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IMF welcomes Egypt's intention to sell shares of SOEs, military companies on EGX - Daily News Egypt

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IMF welcomes Egypt’s intention to sell shares of SOEs, military companies on EGX

Our discussions with Egypt focused on possible modalities of future engagement rather than on specific measures, says Lall


The International Monetary Fund (IMF) welcomes the Egyptian authorities’ intention to divest shares in state-owned enterprises (SOEs), irrespective of affiliation, in line with their medium-term objective of reducing the role of the state in the economy, IMF Mission Chief for Egypt Subir Lall told Daily News Egypt.

President Abdel Fattah A-Sisi said last week that Egypt plans to offer shares of a number of the military’s companies in the Egyptian Exchange (EGX), adding, “the armed forces should have an opportunity in the public offering programme which allows the Egyptians to own shares in such companies.”

Notably, the IMF repeatedly called on the Egyptian authorities to reduce the role of army and the state in the economy, to allow the private sector to play bigger role

“Our discussions with the authorities so far have focused on possible modalities of future engagement rather than on specific measures,” Lall answered to DNE’s question about whether the president’s announcement is related to the IMF’s new agreement being discussed with Egypt.

Egypt might reach a new loan agreement with the IMF if needed, Minister of Finance Mohamed Moeit told local media on 27 October 2019. “The government has not decided yet if it will sign a new agreement with the IMF. Our joint cooperation with the IMF is continuing,” he added.

Egypt and the IMF reached a $12bn agreement in November 2016, supporting the country’s macroeconomic reforms.

Egypt received the final disbursement of the loan on the fifth of August 2019.

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