Amending IMF program with Egypt, updating State Ownership Document are critical: Official
Updated 10/27/2024 4:37:00 AM
Arab Finance: There is no issue with Egypt renegotiating certain terms in its agreement with the International Monetary Fund (IMF), Former Egyptian Deputy Prime Minister Ziad Bahaa El-Din said in an interview with Asharq Business.
Bahaa El-Din also emphasized the delicate nature of lifting subsidies on essential items like fuel and electricity, noting that recent price increases were sudden and have placed a heavy burden on Egyptian citizens.
Reflecting on the State Ownership Policy Document issued two years ago, Bahaa El-Din pointed out that the document has fallen short in effectively outlining the state’s involvement in economic activities.
He proposed the release of an updated document to define clearer competitive frameworks and rules that balance public and private sector interests, foster competitive neutrality, and guide interactions with sovereign entities.
Additionally, Bahaa El-Din also touched on Egypt's recent entry into the BRICS, which he described as a notable political gain.
However, he cautioned against overestimating the benefits, noting that BRICS membership’s economic impacts are not immediate and may take years to materialize, given the diverse interests of member nations.
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