IMF welcomes Egypt's move to sell $1.9bln assets to private sector

Director of the IMF Communication Department Julie Kozack said in a press briefing on July 13th

Staff Writer, Arab Finance

July 17, 2023

PHOTO

The International Monetary Fund (IMF) hailed the Egyptian government’s announcement of selling $1.9 billion stakes in state-owned entities, Director of the IMF Communication Department Julie Kozack said in a press briefing on July 13th.

Kuzak said that this move represents a crucial element of the Fund Facility Extended (EFF) program, and an important step towards supporting and providing resources for cutting external debt.

In a press conference on July 11th, Prime Minister Mostafa Madbouly announced that Egypt signed contracts worth a total of $1.9 billion with the private sector to sell state-owned assets under its initial public offering (IPO) program.

In mid-December 2022, the executive board of the IMF approved a 46-month arrangement worth about $3 billion under the EFF to Egypt.

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