Egypt’s Prime Minister, Mostafa Madbouly, confirmed that the government is moving forward with its privatization program despite ongoing economic challenges, with an updated privatization plan set to be announced by the end of November. The new strategy will be unveiled by the Minister of Investment as Egypt continues negotiations with the International Monetary Fund (IMF) to implement economic reforms and spur growth.
During his remarks, Madbouly acknowledged that recent regional crises and global economic uncertainties have presented obstacles to meeting some of Egypt’s economic targets. However, he emphasized that the IMF is working closely with Egypt to adjust the reform agenda in light of these challenges. “We set our goals with the IMF based on previous conditions, which have since changed,” Madbouly explained. “We are now discussing adjustments to ensure that our efforts do not unduly burden citizens.”
Egypt’s privatization program is a key component of the country’s broader economic reform plan, aimed at reducing public debt and attracting foreign investment. The program seeks to increase private sector involvement by selling shares in state-owned enterprises, with the goal of enhancing market efficiency and fostering greater competition. These efforts are backed by the IMF as part of a wider package of reforms intended to stabilize and grow the Egyptian economy.
The updated plan will provide further details on the government’s next steps in privatizing state assets, following a series of measures already implemented under the broader economic reform agenda. The government remains committed to ensuring that privatization benefits both the economy and the Egyptian public.
