Egypt’s President Says No More Privatization
Egyptian President Mohammed Morsi says that there will be no further privatization of state-owned companies.
Egypt’s economy is hard-hit by the more than two years of turmoil since the ouster of longtime president Hosni Mubarak in a mass uprising in 2011. Losses to the vital tourism sector have depleted government revenues, and public sector companies are an additional burden on the budget.
In a Tuesday speech on the eve of May Day, Morsi — an Islamist from the Muslim Brotherhood group — said there would be no selling of the public sector. He did not specify whether this was a temporary or permanent measure.
Egypt privatized key companies in the 1990s under Mubarak, but the program stalled in recent years. Critics say the sales were tainted by corruption.
To Read The Full Story
Are you already a subscriber?
Click "Sign In" to log in!
Become a Web Subscriber
Click “Subscribe” below to begin the process of becoming a new subscriber.
Become a Print + Web Subscriber
Click “Subscribe” below to begin the process of becoming a new subscriber.
Renew Print + Web Subscription
Click “Renew Subscription” below to begin the process of renewing your subscription.