CAIRO - 7 November 2024: Egypt remains committed to its privatization program despite economic headwinds. Prime Minister Mostafa Madbouly announced that the Investment Minister will unveil an updated privatization plan later this month. This comes as Egypt continues negotiations with the International Monetary Fund (IMF) on economic reforms and growth.
Madbouly acknowledged that recent challenges, including regional crises, may hinder the achievement of some economic targets. He emphasized that the IMF understands these difficulties and is working with Egypt to find solutions. "We set our goals with the IMF based on previous conditions, which have since changed," he explained. "We are now discussing adjustments to avoid burdening citizens further."
Egypt's privatization program aims to bolster the economy by reducing debt and attracting foreign investment. As part of broader IMF-backed economic reforms, the program seeks to increase private sector participation through the sale of state-owned company shares. These efforts are intended to enhance market efficiency and foster competition.
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