IMF hails Egyptian government’s $1.9 bln IPO programme

The International Monetary Fund (IMF) welcomes the Egyptian government selling $1.9 billion state-owned entity stakes, said Julie Kozack, Director of the IMF Communication Department, in a press briefing on Thursday.

Prime Minister, Moustafa Madbouly has announced Egypt signing contracts worth $1.9 billion with the private sector to sell state-owned assets under its initial public offering (IPO) programme.

The move represents a crucial element of the Extended Fund Facility (EFF) programme, and a step towards supporting and providing resources for cutting external debt, Kozack added.

The executive board of the IMF had approved a 46-month arrangement last December worth three billion dollars under the EFF to Egypt.