CAIRO, July 17 (Xinhua) — The International Monetary Fund (IMF) has welcomed the Egyptian government’s decision of selling 1.9 billion U.S. dollars worth of equity stakes in state-owned entities, Egypt’s State Information Service reported.

Egyptian government’s move demonstrates progress in implementing the comprehensive policy package aimed at restoring macroeconomic stability to Egypt, IMF Spokesperson Julie Kozack said at a press conference on Sunday.

The Egyptian Prime Minister Mostafa Madbouly said last week that the government had signed contracts worth 1.9 billion dollars with the private sector to sell stakes in state-owned companies in a bid to boost the country’s private sector.

The selling of the state-owned entities is part of an Egyptian program launched by the government in January.

The IMF approved in December last year a loan to Egypt of about 3 billion dollars to support the country’s economic reform program, hoping it would pave the way for “sustainable, inclusive and private-sector-led growth.”