State-Owned Enterprises: The reform’s small steps
State-Owned Enterprises (SOEs) should make investments of 140.5 billion MAD and pay 16.4 billion MAD in terms of dividends and contributions to the general budget. SOEs undeniably remain a driver of investment but they should quickly overcome the structural dysfunctions they have dragged on for several years. This is also the goal of framework law 50-21 relating to the reform of SOEs.
For the time being, progress has been made in terms of the preparation of application texts, the operationalization of the National Agency for the Strategic Management of State Participations and the carrying out of restructuring operations. These are part of an overall vision spanning 5 years. According to the Ministry of Finance, “the year 2022 saw the targeting of a number of sectors deemed to be priorities such as energy, transport and logistics as well as certain high-stakes sectors”. The adopted approach is “collective and partnership-based” to deal within a planned framework with the issues and risks that thwart the implementation of development projects launched by the various sectors.
– Energy: Regional multi-service companies in the field of distribution: Last April, the National Office for Electricity and Drinking Water (ONEE) sounded the alarm on the financial risks facing the rise in the price of raw materials. Without subsidies for the purchase of energy products, the losses could peak at 24.14 billion MAD. This establishment, which received Government aid, should be restructured. The goal is to strengthen its financial base in the face of soaring fuel prices and in the face of the increase in its financing needs for production activities. ONEE will also have to withdraw from the distribution business and refocus on its core business. The distribution of electricity, drinking water, and liquid sanitation will be the responsibility of dedicated entities: the regional multi-service companies (SRM). Currently, “consultations are underway, with a view to carrying out support measures for ONEE”.
– ONDA: Towards a subsidiarization of major airports? Navigation, regulation, airport, and security management… A whole thinking process is being conducted to provide the airport sector with an effective model. Work is underway to transform the National Airports Office (ONDA) into a public limited company. This will strengthen its management autonomy. The spin-off of major airports and the injection of funds to finance investments are also on the menu. That said, with the resumption of air traffic, ONDA expects a turnover of 3.5 billion MAD this year. Its forecast net result would be negative at 22 million MAD. The Office also plans to end the year with an investment of 2.1 billion MAD and expects to invest 1.9 billion next year.
Khadija Masmoudi
