Egyptian Prime Minister Mostafa Madbouly confirmed today, Saturday, that Egypt will meet its financial commitments and will not withdraw from its privatization program. In a press conference, Madbouly stated that larger state-owned companies will be put up for sale, and that the delay in executing this so far is due to the government's desire to secure the best return from the sale. He added, "We are moving forward in the offering program strongly and will not back down from it," indicating that the government aims to achieve sales worth no less than two billion dollars before the end of June.
Regarding Egypt's capability to repay debts, Madbouly said:
- "The Egyptian state has not and will not default on any international obligations, and this is a fundamental principle of Egypt's policy."
- "We have succeeded in meeting previous commitments despite skepticism about our ability to repay."
Madbouly also pointed out that the government will offer stakes in more than ten companies owned by the military as part of the privatization program.
