The Minister of Finance .. in his intervention during the first day of his participation in the G20 meetings in Brazil.
Global challenges still represent severe pressure on emerging economies due to the high cost of financing.
"Global debt" issues hinder our common goals for fair growth ... and require comprehensive international solutions.
"Protective Commercial Policies" of advanced economies creates obstacles to the movement of developing countries
"Maintaining macroeconomic stability" .. requires more accessible funds in the medium term instead of "commercial financing".
We stress the importance of directing reforms to support the competitiveness and productivity of the Egyptian economy.
Ahmed Kajouk, Minister of Finance, stressed that despite the indicators in the global economy pointing to the trend towards a more stable environment, there are still varying levels of recovery and that global economic challenges still represent severe pressure on emerging economies and developing countries due to the high cost of financing, and the decline in foreign direct investment flows directed to emerging countries.
In his intervention at the "World Economy Prospects" session during the first day of his participation in the G20 meetings in Brazil, the minister said that the issues of "global debts" impede our common goals for fair growth in a way that requires comprehensive international solutions that contribute to supporting and reinforcing emerging economies in a way that enhances their capabilities and enables them to deal with flexible dealing With global shocks, explaining that the "protective commercial policies" pursued by some advanced economies create additional obstacles to the export movement of developing countries.
The minister added, that we are looking forward to the adoption of international financing institutions, balanced policies, more motivating the emerging economies, in a way that contributes to helping them to fulfill the financing needs necessary to achieve development and improve the standard of living along with the commitment to maintaining the stability of the macroeconomic and financial sustainability, which requires more funds Medium -term, instead of "commercial financing", taking into account the repercussions of global crises and geopolitical tensions that affect the Middle East and North Africa region, especially problems that impede the flow of trade movement through the vital Suez Canal crossing.
The Minister stressed the importance of directing reforms to support the competitiveness and productivity of the Egyptian economy. He pointed out that Egypt is on the right path to control the state’s public financial conditions, as we achieved a preliminary surplus of 6.1 % of GDP in the fiscal year 2023/2024 driven by exceptional flows of foreign direct investment due to the Ras Al -Hikma deal, pointing out that the new government places its top priority to enhance the growth of the private sector by increasing the competitiveness and productivity of the Egyptian economy by providing more economic opportunities in a competitive and attractive climate for investment, with a focus on mobilizing local and foreign private investments in the promising sectors Priority especially export activities, sustainable energy sectors, water desalination and hydrogen; with targeting the construction of a flexible competitive economy capable of growth, and facing the rapid global changes.
The minister explained that the government continues to maximize structural reform efforts to enhance the capabilities of the Egyptian economy, provide sustainable financial spaces for spending on health, education and social protection programs that target those eligible for support, while completing the implementation of the ambitious program for comprehensive health insurance as a key tool to achieve the dream of all Egyptians in comprehensive and integrated health care for all family members.
