Egyptian Prime Minister: Talks with the IMF Have Not Stopped

Egyptian Prime Minister Mostafa Madbouly stated today, Wednesday, that "talks with the International Monetary Fund have not stopped," adding that "Egypt is working with the fund to establish a new timetable that will be announced soon." In a press conference, Madbouly mentioned that "revenues from the sale of stakes in state assets amounted to $5.6 billion." He continued, "The Egyptian Sovereign Wealth Fund has signed a deal to sell a stake in a portfolio that includes seven large hotels to Talaat Moustafa Group." The cabinet stated in a statement, "Under the deal, Talaat Moustafa Group acquired 39% of the hotel shares with the right to raise the stake to 51%." He added, "The acquisition aims to inject foreign currency investments worth about $800 million." Madbouly: "We conducted studies on offering 50 companies as part of the offering program that the government is implementing in cooperation with the International Finance Corporation."