Egypt intends to list 4 companies affiliated with the army on the stock exchange economy

Egyptian Prime Minister Mostafa Madbouly said, in a press conference today, Wednesday, that Egypt intends to list 3 or 4 companies affiliated with the armed forces on the stock exchange, and added that he will announce the offering plan during the next week.

This comes after the International Monetary Fund mission concluded its discussions with the government last month, and said at its conclusion that it had made significant progress in discussing policies to complete the fourth review within the framework of the Extended Fund Facility (Egypt Lending Program).

The review, which could provide more than $1.2 billion in financing, is the fourth in the Fund’s 46-month loan program that was approved in 2022 and increased to $8 billion this year after an economic crisis that saw high inflation and a severe shortage of hard currency.

The Fund said that Egypt “implemented key reforms to maintain macroeconomic stability,” including unifying the exchange rate that facilitated imports in light of the Central Bank of Egypt’s repeated pledge to maintain a flexible exchange system.

The Fund added in a previous statement, “Discussions will continue during the coming days to complete agreement on the remaining policies and reforms that may support the completion of the fourth review.”

The demand to limit the state’s role in the economy is considered essential by the International Monetary Fund, according to the program on the basis of which it agreed to lend Egypt $3 billion in 2022 before increasing the amount to $8 billion last March.

During the past year, the Egyptian government included the names of Safi Water and Olive Oil and Wataniya Petroleum Products companies, affiliated with the National Service Agency of the Armed Forces, on a list that included more than 30 companies to be listed on the Egyptian Stock Exchange, but the process did not take place at that time.