PM: Gov't economic reform carried out according to Egyptian program

Prime Minister Sherif Ismail said negotiations are currently underway with the International Monetary Fund (IMF) about a loan to help the ailing economy, noting that the economic reform plans are being carried out as part of an integrated vision and according to an Egyptian program.

Ismail's remarks were made on the fringe of a press conference to put the capital of the National Company for Sinai Investments for Public Initial Offering (IPO) at EGP 600 million to increase the company's capital to EGP 2 billion.

The premier denied any tendency towards application of a fixed prices for commodities, noting that fixed prices would be for specific types of commodities and for a limited period of time.

He also pointed out that meetings will be held with the Federation of Egyptian Industries (FEI) and the General Federation of Chambers of Commerce to discuss prices of commodities that are much needed by citizens.