IMF welcomes the outcomes of the Egyptian authorities’s IPO program

Michael Brown
Michael Brown

International Courant

The Worldwide Financial Fund‘s spokesperson Julie Kozack welcomed the Egyptian authorities’s announcement that she had signed gross sales contracts pursuits in state-owned firms value $1.9 billion.

Kozack burdened that these measures are a crucial ingredient of the IMF’s Prolonged Fund Facility (EFF) program and are an essential step in direction of supporting and offering assets for exterior financing and debt discount.

She confirmed at a press convention on the IMF headquarters in Washington that work continues to pave the best way for the finalization of the primary evaluation of the EFF.

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This consists of constant implementation of the state’s technique of exiting its shares in state-owned entities, she stated, along with adopting insurance policies that present a aggressive surroundings for the non-public sector to enhance equal alternative, and sustainably transfer in direction of a versatile change charge to scale back the deficit. of international foreign money.

She defined that Egypt’s announcement of the above measures represents essential progress within the implementation of an important a part of the great coverage bundle, which goals to revive macroeconomic stability.

Kozack famous that on Dec. 16, the IMF Board accredited monetary amenities amounting to $3 billion, with the intention of supporting Egypt’s reform program that goals to handle financial vulnerabilities, strengthen the social security internet, promote sustainable and inclusive progress to advertise and create employment. .

Consultants and observers regarded the fund’s satisfaction with the Egyptian measures as a sign of the frequent understanding between the 2 sides concerning this system to advertise structural reforms of the economic system and the continuation of the deliberate financing help.

A member of the board of administrators of the Federation of Egyptian Industries (FEI) Mohamed al-Bahaa proposed to create a particular fund for the proceeds from the sale of shares of public firms, to have this fund managed by financial consultants and help native companies aiming to export to drive the greenback income growth course of.

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IMF welcomes the outcomes of the Egyptian authorities’s IPO program

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