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Search resuls for: "Patrick Werr Aidan Lewis"


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☆ Analysis: Egypt asset sales face obstacles as state maintains grip
  + stars: | 2023-03-16 | by ( Patrick Werr Aidan Lewis | Patrick Werr | Aidan Lewis | ) www.reuters.com   time to read: +6 min
Egypt desperately needs the proceeds from privatisation after a series of economic shocks. STAKE SALE DRIVEEgypt set a target in 2022 of raising $10 billion annually over four years through private investment in state assets. Egypt has established its own sovereign fund to bring in private investors to develop state assets, but the move appears designed to attract capital without relinquishing control, said Sayigh. "They want others to help the state with its financial burden, but it's still the state that determines priorities and investments," he said. MILITARY TAX BREAKSFuture asset sales will be complicated by an expansion under Sisi of the military's often opaque economic role, analysts say.
☆ IMF looks for Egyptian currency flexibility after end of December, official says
  + stars: | 2022-12-19 | by ( Patrick Werr Aidan Lewis | Patrick Werr | Aidan Lewis | ) www.reuters.com   time to read: +3 min
The IMF's executive board on Friday approved a 46-month, $3 billion financial support package for Egypt, saying it included a "permanent shift to a flexible exchange rate regime". But we also know that the backlog of imports has not been cleared," Ivanna Vladkova Hollar, the IMF mission chief for Egypt, said in an interview with Reuters. "If I wanted to import something at 19.7 and the exchange rate is now 24.7, that's a significant change in my costs." An immediate disbursement of about $347 million under the programme should be available to Egypt this week, Vladkova Hollar said. Steps to boost the private sector could become "prior actions" that have to be taken before future IMF disbursements, she added.
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