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IMF remarks on Egypt’s economy remain positive despite challenges: FEDCOC

The treasurer of the Federation of Egyptian Chambers of Commerce (FEDCOC), Mohamed al-Fayoumi, said on Monday that the recent statements of the International Monetary Fund about the ability of the Egyptian economy to recover and the IPO program implemented by the government, confirm that Egypt is able to continue on the path of development despite the unprecedented economic challenges it faces as a result of global crises.

The government’s IPO program represents a decisive element in the cooperation between Egypt and the IMF, he added, and is an important step towards supporting and providing resources for external financing and debt reduction.

The Fund’s continued work with the government confirms the confidence of international institutions in the Egyptian economy, he explained, noting that such international entities do not usually compliment countries in reports on their economies.

Fayoumi said that the IPO program includes a consistent implementation of the strategy for the state’s exit from shares in entities it owns, and the adoption of policies that provide a competitive climate for the private sector to enhance equal opportunities and move sustainably towards a flexible exchange rate to mitigate the shortage of foreign currencies.

Egypt aims to collect another one billion US dollars from IPO program during the coming period, and the International Finance Corporation has been assigned to assist in the program and increase the number of targeted companies to 50 companies instead of the current 32 companies.

This comes to increasing the participation of the private sector in economic development.

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