation prior to privatization, congressional oversight, and central coordination contributed to keeping the process on track, and support from World Bank staff, as well as funding from the Bank and other organizations, accelerated to match the pace set by President Menem. The total market value of assets sold is estimated to be well over $22 billion; the proceeds have gone a long way toward reducing both the external and the domestic public debt. (Copyright (c) 1993 The International Bank for Reconstruction and Development/THE WORLD BANK.)