Economic expert Hani Genena said that Egypt is moving towards a full float of the pound over the coming period, and called for the termination of the agreement with the International Monetary Fund.
He said on the Al-Mehwar channel: “Egypt will witness a full voyage within a few days.
He added that “the dollar was not available after the last placement as a result of the fact that before the placement decision was made, many of the measures presented in the cancellation of the Central Bank initiatives and the approval of the state property document were not taken,” and indicated that the dollar would not rise thus, if these measures had been taken prior to the decision to place shares.
He added that private sector investment is 2 percent of GDP, while 15 years ago this percentage was 15 percent, and pointed out that “the termination of the International Monetary Fund agreement has become an urgent need in the current period, especially after the liberalization of the exchange rate and the abolition of initiatives, and the approval document by the Queen of State.
He noted that “Egypt will not depend on debt in 2023 as it has in the past, but will depend on investment in equities and many other sectors.”
He said that the Egyptian state is completely withdrawing from some sectors within 3 years in favor of the private sector, and that it will enter into partnerships with the private sector, such as the oil and gas sector, and retain its ownership in some sectors.
He pointed out that “in recent years, the state has been forced for a number of reasons to take the place of the private sector in many industries, because the state was at an impasse, and this led to competition between the state and the private sector. in a very large direction and an increase in the internal and external debt of the state.
He pointed out that the implementation of the state ownership policy document requires the approval of the House of Representatives, since the document provides for the sale of some state assets by listing some companies on the stock exchange.
Source: Cairo 24