Mohamed Maait, Minister of Finance, has met with Kristalina Georgieva, Director General of the International Monetary Fund (IMF), on the sidelines of the World Government Summit in Dubai.
During the meeting, the two sides agreed to continue coordination and consultation on ways to confront global challenges, during the participation of the Egyptian Minister of Finance in the upcoming meetings of the G20 finance ministers in India.
The Minister of Finance stressed the importance of the role of international financing institutions in supporting the economies of developing countries to enhance the ability to further support public finances, and enables these institutions to fulfill the obligations towards easing the burdens of the global inflationary wave on citizens, reflecting the realization of the magnitude of the current global challenges.
He pointed out that Egypt chose the path of economic reform to lay the foundations for financial discipline, reducing deficit and debt rates, to ensure the stability of macroeconomic indicators. “This enhances our ability to avoid acute risks of complex and highly complex global crises, achieve a fair distribution of the fruits of development, and help achieve sustainable growth rates, led by the private sector with productive investments, to provide more job opportunities, and to contribute to advancing economic activity,” he said.
He stressed that Egypt is witnessing an economic movement that stimulates the private sector in development. The government has taken many integrated procedures and measures, including the golden license for investors to simplify procedures, and the state ownership policy document in the light of which the announcement of the launch of the government offering program began with 32 companies.
Maait explained that the political will in Egypt supports the creation of an attractive and encouraging climate for investment, with promising opportunities and unprecedented incentives.
“We are committed to expanding social protection with more efficient and effective programs in targeting groups eligible for support, and also easing the burdens on the middle class, as much as possible,” he added.
For her part, Kristalina Georgieva stressed the Fund’s support for Egypt to complete the path of economic reform, which is based on balanced and rational policies pursued by the Egyptian government on the financial and monetary levels as an imperative necessity to contain the consequences of the global economic crisis, and to strengthen plans to confront financial risks.