Minister of Finance Amr El-Garhy said the government’s negotiations with the International Monetary Fund (IMF) are going very well, although it is still too early to talk about results. He explained that the IMF mission still has 10 to 12 days to study and discuss the Egyptian programme before approving a $12bn loan to Egypt over three years.
He added that the mission is in discussions with a number of Egyptian ministries. The mission is meeting with the Ministry of Social Solidarity to discuss social protection, the Ministry of Investment to review the Unified Investment Law, the Ministry of Planning to study elements of the Egyptian reform programme, and the Ministry of Finance, in addition to the Central Bank of Egypt, according to El-Garhy.
He noted that no conditions will be imposed on Egypt to obtain the loan, adding that the reforms in negotiations with the IMF mission are the same reforms included in the government’s economic reform programme.
In a different context, the minister said that the government will offer a maximum of 20% of state-owned companies and banks on the Egyptian Exchange.
Expected revenue of this action is estimated between EGP 6bn and EGP 8bn, he added.
As for the government’s US dollar treasury bonds, El-Garhy said his ministry received bids from international banks that specialise in offerings to help with the process on the international markets. The government is studying the offers to choose the best one.