The state has set a timetable for the privatization of the Israel Postal Company. At a meeting earlier today, it was agreed that the privatization of the company will be completed within 16 months either towards the end of 2023, or early 2024.
Completion will be subject to approvals, which are expected to be received, from the Ministry of Defense and the Supervisor of Banks for the sale of the Postal Bank.
The meeting today held by the Government Companies Authority was designed to kick-start the process and harness the government ministries involved in the process to the task. Those present at the meeting reported a positive, cooperative atmosphere and eagerness by ministries to mobilize to complete the process.
As the process proceeds, the Ministry of Finance will be holding marathon discussions to complete the Postal Company's recovery plan and the collective agreement for its employees. Without such an agreement, the Postal Company will remain mired in a financial crisis, making completion of the recovery plan essential, otherwise the Ministry of Finance will not be able to inject capital into the company for routine operations and it will struggle to pay employees their salaries and make payments to suppliers.
Published by Globes, Israel business news - en.globes.co.il - on August 29, 2022.
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