Venezuela - Public Enterprise Reform Loan
Linn, Johannes F.
The loan supports institutional and policy reforms directed at reducing the dominance of the public sector in the economy; improving the competitive environment for the private sector; increasing the efficiency of and rationalizing pricing policy in public enterprises (PEs); promoting clarity, transparency, and accountability in the relationship between the Central Government and PEs; and laying a base for stronger public finances over the medium and longer term. Its medium-term policy goals include a substantial increase in the participation of the private sector in the economy; expansion of private investment, both national and foreign, in all sectors; establishment of a level playing field and maintenance of market discipline for both public and private enterprises in commercial sectors; minimizing PE monopoly powers and establishing regulatory mechanisms; and substantial reduction of general Government transfers to public enterprises over the medium term. Over the next two years, the reform program will focus on the restructuring of about 11 priority PEs, the privatization of about 100 PEs, and the establishment of clear and transparent institutional relationships between the Central Government and the remaining PEs.
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