Egypt Daily News – Egyptian Prime Minister Mostafa Madbouly revealed on Wednesday that Cairo will offer stakes in at least 10 state-owned companies next year.
In a speech by Madbouly, he said: “The year 2025 will witness the launch of 10 state-owned companies.” He added that Egypt intends to list 4 companies affiliated with the armed forces next year on the Egyptian Stock Exchange: “Wataniya,” “Safi,” “Silo Foods,” and “Shell Out.”
Madbouly also announced the offering of shares from “Bank of Alexandria” and “Cairo Bank” during the coming period, explaining that the offerings also include another group of projects.
During his speech, Madbouly referred to the formation of a committee to reform and restructure state-owned economic bodies, within the framework of implementing the state ownership policy document.
The situation of companies affiliated with the armed forces has always raised controversy in Egypt, amid reports of demands from the International Monetary Fund, during reviews of its loans to Cairo, to reduce the role of the military institution in the Egyptian economy.
Last October, President Sisi called for a review of the situation with the International Monetary Fund, in case his economic reform program caused pressure that “people cannot bear.”
President Sisi considered that Egypt has implemented an economic reform program since 2016, in which it succeeded with its efforts at a time when the regional and international situation stabilized.
A message to the relevant international institutions, the International Monetary Fund and the World Bank, indicating that the current program is being implemented under very difficult regional and international conditions, which have extremely negative effects on the entire world, and there is a possible economic recession in the coming years.
President Sisi pointed out that Egypt is part of the world economy, and its program must take into account the challenges. He added: “We lost 6 to 7 billion dollars during the past 10 months, and this matter is likely to continue for the next year as a result of the repercussions of the wars and the loss of the Suez canal revenue.
If the challenge will make us put more pressure on public opinion in a way that people cannot bear. The situation must be reviewed. The position must be reviewed (with the International Monetary Fund).
In October, for the third time this year, Egypt raised the prices of a wide range of fuel products, days before the International Monetary Fund conducted a third review of an expanded loan program for the country worth $8 billion.
A few days before that, Egypt announced, through its Prime Minister Madbouly, that it might resort to a “war economy,” which raised questions about the challenges facing the country and ways to confront them.
