Newly-Elected IMF Official Vows More Support for Arab EconomiesSource: www.export-egypt.com 10/26/2024, Location: Africa |
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Executive Director of the International Monetary Fund (IMF) for the Middle East and the Maldives Mohamed Maait affirmed commitment to intensifying efforts to support Arab economies in fostering growth.
"This will be achieved through advocating for consistent, integrated, and balanced international financial and monetary policies that promote financial stability, fiscal discipline, and robust economic foundations that are more diverse, resilient, and capable of achieving sustainable growth, especially for developing countries, particularly low- and middle-income countries," he added in a statement. Maait emphasized his intention to address the increasing challenges posed by debt burdens, with a focus on securing suitable development financing and generating more job opportunities. He stressed the importance of granting the private sector a larger role in economic activities and encouraging it to inject more investments in a favorable and transparent business environment that upholds competitive neutrality. He also highlighted the need for international, especially private investments, to expand and lead the development movement to achieve economic goals and meet the essential needs of populations. In the upcoming phase, efforts will be focused on maximizing the Arab Group and the Maldives’ benefit from the IMF’s expertise and resources, while enhancing coordination with regional Arab institutions. This collaboration can play a vital role in supporting the economies of Arab countries and the Maldives, enhancing their capacity to overcome internal and external challenges, and building a more stable and sustainable future, Maait pledged. He also noted that efforts will be made to address the current uncertainty flexibly, particularly in light of rising debt, inflation, unemployment, slowing economic growth, and the need for climate change financing. Maait expressed his gratitude to President Abdel Fattah El Sisi for his trust, support, and nomination for the prestigious international post. He also thanked the Egyptian government led by Prime Minister Mostafa Madbouli, ministers, the Central Bank Governor and deputies, and representatives of the Arab Group and the Maldives at the IMF for their support during the nomination and voting process. He also extended appreciation to Mahmoud Mohieldin, the former Executive Director, for his impactful contributions to the economic and developmental goals of Arab countries and his considerable achievements over the past four years in office. |
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