The International Monetary Fund welcomed the Egyptian governments announcement that it had signed contracts to sell stakes in state-owned entities worth $1.9 billion. International Monetary Fund spokeswoman Julie Kozak said that these measures represent a critical component of the “Extended Fund Facility” program, and an important step towards supporting and providing resources for external financing and debt reduction. Julie Kozak confirmed - during the press conference, which was held at the headquarters of the International Monetary Fund in Washington - the continuation of work with the Egyptian government. To pave the way for completing the first review of the “Extended Fund Facility,” noting that this includes the consistent implementation of the strategy for the state’s exit from its stakes in entities owned by it, and the adoption of policies that provide a competitive climate for the private sector, to enhance equal opportunities, and move sustainably towards a flexible exchange rate to mitigate financial losses. Shortage of foreign currency, according to the Middle East News Agency.