Prime Minister Mostafa Madbouly says Egypt will not back down from its privatization program. He says the government is seeking to achieve sales worth at least two billion dollars before the end of June.
The government will offer stakes in more than 10 military-owned companies as part of the program, he says. Egypt reached a $3 billion deal with the International Monetary Fund in December to reduce government involvement in the economy. The deal is part of an effort to help Egypt recover from the financial crisis caused by the Ukraine crisis.