Egypt - The Minister of Investment and Foreign Trade Hassan El-Khatib will unveil the state’s updated initial public offering (IPO) program before the end of November, Prime Minister Mostafa Madbouly said in a press conference.

Regarding the possibility of delaying some targets as requested by the government within the framework of the International Monetary Fund’s (IMF) fourth review, Madbouly said that most of the discussions with the IMF revolve around how the government can postpone some of the targets not to put pressure on the citizens in the coming period.

Madbouly noted that the IMF’s Managing Director Kristalina Georgieva showed understanding of Egypt’s economic situation and directed the mission in charge of the fourth loan review to discuss how to implement these updated targets with the government.

The previously agreed-upon targets with the IMF were discussed during different economic conditions, as new unexpected conditions occurred like the current regional crisis, Madbouly said.

Moreover, Madbouly highlighted that Egypt maintains a flexible exchange rate, consequently, the Egyptian pound is unlikely to see floating, adding that the US dollar will fluctuate based on market indicators.

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