Egyptian economic analyst Hanan Ramses reacted to a report by the Israeli news site Bahdri Haredim, which refers to the suffering of the Egyptian economy.
In statements to RT, Ramses explained that the economic crisis has completely paralyzed many developed countries due to the United States of America’s insistence on a strict fiscal policy, which has led to higher interest rates around the world.
Which increased operating costs and undermined the global economy.
And Ramses continued: “Egypt, after 8 years of successful economic program, has made a gesture to cooperate with the private sector, not marginalize it. Egypt’s proximity and presence as an active partner in Arab and African development, many Gulf countries have decided to expand their investment in Egypt.
She noted that Egypt has cheap labor, promising markets, expanded export markets and strong international relations as it has no economic sanctions or enemies of exports as it is a friendly country by all standards and a favorable climate for investment. strategic activities to prevent monopoly
Among the sectors from which the state is withdrawing is the telecommunications sector, which is 80% owned by the state.
And 20% are free traders on the stock exchange.
Commenting on an Israeli newspaper’s report that Egypt was selling a 10% stake, Ramses noted that Telecom Egypt was one of 32 companies represented in the so-called state proposals.
The philosophy of the proposals is to encourage investors to deal with stock exchanges and financial markets, reach the depth and breadth of the market, and value the company at market value rather than book value, which contributes to an increase in the gross national product and share in the market capital of the exchange. Egyptians and small shares are bought by Arab dealers inside the exchange and traded in their personal capacity for a long time.
An Egyptian economic analyst confirmed that many companies around the world are looking to offer their shares on the stock exchange or sell a stake to a strategic investor to secure cash flows that support development and expansion plans, and Egypt has begun to refine the government’s proposals to strengthen and strengthen the pound against dollar as part of a package of measures leading to a steady appreciation of the foreign exchange rate. In addition, according to international reports, Egypt is in the process of receiving high incomes from the tourism sector, which has been taken care of by the Egyptian state in preparing, equipping and caring for it in order to generate income.
Egypt is avoiding borrowing in the future and is even seeking to increase the strength of the pound against the dollar, which seemed to be losing strength due to many measures, both global and recently taken by Egypt.
Israeli media have claimed that Egypt is experiencing an economic downturn that forced it to sell about 10% of its telecommunications company after it pledged to the International Monetary Fund to reduce government intervention.
Israeli news site Bahdri Haredim reported that Egypt’s finance ministry announced the sale of a 9.5% stake in state-owned Telecom Egypt for 3.75 billion Egyptian pounds ($122.4 million) to advance the government’s privatization plan.
The company said on Sunday that 162.2 million shares were sold at 23.11 Egyptian pounds ($0.75) per share, 3.11 times the subscription price, and that another 0.5% of the shares were offered to employees. Telecom Egypt until May 25th.
Last February, Egyptian Prime Minister Mostafa Madbouly unveiled a list of more than 30 state-owned companies to be sold to investors within a year, state media reported, adding that the companies included a water production and bottling company, as well as a “national ” oil company.
Source: RT
Cairo – Nasser Hatem
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