In Kuwait, significant changes are happening in the economic and political scenario which would indicate a shift to a strategy that, as opposed to trying to protect economy from the rest of the world, aims to take advantage of opportunities offered by participating in the international trade.
However, if the privatization is to be beneficial for the country the laws should elucidate the guarantees and incentives for investment in the country; should define the structural frame work and shall simplify the procedures for establishing new projects.
A comprehensive legislative and organizational framework supporting the privatization process through the amendment of existing laws and promulgation of new laws would be necessary.
Proper laws for stock trading and taxation are essential for encouraging these kinds of investments. The laws should be revised to create a free market guaranteeing equality and fair play; counteracting monopoly and hoarding.
The laws governing privatization is vital for the development and sustenance of the country because privatization deals with the government property.
Privatization strategy of Kuwait Among important initiatives for privatization, the government has revamped the commercial laws and there is a proper controlling authority for this purpose, the Kuwait Investment Authority KIAtakes care of the players in the market.
Inthe KIA implemented a three-phase privatization program that aims to reconstruct the economy and minimize the dependence on oil income.
There may be proper schemes from the government to attract both local and foreign investors. Preservation of the rights of all parties i.
The legislature should take care of the investor who is the active player in the deal because without him there would not be any new venture. To a certain extent the government interference should also be curtailed or minimized so that the interference will not turn out to be tyrannical.
Moreover, the laws should simplify the process of establishing and registering companies. While laying the groundwork for similar projects, enacting legislation to license private investments in the telecommunications and electricity sector, transparency and integrity should be kept in pace with the international standards.
The customers should not be ignored and the interests of the laborers or the working class should be protected.
Any law which denounces the rights of the consumers should be avoided or else the country would face the problems of monopoly and adverse quality standards.
Methods of Privatization There are two different but effective laws for privatization; one method is to issue a single code encompassing all privatization measures and the second method is to draft different laws for different projects; In order to instigate the privatization process and to strengthen the capabilities of the government to successfully execute the privatization program, an institutional framework and its mechanisms have been formulated by Kuwait adapting the following methods; Sale of Government Shares.
Sale of government shareholding through Kuwait securities Market in cases of joint stock companies or in such other manner that ensures the maximum possible revenue to the government.
General tendering: Among the tenders submitted the most suitable bid would be selected in relation to standards specified for this purpose. Special tender committees are formed if required based on the nature of the project.
Law No. Management Contracts: The terms of the contract shall govern the relationship between the parties and only those companies proficient in a particular area of business would be given a chance to propose.
Under this mode the public facilities would be managed by the private sector for specific period of time. Normally, this will be for a short term which may or may not be renewable.Privatization: An Overview.
has experienced privatization in Great Britain is the public transport industry. Until a few years ago, National Bus was state-owned, and the government owned almost 15, buses.
They completely sold off the bus business but in bits and pieces. Jan 23, · Gov. Rossello gave an overview of how he envisions the month privatization process would work. "The Puerto Rico Electric Power Authority will Author: Dawn Giel.
The law updates the standard-setting process by focusing regulations on contaminants known to pose greater public health risks.
|Policies & Information||Ingrid Konomi In the process of transformation of the economy the emphasis is on structural reforms, where one of the supporting pillars of these reforms is the privatization process.|
|The Privatization Process - Foundation for Economic Education||An Overview Abbass F. For example, the process must be planned and carefully implemented.|
|An overview of privatisation in kuwait economy - ARALF||This is an interesting and excellent collection of essays related to privatization.|
|Privatization: An Overview | Journal of Organizational Change Management | Vol 6, No 3||This article covers the early initiatives that the current government had taken after it came to power in May, privatisation of state owned enterprises.|
It replaces the current law’s demand for 25 new standards every three years with a new process based on occurrence, relative risk, and cost-benefit considerations. It. European Scientific Journal November edition vol AN OVERVIEW OF THE ALBANIAN PRIVATIZATION PROCESS Ingrid Konomi 0 Doctorate 0 0 Lecturer at the Economic Faculty, Albanian University In the process of transformation of the economy the emphasis is on structural reforms, where one of the supporting pillars of these reforms is the privatization process.
2 ESG Integration Integrate ESG risk an overview of the privatzation process and opportunity considerations into the investment decision-making process ESG Integration Risk and Return Commonwealth Budget; The Budget Process in PA; Fiscal Notes; Annual Financial Report; Audit Reports; State-Level Single Audit; Status of Appropriations; Performance.
Discusses the issue of privatization and its relationship with the government.
Answers the question of who should perform certain governmental services and why they should be performed by that particular organization. Compares the privatization process in the United States and European countries.
Finally explains why politicians do not resort to more private services.