Will state-owned companies be exempt from the cap on borrowing?

Will state-owned companies be exempt from a cap on borrowing? Prime Minister Mostafa Madbouly and Finance Minister Mohamed Maait agreed to amend newly-issued borrowing regulations for state-owned companies, allowing them to receive loans without first seeking Finance Ministry approval, Public Enterprises Minister Hisham Tawfik said yesterday, Al Mal reports. Under amended regulations, the Finance Ministry would sign off only on “exceptional” loans, according to Tawfik, who did not elaborate. The central bank had issued directives last week requiring government-owned companies to receive written approval from the ministry before signing on to any loan agreements after the government announced it was taking steps to set borrowing limits.