Egypt announces sale of $1.9 billion worth of state assets ...Kuwait

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Egypt announces sale of $1.9 billion worth of state assets
Egypt has signed contracts to sell stakes in state assets worth a total of $1.9 billion as part of a programme to boost the private sector and raise scarce hard currency, Prime Minister Mostafa Madbouly said on Tuesday. The stake sales are seen as crucial to Egypt's chances of easing prolonged pressure on the Egyptian pound, attracting badly needed dollars, and launching economic reforms under a $3 billion IMF loan programme. Of the $1.9 billion, $1.65 billion would be paid in foreign currency, Madbouly said. "Far from signalling that salvation is at hand, the IMF $3 billion loan announced in mid-December highlighted the challenges ahead & the limited assistance Egyp

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