Finance minister: No more privatization or nationalization

The government will no longer privatize government-owned companies or nationalize private ones, said Finance Minister Hazem al-Beblawy in a press conference on Sunday.

He added that it will continue to support the private sector to help the economy overcome its current “bottleneck”.

The minister also talked about the need to come up with an economic vision for the coming 40 years.

Beblawy added that the government is serious about implementing a new minimum and maximum wage for state employees.

He also said the government would reduce its spending and subsidies for certain commodities to help offset the budget deficit.

Translated from the Arabic Edition

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