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Argentina's Privatization Program : Experience, Issues, and Lessons Development in Practice (Washington, D.C.)
author
:
Alexander, Myrna
publisher
:
World Bank
isbn10 | asin
:
0821325868
print isbn13
:
9780821325865
ebook isbn13
:
9780585242538
language
:
English
subject
Privatization--Argentina, Structural adjustment (Economic policy)--Argentina, Government business enterprises--Argentina.
publication date
:
1993
lcc
:
HD4084.A74 1993eb
ddc
:
338.982
subject
:
Privatization--Argentina, Structural adjustment (Economic policy)--Argentina, Government business enterprises--Argentina.
Page i
Argentina's Privatization Program
Experience, Issues, and Lessons
Page iv
1993 The International Bank for Reconstruction and Development / THE WORLD BANK
All rights reserved Manufactured in the United States of America First printing September 1993
The Development in Practice series publishes reviews of the World Bank's activities in different regions and sectors. It lays particular emphasis on the progress that is being made and on the policies and practices that hold the most promise of success in the effort to reduce poverty in the developing world.
The findings, interpretations, and conclusions expressed in this study are entirely those of the authors and should not be attributed in any manner to the World Bank, to its affiliated organizations, or to members of its Board of Executive Directors or the countries they represent.
The denominations, classifications, boundaries, and colors used in the map do not imply on the part of the World Bank any judgment on the legal or other status of any territory or any endorsement or acceptance of any boundary.
Much of this booklet has been adapted from "Argentina's Privatization Program" by Myrna Alexander and Carlos Corti, World Bank staff.
Library of Congress Cataloging-in-Publication Data
Argentina's privatization program: Experience, Issues, and Lessons / The World Bank. p. cm. (Development in practice) Includes bibliographical references. ISBN 0-8213-2586-8 1. PrivatizationArgentina. 2. Structural adjustment (Economic policy)Argentina. 3. Government business enterprisesArgentina. I. International Bank for Reconstruction and Development. II. Series: Development in practice (Washington, D.C.) HD4084.A74 1993 338.982dc20 93-31978 CIP
Page v
Abstract
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.
Page vii
Contents
Foreword
ix
Abbreviations and Acronyms
xi
1 The Program
1
2 Impact
13
3 The World Bank's Support
16
4 Lessons Learned
20
Notes
25
Appendixes
27
A Argentina's Privatization Program: Sample of Major Participants and Technical Operators
B World Bank Loans to Argentine Public Enterprises
C World Bank Loans and Japanese Grants Used for Privatizing Argentine Public Enterprises
Page ix
Foreword
Argentina's privatization program, which peaked during 1992, is one of the broadest and most rapid in the Western Hemisphere. Nevertheless, this programambitious as it isis only a component of the even more ambitious Argentine adjustment process. The World Bank has been a strong supporter of both the larger adjustment process and the privatization that forms such an important part of it. Although this process began in 1990, the foundation for it and the Bank's support was laid much earlier. For some time, Argentina had attempted to design viable strategies for adjustment. These had, at best, limited success. A few years ago it became evident to all that the key to Argentine adjustment was improved public finances. But the improvement could not come from simple wage repression, since this tactic had repeatedly proven to be unsustainable. It was clear Argentina could only control its public finances by ridding itself of some corrupt and inefficient expenditure programs, enterprises, and subsidies; by ensuring the collection of taxes; and by reversing the government's continuing deterioration which prevented it from providing basic, vital serviceseither directly or through public enterprises. Only then, all agreed, could any adjustment program succeed.
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