He added at a press conference that the delay in the sale of stakes in state-owned companies so far is due to the government’s concern to get the best return from the sale.
And he continued, “We are moving strongly with the thesis program, and we will not back down,” noting that the government is looking to achieve sales of no less than two billion dollars before the end of June.
And last December, Egypt concluded a financial support package worth three billion dollars over 46 months and pledged to the International Monetary Fund to reduce government participation in the economy and allow a greater role for the private sector.
Egypt needs the revenue from the sale of some state-owned enterprises, as part of an officially announced plan, in order to overcome the financial crisis that resulted from the war in Ukraine.
Madbouly said the government will offer shares in more than ten military-owned companies on the Egyptian Stock Exchange as part of the privatization program.
“Egypt has not and will not fail to pay its international obligations,” he added.
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