Egypt aims for private sector to contribute over 70% of national economy

Reuters

This came on the sidelines of the three-day Spring Meetings of the International Monetary Fund (IMF)

Staff Writer, Arab Finance

April 18, 2024

PHOTO

Egypt is seeking to raise the private sector’s contribution to the national economy to over 70%, with a focus on boosting local production and exports, Minister of Finance Mohamed Maait stated.

This came on the sidelines of the three-day Spring Meetings of the International Monetary Fund (IMF) and the World Bank that kicked off on April 17th in Washington, DC.

Maait also noted that the government has set a maximum limit of EGP 1 trillion for the state’s public investments in the coming fiscal year (FY) 2024/2025. This move aims to leave room for the private sector to grow and provide about 1 million job opportunities annually.

Furthermore, he added that the country targets to allocate 50% of its initial public offering (IPO) program’s revenues to directly cut the public debt.

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