Egyptian Business Sector Minister Discusses Privatization
Egypt's privatization program, led by President Mubarak, has earned the Egyptian economy a spot among the IMF's top-four emerging world markets.
As of March 31, 1999, Egypt has privatized 33% of the public enterprises sector, generating approximately $2.7 billion in government revenue.
In a recent interview with Al-Sharq Al-Awsat newspaper, Business Sector Minister, Dr. Mukhtar Khattab, commented on the program's current state. The Minister said, "The sale [of companies] affair is not a key issue in the government's list of activities. Our main concern is to make the transformation to a market-led economy." When asked about what will and will not remain in "the government's hands", Dr. Khattab remarked that the state would keep everything needed by a citizen, which he or she cannot obtain from the market - until such time as the market is able to provide the service. The government has designated self-control over specific items such as: bread, flour, domestic transport service, cigarettes, and medicines (though the state will not own 100% of drug companies).
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