Egyptian Prime Minister Dr. Mostafa Madbouly expressed confidence in Arab governments’ ability to overcome current challenges and meet the aspirations of their people through necessary economic reforms.
This statement was made during his speech Wednesday at the opening of the 2024 joint annual meetings of Arab financial institutions, held in the New Administrative Capital, under the patronage of Egyptian President Abdel Fattah Al-Sisi.
Egypt’s hosting of these meetings demonstrates its commitment to supporting Arab integration efforts, a goal pursued across generations despite regional challenges, Dr. Madbouly said.
The meetings are significant against the backdrop of recent regional and international developments, especially the war in the Gaza Strip and its impacts on Arab countries, he noted.
He commended Arab financial entities for their support over the past years, which has been crucial for Egypt’s major development projects.
Madbouly called for increased efforts from Arab financial institutions am
id growing regional and global challenges, especially by supporting its ability to increase its exports and enhance intra-Arab trade.
He underscored Egypt’s economic reforms aimed at enhancing resilience, notably through private sector engagement and economic stability measures, along with increasing its ability to achieve development goals, especially within the framework of Egypt Vision 2030.
He underlined that a key aspect of this reform policy is increasing the private sector’s contribution to 65 percent of state investments. Additionally, the Egyptian government, in coordination with the Central Bank, has successfully controlled the foreign exchange market and is making progress in reducing inflation and the debt-to-GDP ratio.
Madbouly also stressed the importance of support from developed countries and international partners, urging for innovative financial solutions to confront current global economic changes, especially climate change.
He urged Arab financial entities to increase support for Arab
countries, easing the challenges faced by citizens, emphasizing prioritizing human capital in financing plans for sustainable development and supporting the economic participation of Arab women as a key element of comprehensive development.
Madbouly concluded by reiterating Egypt’s determination for Arab cooperation for a prosperous future.
On his side, Qatari Finance Minister Ali Al-Kuwari, the session chair, stressed the need for Arab financial institutions to support Arab economies amid increasing challenges.
He highlighted their role in mitigating the economic and social impacts of various shocks, including the war in Gaza and the COVID-19 pandemic.
These events have disrupted supply chains, increased inflation, and required stringent monetary policies from central banks, Al-Kuwari noted, extolling Arab financial institutions for their quick response and support for economic recovery and vital projects.
Meanwhile, Egyptian Minister of International Cooperation Rania Al-Mashat stressed in her speech t
hat Arab financial institutions are crucial for reforming the international financial system.
She referenced a United Nations report on sustainable development financing, emphasizing the increased financing gap from USD 2.5 trillion before COVID-19 to USD 4.2 trillion currently due to geopolitical tensions and climate disasters.
Al-Mashat confirmed the need for reforming the international financial system to achieve the 2030 Development Agenda and the importance of multilateral development bank integration.
She pointed out Egypt’s successful cooperation with Arab financial bodies, particularly the South Helwan power plant project, which won the Sheikh Abdlatif Al-Hamad Development Award.
These meetings provide a platform for Arab financial institutions to discuss key financial, economic, and development issues and evaluating progress towards sustainable development goals.
Kuwait participated in the meeting with a delegation led by Minister of Finance and Minister of State for Economic Affairs and Investm
ent Dr. Anwar Al-Mudhaf, including senior officials from the Finance Ministry and the Kuwait Fund for Arab Economic Development (KFAED).
Source: Kuwait News Agency