IMF Chief hails Egypt’s privatization program
Updated 2/14/2023 8:29:00 AM
Arab Finance: The Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva strongly praised the Egyptian government's decision to proceed "firmly" with the privatization program, considering that the fruits of this step are "more investments and job creation," Asharq Business reported on February 13th.
Georgieva said, on the sidelines of the World Government Summit in Dubai, that Egypt is one of the innocent countries that got hit by mistake, adding that the government did a great job of reforming the country’s economy, then it was hit by the pandemic, before it was severely affected by Russia’s invasion of Ukraine which caused a huge decline in tourism revenues and a sharp rise in food prices.
However, she reiterated that Egypt’s privatization program would dramatically pave the way for better economic conditions.
“Egypt must continue to make room for the private sector and attract foreign investments,” which will contribute in creating one million new jobs that the country needs annually, according to Georgieva.
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