The Lebanese Government is drafting a Privatization Law designed to decrease public debt, strengthen the economy, and promote investment. The draft law will affect key sectors that will be subject to privatization.
These sectors include electricity, telecommunications, transportation, airports, sea ports, and petrol refineries. The Government might also sell its shares in some public administered corporations.
The most interesting feature in the draft law is the form in which privatization is regulated. A Higher Council for Privatization, headed by the Prime Minister, is proposed to be established.
The structure of this council, composed of the highest-ranking officials, ensures the effectiveness of the authority intended to be empowered to control this body. Furthermore it reflects the sensitivity of privatizing major sectors through incorporating all relevant ministers as members of the Council.
The draft legislation spells out the functions and tasks of the Higher Council in a manner coherent with transparency and efficiency. A time frame should be set by the Higher Council to finalize privatization of public projects intended to be transformed.