Egypt seeks to achieve IPO program’s target within 3-5 years

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The Egyptian government is looking forward to achieving its target from the initial public offering (IPO) program within three to five years, Minister of Finance Mohamed Maait told Asharq Business.

Maait noted that the country is unlikely to offer government bonds in international markets before the end of the fiscal year (FY) of 2023/2024.

Moreover, he highlighted that Egypt is on track to achieve financial stability following a severe economic crisis.

The minister also asserted that priority is given to coordination with the Central Bank of Egypt (CBE) to control inflation rates and bring them to the targets averaging 7%.

Then, interest rates should be brought down after they increased by 600 basis points (bps) at the CBE’s special meeting on March 6th, Maait noted.

Additionally, he pointed out that priority is also given to developing the human resources and health and education sectors, in addition to achieving economic growth rate of around 6% to 7%.