2023-11-01 12:40:08
Lhe difficult situation that public companies are currently going through raises a real problem of governance. The case of the General Company of Enterprises, Materials and Works (Somatra-Get), recently mentioned by President Kaïs Saïed during his meeting with the Head of Government Ahmed Hachani, is, in reality, far from being isolated . It is symptomatic of a more widespread situation which has, for many years, borne the mark of numerous failures in the governance system applied to public companies. This is why the President of the Republic insisted on saving public institutions and companies from the threat of bankruptcy.
After welcoming the recent agreement aimed at saving the General Company of Enterprises, Materials and Works (Somatra-Get) so that it can overcome the financial difficulties it is facing and return it to its normal operation, the President did not fail to point out that many public institutions and companies, which once made profits, are today in difficulty due to corruption and a systematic policy of squandering which has prevailed since the end of the 1980s.
In fact, the fundamental treatment of this problem should go towards a global overhaul of the mode of governance of public companies.
All the rescue plans which should be launched for the benefit of these public companies will aim to absorb all or part of the cumulative deficits, whenever the situation of public finances allows it. But, before considering the possibilities of recovery of companies in economic difficulties, it is essential to study its strengths and weaknesses.
The country is, however, experiencing an acute economic and financial crisis making recourse to the Public Treasury increasingly complex.
Hence the need to examine the failures of these companies, which are insolvent, over-indebted and irreparably broken, which the competent authorities should eliminate by taking the most appropriate measures.
Many companies are going through difficult situations that threaten their continued operations. Some manage to overcome the difficulties encountered, others melt into the crisis and sometimes cease to exist. These difficulties, when they persist, condemn the company to survival and more often to liquidation. Some difficulties are caused by events outside the company. These causes are linked, for example, to a disrupted economic context, a bad economy or even a social crisis.
The State’s financial support for public companies will be conditioned by the modernization of their management method. Collaboration between banks, financial institutions such as the Stock Exchange and the establishment of innovative mechanisms, but also continued involvement of the State, will make it possible to resolve the fundamental problem which lies in financing and the granting of credits.
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