Minister of Finance Mohamed Maait participated in the spring meetings of the International Monetary Fund and the World Bank in Washington on Wednesday.
He attended round tables on the most important economic, financial and climate issues on the international scene, including: public finance sustainability, financial inclusion, and strengthening social protection systems in the face of the global economic crises, in which the Coronavirus pandemic intertwined, and the consequences of the war in Europe and the severe negative effects that resulted from them as a result of the high food and fuel prices, and the escalating cost of financing.
Maait also participates in the meetings of the G20, the Sustainable Debt Alliance, the Alliance of Finance Ministers for Climate Action, and the finance ministers of the countries of the Middle East and North Africa region. He also exchanges views with many officials on economic and financial developments.
A statement by the Ministry of Finance stated that the minister will present, during the meetings of the International Monetary Fund and the World Bank, the Egyptian vision in dealing positively and flexibly with global challenges, containing internal and external shocks, efforts to accelerate the pace of economic recovery, achieving sustainable growth rates, and maintaining fiscal discipline policies.
He also presents the Egyptian initiative to establish a sustainable debt alliance, which aims to create financial space in developing countries to invest in infrastructure, and achieve green and sustainable growth in the post-pandemic stage, calling on countries and financial institutions to join this initiative, in an attempt to enhance international cooperation, and establish a common framework to regulate transactions. Sustainable debt, which provides an opportunity to coordinate international efforts to advance the course of environmental action while liberalizing the fiscal space of developing countries without causing any disturbances in the international financial market, in addition to the Egyptian initiative to reduce the cost of green borrowing, which aims to reduce the cost and burden of green financing in African countries and provide sufficient liquidity to achieve the development goals and stimulating investments in environmentally friendly projects.