August 01, 2005
How (Not) to Execute Meaningful Privatisation Policy
I found this morning, despite being rather dead due to perhaps a bit too much scummy extracurricular sportingness, and a terrible weekend being surprised by a face to face with some fuqaha as part of the ongoing transaction to close the Apartment Plus Joint Venture, myself a bit upset with policy issues.
The Moroccan government, in all its (non-)brilliance announced that it was selling off the State sugar refineries in block (good thing) to the King's holding company in a rather peculiar result from the international tender it ran.
Normally international tenders here are run pretty well, but this one had some wrinkles and it seems a bit odd that somehow the royal holding (unofficial mind you, and non-transparent) managed to value the troubled sugar refineries at 2 times the best alternative offer. Of course, this will now give the holding an effective monopoly on sugar production and distribution in country, ex contraband - one has to think some value was found there. Sure, in the medium term there is rising competition from imports as tarifs fall, but as one commentator said - the sector will remain subsidised.
Well, it's a win for the rent seekers. Good work Morocco, you bleeding incompetent slow moving pack of corrupt twits.
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Fuqaha already? I'd have jumped off the balcony.
Posted by: eerie at August 1, 2005 07:33 PM
Yes, indeed. I was quite pissed actually. Surprise. Luckily they took the approach that I must be some clueless frog git, and nothing hard ball happened, although the Salafi type in the end refused to shake my hand after the blessing. My answers must have subtly displeased.
Posted by: The Lounsbury at August 1, 2005 08:05 PM