ZCZC
BCN-20
ETHIOPIA-PRIVATIZATION-ENTERPRISES
Ethiopia to evaluate privatization of large state-owned enterprises
ADDIS ABABA, Aug. 5, 2018 (BSS/Xinhua) – The Ethiopian government on
Saturday disclosed the formation of an advisory council to evaluate
privatization of large state-owned enterprise.
The 21-member advisory council, which was formed by Ethiopian Prime
Minister Abiy Ahmed, is said to embrace senior financial sector experts from
Ethiopia’s private and public sectors.
Fitsum Arega, chief of staff of the Ethiopian prime minister’s office,
said that the council will closely monitor the process of the privatization
of Ethiopia’s large state-owned enterprises.
“The Council will ensure the process is managed with utmost transparency
and accountability,” Arega said on Saturday.
The Executive Committee of the Ethiopian People’s Revolutionary Democratic
Front (EPRDF), Ethiopia’s ruling party, in June this year disclosed its plan
to partially liberalize key sectors of the East African country’s economy.
The decision, among other things, aimed at expanding mixed ownership or
outright full privatization of state-owned enterprises such as railway
projects, sugar development, industrial parks, hotels and other manufacturing
industries.
It also disclosed the plan to allow minority shares in Ethiopia’s large
state-owned enterprises, mainly Ethio-Telecom, Ethiopian Airlines,
electricity generation projects and the Ethiopian Shipping and Logistics
Services Enterprise.
The Ethiopian government had until now resisted liberalizing key sectors
to foreign and local investors, saying it needs to protect its economy from
multinational firms and ensure domestic ownership of the economy is kept
intact.
BSS/XINHUA/HR/1130