Following a number of initiatives to revive its economy, Egypt has announced the lifting of restrictions on imports and approved a list of economic activities the government would leave to the private sector, to meet two key requirements attached to the International Monetary Fund’s $3 billion support package.

Reportedly, Egypt’s President Abdel Fattah El-Sisi approved the State Ownership Policy Document to regulate the state’s presence in economic activities. As per the announcement, the state will withdraw from 62 activities, maintain or reduce investments in 56 activities, and maintain or increase investments in 76 sectors.

The policy aims to bolster the private sector’s contribution to the Gross Domestic Product (GDP) and increase investments, exports, and government’s revenues.

With the goal to regulate the state’s presence in economic activities across several sectors and manufacturing industries, the new policy will increase economic growth rates by advancing investments by 15-30%, enabling the country to achieve economic growth ranging from 7% to 9% and secure job opportunities, Egypt’s Prime Minister said in a statement. In addition, the policy aims to empower the Egyptian private sector by spurring diverse opportunities for the presence of the private sector in all economic sectors.

The policy follows a number of reforms that the Egyptian state has adopted within the framework of enhancing the role of the private sector.

As per the announcement, the government will shift from managing state institutions to managing state capital by defining the mechanisms for the state’s withdrawal from the assets owned by the state.

Reportedly, the policy aims to achieve financial savings that further support the general budget, achieve financial discipline, and ensure economic sustainability.