Ahmed Kouchouk, Minister of Finance, expressed confidence that Egypt will achieve its key objectives in its economic reform program. He also confirmed that the delayed review of the $8 billion program with the International Monetary Fund (IMF) will be completed by September or October.

Earlier this month, the IMF announced that it would combine the fifth and sixth reviews of Egypt’s support program to give the authorities more time to meet the program's key targets.

Kouchouk speaking at an event in the London Stock Exchange, said: “Both parties are working on the understanding that this should be completed in September or October.”

He added, “The IMF is focused on achieving specific goals – that is the most important thing.”

The success of the review and the approval of the IMF’s Executive Board will pave the way for the release of $2.5 billion to support Egypt’s public finances.

Kouchouk also mentioned that the government is expected to complete three to four privatization deals before the end of the current fiscal year, which began earlier this month.

As part of its $8 billion extended program with Egypt, the IMF has conditioned increased private sector involvement in the economy.

The Egyptian government had earlier this year announced plans to offer stakes in military-owned companies through its sovereign wealth fund, in line with the IMF’s requirements.

Kouchouk stated: “The privatization will include several sectors, but we have also shared a medium-term strategic plan with international institutions, including the IMF, which includes a clear and specific timeline.”

Kouchouk clarified that Egypt continues to work on attracting major investments from the Middle East and Europe, particularly in the areas of renewable energy, energy, and tourism.