CAIRO, Dec. 4 (Xinhua) -- Egypt will offer three or four military-affiliated companies on the stock market as part of the country's privatization program, Egyptian Prime Minister Mostafa Madbouly said here Wednesday.
"Within the framework of this plan, there will be an announcement of offering three to four companies affiliated with the Armed Forces to be listed on the Egyptian stock exchange," Madbouly told a press conference, adding that "no details will be revealed until we make the announcement next week."
More state-owned firms will be offered on the stock market under the divestment plan, including companies in banking, industrial, pharmaceutical and various investment sectors, Madbouly noted.
In recent years, Egypt has been facing a foreign currency shortage, leading to devaluation of the local currency and a high inflation rate peaking at 38 percent in September 2023.
The country's core inflation rate recorded 24.4 percent in October this year, compared to 25 percent in September, according to data released by the Central Bank of Egypt in November.
Madbouly said previously that Egypt seeks to reduce the inflation rate to less than 10 percent by the end of 2025 with government efforts to rationalize spending and increase investments.
In March, the International Monetary Fund (IMF) approved an additional 5-billion-U.S. dollar funding to Egypt, besides a 3-billion-dollar, 46-month funding approved in late 2022, to support Egypt's economic reform program.
The IMF has been repeatedly requesting Egypt to divest state-owned stakes and boost the private sector's economic role.
