parastatal
Speech parts
1. parastatal - Noun
2. parastatal - Adjective
Meaning
parastatal (plural parastatals)
(chiefly Africa) A company, agency, or intergovernmental organization that possesses political clout and is separate from the government, but whose activities serve the state, either directly or indirectly.
parastatal (not comparable)
Pertaining to such a company or group.
Synonyms
Examples
After Burnham's death in 1985, President Hoyte took steps to stem the economic decline, including strengthening financial controls over the parastatal corporations and supporting the private sector.
Although many countries continue to operate state-owned or parastatal airlines, many large airlines today are privately owned and are therefore governed by microeconomic principles to maximize shareholder profit.
Conditions of the structural adjustment agreement recently signed by Djibouti and the International Monetary Fund stipulate increased privatization of parastatal and government-owned monopolies.
Before the Telecommunications Act of 1993, the parastatal, could dictate its own terms, but after 1993, Telia was told to negotiate with companies seeking interconnection.
In 1971, INDECO, MINDECO, and FINDECO were brought together under an omnibus parastatal, the Zambia Industrial and Mining Corporation (ZIMCO), to create one of the largest companies in sub-Saharan Africa, with Francis Kaunda as chairman of the board.
For years, parastatal heads have spent more time at State events, clapping hands for the President when the institutions they are supposed to lead are failing apart.