https://en.sputniknews.africa/20230430/egypt-will-meet-debt-obligations-pm-reassures-1058952022.html
Egypt Will Meet Debt Obligations, PM Reassures
Egypt Will Meet Debt Obligations, PM Reassures
Sputnik Africa
Egypt is capable of paying all its financial obligations, Prime Minister Mostafa Madbouly stressed in a bid to ease concerns of international lenders over the country's economic situation.
2023-04-30T16:47+0200
2023-04-30T16:47+0200
2023-08-03T10:44+0200
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Egypt is capable of paying all its financial obligations, Prime Minister Mostafa Madbouly has stressed in a bid to ease international lenders' concerns over the country's economic situation. The prime minister delivered his remarks during a press conference after completing his tour of some factories and housing projects in the 10th of Ramadan and New Obour cities.He continued by saying that the government always takes into account its commitments while drafting development plans and fully respects them as a "standard of the Egyptian policy and a belief held by the state." Therefore, the official refuted statements made by some international institutions about Egypt's deteriorating financial position. Madbouly also touched upon the latest privatization program initiated in the country. Under it, the government plans to sell state-held stakes in several national companies. In February, a list of 32 enterprises was offered to private investors through the Egyptian stock market or additional stakes. He noted that the country "will not refrain from the implementation of this program," saying that there are plans to offer ten more military-affiliated companies on the stock exchange. Previously, the government had offered shares in army-owned fuel distributor Wataniya Petroleum and water bottler Safi. It is expected that by the end of June, Egypt will gain up to $2 billion from the sale of state assets. Moreover, to mitigate any bureaucratic impediments that may occur in the process, the government has formed a special committee. Apart from that, Madbouly underlined that the state will continue to support the private sector and investors. In particular, he announced that Egypt will allocate about 30 billion Egyptian pounds ($980.3 million) to support exports in the next fiscal year.
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north africa, egyptian prime minister mostafa madbouly, egypt, debt obligations, debt, finance
north africa, egyptian prime minister mostafa madbouly, egypt, debt obligations, debt, finance
Egypt Will Meet Debt Obligations, PM Reassures
16:47 30.04.2023 (Updated: 10:44 03.08.2023) Earlier this month, Standard & Poor rating agency, which evaluates the financial strength of governments and companies, lowered its outlook on Egypt to negative, forecasting a further currency depreciation. Other international agencies and financial institutions also raised concerns about the country's debt sustainability.
Egypt is capable of paying all its financial obligations, Prime Minister Mostafa Madbouly has stressed in a bid to ease international lenders' concerns over the country's economic
situation.
The prime minister delivered his remarks during a press conference after completing his tour of some factories and housing projects in the 10th of Ramadan and New Obour cities.
"I reaffirm to you, the Egypt state has not and will not fail to pay back any of its international obligations," he stated, reiterating: "We have not, so far, been late in covering any of our obligations."
He continued by saying that the government always takes into account its commitments while drafting development plans and fully respects them as a "standard of the Egyptian policy and a belief held by the state." Therefore, the official refuted statements made by some international institutions about Egypt's deteriorating financial position.
Madbouly also touched upon the latest privatization program initiated in the country. Under it, the government plans to sell state-held stakes in several national companies. In February, a list of 32 enterprises was offered to private investors through the Egyptian stock market or additional stakes.
He noted that the country "will not refrain from the implementation of this program," saying that there are plans to offer ten more military-affiliated companies on the stock exchange. Previously, the government had offered shares in army-owned fuel distributor Wataniya Petroleum and water bottler Safi.
It is expected that by the end of June, Egypt will gain up to $2 billion from the sale of state assets. Moreover, to mitigate any bureaucratic impediments that may occur in the process, the government has formed a special committee.
Apart from that, Madbouly underlined that the state will continue to support the private sector and investors. In particular, he announced that Egypt will
allocate about 30 billion Egyptian pounds ($980.3 million) to support exports in the next fiscal year.
