Morocco to sell La Mamounia hotel, power plant to cut 2019 budget deficit

The government plans to privatize the Tahaddart power plant south of Tangier and the five-star La Mamounia hotel in Marrakech to plug a budget hole. “The government did not approve the sale of several other public companies, including CIH bank, one of Morocco’s best performing banks. But the government has not ruled out selling its 30 percent stake in Maroc Telecom. The spokesman said the government would restructure state firms and open more of them up to private investors.” Experts often advise against making long-term privatization decisions under the pressure of short-term budget needs, since cost-benefit assessments can be tarnished.