June is drawing to a close and the government is still raising the goal of raising $2bn before the end of the month through its IPOs programme. The IPOs programme advisors, Barclays Bank and CI Capital, are working on a promotional tour in several Arab countries, which began in the United Arab Emirates, to be resumed after Eid Al-Adha. El-Alfy added that the IPOs programme must be implemented quickly to provide dollar liquidity, so that speculation on the dollar on the black market stops. Abdel Hakim explained that there is no level to determine the success of the IPOs programme, as success is a relative thing that depends on who the buyer is, the percentage of shares he obtained, the price sold at it, and the time it takes to complete the sale process. He explained that the IPOs programme is a temporary solution for the short term and must be accompanied by radical solutions such as increasing production and export in order to save the pound and revive the economy.

Source: Daily News Egypt June 26, 2023 14:13 UTC