The minister of investment Mahmoud Mohi El-Din announced last week that the government stopped the entire privatization of public sector !! No more privatization but rather a kind of joint venture and leasing between Egyptian investors and the public sector.
This announcement is very strange because he has announced it after selling all the profitable public sector companies and factories to investors from all over the globe for pennies !!!
Mohi El-Din announced the freeze of the privatization in Egypt because there is nothing left to be privatized except water , electricity and transportation ; of course it will be hard to privatized those and thus that law of private sector infrastructure contribution comes to rescue.The recent strikes and sit ins besides the financial scandals of the privatized companies led to this announcement especially before the elections season in the coming months.
One has to question : Does this announcement mean that the previous Abid cabinet was wrong in adopting privatization !!?? Already lately I notice that there is a growing attack on Abid in our press , it seems that he will be the scapegoat after all. Of course it is not the mistake of Abid , Abid is the weakest link , he is just a pawn and we all know that.
Now the regime will stop the privatization policy which proved its failure in most cases , now after wasting our money and destroying our industry !!
Public Sector....what a lie...!!!!
ReplyDeletePrivatization works everywhere else in the world... why does Egypt always have to be so backward? The country was more advanced 60 years ago.
ReplyDeleteThe Socialist policies adopted in the 60's have come to roost! The Egyptian Public sector is bloated, corrupt and inefficient and the government is trying to do what eastern Europe and Communist China have done years ago.
ReplyDeleteIt is going to be painful process but will pay off at the end if done properly.....or else Egypt will go the way of Greece!