Privatization of state-owned banks not important
Egypt, Economics, 4/2/2001

Officials of the International Monetary Fund (IMF) said they considered the privatization of the Egyptian state-owned banks not important as the country's banking system depends largely on these banks' power and competition, on the contrary the privatization may yield adverse outcomes if the government gives up these significant tool in controlling the monetary policy.

These surprising remarks, made in a meeting yesterday with members of the Egyptian "knock-door" mission currently visiting the USA the mission have been in intense contact with American businessmen prior to Tuesday's meeting between President Hosni Mubarak and American Chamber of Commerce leaders in the US capital.

The 40-member mission, who arrived in Washington last Sunday, has held 35 meetings with congressmen, senior bush administration officials and chairman of renowned us political and economic research centers.

During the meetings, members briefed officials on the current status of Egypt's economy and progress made since the government began implementing economic restructuring and reform programmes.

"The outcome of these meetings was positive and indicated that there is great potential for American investments in Egypt, businessmen and member of the mission "Galal Zorba said.

Congressmen highlighted Egypt's crucial role in preventing further deterioration in the Middle East, Zorba added.

"They spoke highly of Egyptian-US ties and said that Egypt should not be burdened with solving all problems in the Middle East region, "he said.

Zorba quoted US officials as saying that Egypt's role is to give assistance to the parties concerned to resolve their disputes peacefully.

Previous Stories:
  A new strategy for increasing Egyptian exports   (3/31/2001)
  Drastic changes in the Egyptian legislation to increase investment   (3/31/2001)
  Cabinet considered the decision to hold the First Arab Economic Conference in Cairo in November   (3/31/2001)

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