PM: Egypt's IMF Program Supports Achiving comprehensive Economic Reform

In response to a question about the path of negotiation with the International Monetary Fund (IMF), The Egyptian PM Moustafa Madbouly explained that the discussions with the Fund did not stop, pointing out that the messages issued by the director of the fund are the best evidence that the two sides are moving in full coordination, according to a general goal related to what we emphasized from the beginning. The economic reform program is a purely national program, and the goal of any cooperation between Egypt and the Fund or other parties is to achieve the economic reform program that Egypt has adopted and implemented for years.

This came during a press conference held Wednesday at the government headquarters in the New Administrative Capital, following the signing of the final agreements for the subscription process for 7 historic hotels in partnership between the Sovereign Fund of Egypt, EGOTH, and Talaat Mostafa Group.

Madbouly added that there may be discussion and controversy about the mechanisms that will be dealt with, but - according to the Fund’s statements - there is uninterrupted communication, and the state is in the process of working with the Fund on a new time plan, the details of which will be announced as soon as possible.

The Prime Minister stressed that the IPO programme is essentially a framework for benefiting from state assets that were not managed in the required manner and did not achieve the desired returns. Therefore, through partnership with the private sector, the value of these assets, and most importantly, achieving a return from them, while the state remains a partner in them, just as in the case of today’s agreement.

Madbouly added that the state will be able, through the portion of cash it will obtain, to bridge the dollar gap in light of the current crisis, and that the returns that will be achieved from these assets after raising their efficiency will increase significantly and double, and this will have positive returns for the state in the long term despite its contribution to these assets, which is reflected on the Egyptian citizen, by pumping that money into the economy, increasing returns, and generating new job opportunities.

"These deals maximize the benefit from the state’s assets, and this certainly improves the structure of the economy. Egyptian, in the medium and long term and up to the next 50 years," the PM added.