The board of the Israel Post approved Thursday a reform agreement arranged by the Finance Ministry, Communications Ministry, and the Government Companies Authority to pull the Israel Post back from the brink of collapse and its long-term deficit.
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The agreement includes a plan to streamline operations and cut salary expenditures, transition to digital services, updates regulation, open new post office branches and parcel pick-up point, hand a considerable portion of the company's assets over to the government and fully privatize the company itself.
Finance Minister Avigdor Lieberman said he welcomed the board's decision to pursue privatization, thus "changing the service and making it more efficient for millions of citizens."
Communications Minister Yoaz Hendel said, "The postal service should have been privatized years ago. It hurt the public to leave it as it was. Better late than never."
