IMF Predicts Egypt to Generate $3 Billion from Asset Sales in 2024/25
The International Monetary Fund (IMF) has forecasted that Egypt will generate approximately $3 billion in revenue from asset sales during the fiscal year 2024-25.
This comes as part of the country's ongoing economic reform program, which is being carried out in collaboration with the IMF.
The Egyptian government has been implementing measures aimed at reducing the state's role in the economy and fostering greater participation from the private sector. These steps have included a series of state-owned asset sales, designed to unlock value, attract both local and foreign investment, and reduce public debt.
According to the IMF's projections, Egypt is expected to generate $3.6 billion from asset sales in the 2024-25 fiscal year. However, this figure is anticipated to decline in subsequent years, with $3 billion expected for 2025-26, and further down to $2.1 billion in 2026-27.
This steady decline reflects the limited pool of state-owned assets left for sale, as the government has already offloaded a significant portion of its holdings in recent years. It also signals that Egypt's reliance on asset sales to meet its fiscal targets may become less viable as time progresses.
The IMF has been a key partner in Egypt's efforts to stabilize and grow its economy, particularly since the country entered a $12 billion loan agreement with the Fund in 2016. As part of the economic reform program, which aims to boost private sector investment and reduce public sector dominance, the government has been tasked with privatizing a number of state-owned companies.
Over the past few years, Egypt has taken steps to privatize major assets, including the sale of stakes in state-owned banks, energy companies, and infrastructure firms. One of the most significant assets still under negotiation is the potential sale of Bank Cairo, which has faced delays primarily due to pricing disputes.
While asset sales can provide immediate fiscal relief, the strategy has its critics. Some argue that selling state-owned assets may not be a sustainable long-term solution for Egypt's economic challenges. Concerns also persist about the social impact of such privatization efforts, particularly regarding jobs and service provision.
On the other hand, proponents of the strategy argue that moving assets into private hands will help modernize Egypt's economy, create jobs, and promote growth by boosting foreign investment and improving efficiency.
Egypt's drive to divest from state-owned assets is seen as a key component of its broader goal to attract foreign direct investment (FDI). The government has actively sought to engage international investors, positioning the country as a regional hub for business and trade.
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