Arab Finance: Egypt is seeking to raise the private sector’s contribution to the national economy to over 70%, with a focus on boosting local production and exports, Minister of Finance Mohamed Maait stated.

This came on the sidelines of the three-day Spring Meetings of the International Monetary Fund (IMF) and the World Bank that kicked off on April 17^th in Washington, DC.

Maait also noted that the government has set a maximum limit of EGP 1 trillion for the state’s public investments in the coming fiscal year (FY) 2024/2025. This move aims to leave room for the private sector to grow and provide about 1 million job opportunities annually.

Furthermore, he added that the country targets to allocate 50% of its initial public offering (IPO) program’s revenues to directly cut the public debt.

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