3 November 2012

Egypt: Investment Minister - IMF Will Not Interfere in Subsidy or Privatization

Photo: Flickr
A cargo ship passes through the Suez Canal (file photo).

Minister of Investment Osama Saleh said the mission of the International Monetary Fund (IMF), at their negotiations with Egypt, can not dictate anything on Egypt in terms of the privatization program or the future of investment in the public business sector companies or cutting down subsidy. He said the Egyptian reform program is purely 100% Egyptian.

Minister Saleh said the current government under Dr. Hisham Qandil aims to increase investments this year to develop the public sector and preserve the productive capacities within the framework of the national economy system.

He added that a full dressed plan has been developed to streamline the sector of spinning and weaving before the end of this year.

The Minister stressed that the sector of spinning and weaving is given top priority after it was neglected for a long time and its production dropped as a result of lack of competition internally and externally.

Saleh explained that the IMF mission has not touched the issue of the Egyptian pound devaluation adding when the IMF mission comes to Egypt, it asks about the budget deficit and what can be done by the government to cut down this deficit.

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