PM: Egypt Keen On Contributing To Development Process Of Africa

Prime Minister Moustafa Madbouli asserted on Wednesday 8/8/2018 Egypt's keenness on strongly contributing to the development process of the African continent.

Addressing the annual meetings of the Association of African Central Banks (AACB), Madbouli said these meetings are the most important economic event in the African continent given the participants' ability to take effective decisions capable of increasing inter-African trade, boosting economic integration and improving living conditions of the African peoples.

He reiterated Egypt's keenness on boosting integration with all African States, citing Egypt's hosting of the tripartite summit of COMESA, EAC and SADC in 2015.As part of efforts to boost integration with African states and increase economic cooperation, Egypt signed the African Continental Free Trade Area (AfCFTA) with Rwanda in March, the Egyptian premier said

. He said the AACB meetings will tackle relations among African central banks and their impact on the development of the financial sector, economic growth efforts in the continent and influx of illegal capital in Africa.

He expressed hope that the current meetings would help buttress financial and structural reform efforts to develop the African economy in light of the unprecedented challenges facing not only Africa but the entire world.

He also hoped the meetings would increase the African countries' role in international economic institutions.

The Egyptian premier said achieving hoped-for aspirations of African people need tireless efforts and a strong will at all levels to develop the financial sector and boost economic growth.

It also requires taking necessary measures, Madbouli said, to face influx of illegal capital as it poses risks to the future of African countries.

Increasing inter-African cooperation will certainly create an appropriate environment to address all challenges either those resulting from regional and international policies or global economic changes, he said.

Together, we can create a new reality for Africa that places it in its supposed status on the world economic map in a way that will help achieve social and economic justice for the African people and create new vistas for a bright future, Madbouli said.

Egypt, on its part, began an ambitious economic reform program to achieve a real and sustainable development, a promising program that was highly appraised by international economic institutions.

Three years ago, the Egyptian economy was facing many challenges, foremost among which the black market of hard currency, declining foreign cash reserves and a big trade balance deficit, he said.

To end this crisis, the Central Bank of Egypt and the government adopted an ambitious program for economic and structural reform to restore investors' confidence in the Egyptian market, push forward production and increase growth rates, he added.

Madbouli said Egypt is keen on sharing its successful experiment in economic reforms with all brotherly African countries.

Talking about the fruits of the Egyptian economic program, the Egyptian premier said foreign cash reserves increased to 44 billion dollars by the end of June and economic growth rate jumped to 5.2 percent during the first half of 2017/2018 against 2.9% in 2013/2014.

He said Egypt welcomes fostering cooperation with all African continent sons and strongly boosts all initiatives of the African Union to enhance integration among the African countries.

At the end, Madbouli wished that the AACB meetings, the first to be hosted by Egypt, would come up with decisions that could positively boost African economies.

As usual, Egypt will remain a strong supporter of all African issues and an effective player in helping African countries achieve stability, he added.