Privatization: The Lessons of Experience, Page 93
World Bank Publications, Jan 1, 1992 - Business & Economics - 86 pages
Governance, as defined by the World Bank in its 1992 report, Governance and Development, is the manner in which power is exercised in the management of a country's economic and social resources for development. The report deemed it is within the Bank's mandate to focus on the following: -the process by which authority is exercised in the management of a country's economic and social resources -the capacity of governments to design, formulate, and implement policies and discharge functions. Also available: Governance: The World Bank's Experience (ISBN 0-8213-2804-2) Stock No. 12804.
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Page 79 - Group, as used in this report, refers to the International Bank for Reconstruction and Development (IBRD) and its affiliates: the International Development Association (IDA), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA).
Page 1 - Private ownership itself makes a difference. Some state-owned enterprises have been efficient and well managed for some periods, but government ownership seldom permits sustained good performance over more than a few years. The higher probability of efficient performance in private enterprise needs to be considered in choosing whether to invest public funds in SOEs or in health, education, and other social programs.
Page 79 - All dollar amounts are current US dollars, unless otherwise specified; a billion is a thousand million.
Page 2 - SOEs for many reasons: to balance or replace weak private sectors, to produce higher investment ratios and extract a capital surplus for investment in the economy, to transfer technology to strategic sectors, to generate employment, and to make goods available at lower cost. Although many SOEs have been productive and profitable, a large number have been economically inefficient, incurred heavy financial losses, and absorbed disproportionate shares of domestic credit.
Page 56 - The governments of Argentina and Venezuela assumed debts of $930 million and $471 million, respectively, prior to sale of their telephone companies. In Ghana the government assumed $6.3 million in debts and unpaid taxes before divestiture.
Page 50 - Management contracts are usually less politically contentious than sales. They avoid the risk of asset concentration and can enhance productivity. Governments nonetheless tend to prefer sales, for a number of reasons. Typically, contractors do not assume risk; operating losses must be borne by the owner (the state) even though it has relinquished day-to-day control of the operation. Many standard management contracts are flat f ee-f or-service arrangements, payable regardless of profits, and so provide...
Page 4 - One is the nature of the market into which the enterprise will be divested — that is, whether it is competitive or noncompetitive.
Page 70 - Transparency can be ensured through clear and simple selection criteria for evaluating bids, clearly defined competitive bidding procedures, disclosure of purchase price and buyer, well-defined institutional responsibilities, and adequate monitoring and supervision of the program.