Morocco adopts measures for more transparency in privatization

The Moroccan government on Thursday approved a draft law whereby wage-earners and pensioners of firms ceded to the private sector shall have the right to acquire shares in their firms.

The draft bill was passed by the government council during its weekly session, held under the chairmanship of Prime Minister, Abderrahmane Youssoufi.

"Under the new measure, the privatization ministry will no longer publish names of firms to be privatized because some hotel firms have been subject to speculation that reduced their real value," government spokesman Khalid Alioua said after the meeting.

Morocco privatized 60 out of 113 societies put on sale since 1993, when the privatization program was launched.

Alioua said the draft law would be submitted to the parliament at an extraordinary session to be held later this month to approve an extension of the privatization deadline by another year until December 1999.