Global Courant
The treasurer of the Federation of Egyptian Chambers of Commerce (FEDCOC)Mohamed al-Fayoumi, said Monday that recent statements from the International Monetary Fund on the ability of Egypt’s economy to recover and the IPO program implemented by the government confirm Egypt’s ability to continue on the path of development despite the unprecedented economic challenges it faces due to global crises.
The government’s IPO program represents a decisive element in the cooperation between Egypt and the IMF, he added, and is an important step towards supporting and providing resources for external financing and debt reduction.
The Fund’s continued cooperation with the government confirms the confidence of international institutions in the Egyptian economy, he explained, noting that such international entities usually do not compliment countries in reports on their economies.
Fayoumi said so the IPO program includes consistent implementation of the state’s exit strategy from equity in entities it owns, and the adoption of policies that provide a competitive environment for the private sector to improve equal opportunity and sustainably move towards a flexible exchange rate to reduce the foreign exchange shortage.
Egypt aims to raise another $1 billion from the IPO program in the coming period, and the International Finance Corporation has been appointed to assist with the program and expand the number of targeted companies to 50 companies from the current 32 companies.
This amounts to increasing private sector participation in economic development.
