Egypt is aiming to achieve its targets from the initial public offering (IPO) program within the next 3-5 years, according to Finance Minister Mohamed Maait. Maait stated that Egypt is unlikely to offer government bonds in international markets before the end of the 2023/2024 fiscal year.
Furthermore, Maait highlighted that Egypt is on track to achieve financial stability after facing a severe economic crisis. The minister emphasized that priority is being given to coordination with the Central Bank of Egypt (CBE) to control inflation rates and bring them down to an average target of 7 percent.
Maait also noted that interest rates, which were increased by 600 basis points at the CBE’s special meeting on March 6th, should now be brought down. Additionally, the minister stated that priority is being given to developing the human resources, health, and education sectors, with the goal of achieving an economic growth rate of around 6-7 percent.
In January 2024, Egypt’s Minister of Finance revealed that the government’s IPO program attracted $3.5 billion. He expressed optimism that the program will further boost efforts to empower Egypt’s private sector.
The minister said that despite the repercussions of global crises, to maintain balanced economic indicators. This was made possible through a proactive reform agenda, based on effective policies and strategies.
Maait emphasized that the government has taken many measures to support the business climate and deepen the role of the private sector in economic development. They are, after all, fundamental pillars for achieving comprehensive and sustainable growth.
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