Egypt sees $1.5b reduction in petroleum import bill – PM

Egypt is set to reduce its petroleum import bill by $1.5 billion, Prime Minister Moustafa Madbouly told a press conference on Wednesday, citing an increase in gas field productivity.

This expected saving is part of the government’s broader efforts to bolster the economy and reduce reliance on imports.

Prime Minister Madbouly also revealed that Egypt’s non-petroleum exports had surpassed $40 billion, showcasing the country’s growing export capabilities. Furthermore, he confirmed that the government would soon announce the details of the upcoming IPO offering, which will see the launch of four state-owned companies under a state programme to foster private sector participation in the national economy.

Attribution: Amwal Al Ghad English