Egypt Expects about 4 Privatization Deals in Current Fiscal Year, Says Minister
In line with Egypt's ongoing economic reforms, Finance Minister Ahmed Kouchouk stated on Wednesday that the government expects to complete three to four privatization deals by the end of the current fiscal year, which began earlier this month.
These privatizations are part of the country's broader strategy to increase the role of the private sector in the economy, thereby fostering greater economic growth and efficiency.
'The deals will cover various sectors, and we have shared a medium-term strategic plan with international institutions, including the IMF, that includes a clear and visible timeline,' Kouchouk explained.
Egypt is on track to meet the targets set in its $8 billion loan agreement with the International Monetary Fund (IMF), he added.
Speaking at an event in London, Kouchouk emphasized that both Egypt and the IMF are working under expectations to complete the next review of the program in September or October.
Kouchouk noted that the IMF remains focused on achieving specific targets, which he described as the most critical aspect of the ongoing program.
The next review is a significant step towards unlocking a new tranche of the loan, expected to be dispensed once an agreement is reached and approved by the IMF Board of Directors.
In July, the IMF announced that it would combine the fifth and sixth reviews of Egypt's loan program to provide the country with more time to meet key reform goals. A successful outcome of this review process would trigger the release of a new disbursement.
Kouchouk underscored that Egypt has been making steady progress in implementing its economic reforms, as outlined in the IMF-backed program. He also reassured investors that the country is on track to achieve its fiscal and economic goals within the stipulated timeline.
Minister Kouchouk also highlighted Egypt's commitment to building stronger relationships with both local and international investors. The Finance Minister stressed that Egypt's economy is showing signs of improvement, with the private sector now playing a leading role in economic activity.
In addition, Kouchouk pointed to Egypt's impressive economic performance in the past year, marked by a significant primary surplus and higher growth rates in exports. 'Through events like this one at the London Stock Exchange, we are launching a new phase of trust, partnership, and certainty with investors,' he added.
He further emphasized that Egypt is firmly committed to ongoing dialogue with the business community to explore new investment opportunities in the local market.
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