Egyptian Prime Minister Mostafa Madbouly has reaffirmed his government’s commitment to completing “as soon as possible” the public offering programme, a central pillar of the structural reforms required by the International Monetary Fund (IMF).
The Egyptian government intends to quickly conclude its public offering program, which aims to list or sell stakes in state-owned companies to private investors. Prime Minister Mostafa Madbouly emphasised on Sunday, October 5, the need to accelerate this project by drawing on “the expertise of prominent executives from the public and private sectors.”
According to a statement from the Council of Ministers, economic performance indicators show an increase in the private sector’s contribution to national activity, alongside a significant reduction in public investment. Madbouly announced that periodic meetings will be held with the relevant ministers to monitor progress on the issue.
The public offering program covers several strategic sectors, including telecommunications, banking, petrochemicals, pharmaceuticals, mining, oil and gas, tourism, airports, and real estate. The government also plans to revitalize the Cairo Stock Exchange to make it a preferred investment platform, while opening the capital of certain public companies to foreign strategic investors.
This acceleration comes on the eve of a new review of the $8 billion (approximately €7.3 billion) loan program granted by the IMF.
The international institution postponed the fifth review of the program due to a delay in the implementation of the government’s disengagement commitments. Julie Kozack, IMF Communications Director, reiterated on Thursday, July 3, that strict adherence to the timetable was essential to release the next tranches of aid by the end of 2025.
Finance Minister Ahmed Kouchouk, defended the government’s trajectory, assuring stakeholders that “Egypt is up to date with its structural reform program.” He emphasised that private investment had increased by 73 percent, which he said, demonstrated the solidity of the national economic plan.
MK/ac/Sf/fss/as/APA