Hussein Sabour: Privatization Is Significant Alternative To IMF’s Loan

Resuming the privatization program is considered as one of the important alternatives to the loan of the International Monetary Fund (IMF), which is causing heated controversy on both economic and public levels, said Hussein Sabour, Chairman of Egyptian Businessmen Association (EBA).

EBA’s Chairman called on the Egyptian government to return to the privatization program for the public sector’s companies, and to completely exit this investment because the private sector is capable of strongly pushing the production rates; consequently high rates of the economic growth would be achieved. Moreover, the private sector can bolster the operating rates in order to result in declining the unemployment rates, and then the poverty levels.

As to the disinvestment, Sabour suggests that it comes through having new investment partnership between the state and the private sector only in particular sectors; such like electricity sector or water sector, more and above implementing the privatization program on many institutions that are nor productive in the public sector and let the state lose a lot, besides not having a social role to the consume.

In his interview, Sabour has condemned the attempt of the stated in involving in the investment, whether through constructing or partnering with the private sector, saying “the country is unable to administrate its existing investment institutions or to administrate the procedures of the investment, as the procrastination, bureaucracy and the absence of law are still exist; in a way that hampers and efforts for development.

It is worth noting that there will protests today against the mission of the IMF, which is coming to Cairo to resume the negotiations.