About the Minister

Al-Mashat enjoys more than 20 years of international experience in central banking, financial systems, monetary policy frameworks, international cooperation policies and strategies, sustainable development, and climate finance. She is a co-founder and a member of several advisory boards, international alliances, and associations. She pushes forward partnerships and multilateralism as key enablers to accelerate sustainable development, climate action, and gender equality. Managing the country’s partnerships with numerous bilateral and multilateral development institutions, she ensures the alignment and synergies of development finance and activities across different economic sectors. Al-Mashat developed Egypt’s Country Platform for the Nexus of Water, Food, and Energy «NWFE»-نُوَفِّي, to leverage Egypt’s international partnerships and mobilize climate finance to accelerate the green transition. Her previous roles at the IMF, working with governments in the Middle East & Central Asia, Africa, and Asia, expanded her expertise in development systems and structural reforms in developing and emerging economies. Moreover, She has several publications on monetary policy, financial stability, and institutional reforms.

H.E Dr. Rania A. Al-Mashat has been part of Egypt’s cabinet of ministers since 2018, where she currently serves as the Minister of Planning, Economic Development & International Cooperation, and has previously served as the Minister of International Cooperation (Dec 2019 - July 2024), and also as the first female Minister of Tourism (Jan 2018 - Dec 2019). She worked at the International Monetary Fund in Washington DC as Advisor to the Chief Economist (Aug 2016 - Jan 2018), and Senior Economist (2001 - 2005). She also served at the Central Bank of Egypt (CBE), as the Sub-Governor for Monetary Policy (Aug. 2005 - Jun. 2016), where she contributed to modernizing the CBE’s monetary policy strategy underpinned by structural reforms to formally adopt an inflation-targeting regime, a key pillar of the banking sector reform program launched in 2004. Furthermore, she participated in the country’s macroeconomic management through the design and update of the macroeconomic framework in conjunction with other ministries and government entities and was the CBE’s liaison with the International Monetary Fund (IMF) and the Sovereign Rating Agencies. 

Al-Mashat served on several boards, including the Egyptian Stock Exchange, the Egyptian General Authority for Free Zones and Investment, the Arab International Bank and the Arab Investment Bank. In her capacity as Minister of International Cooperation, she represents Egypt as Governor in several international financial institutions, including the World Bank Group, European Bank for Reconstruction and Development, Arab Fund for Economic and Social Development, and Arab Bank for Economic Development; and as Alternate Governor of Egypt at the African Development Bank, Asian Infrastructure Investment Bank, Islamic Development Bank and the New Development Bank as Egypt joined as a new member in 2023.

Moreover, Al-Mashat is a member of several Advisory councils and international alliances including, the United Nations International Children's Emergency Fund (UNICEF) GenU, a Founding Member of the Global Energy Alliance for People and Planet (GEAPP) launched by the Rockefeller Foundation, Founding Member of the Resilience Consortium of the World Economic Forum (WEF), Member of Mission Possible for Climate Action (WEF), Co-Chair of the MENA Stewardship Board (WEF), Member of the New Economy and Society Stewardship Board (WEF), Advisory Member of the Centre for the New Economy and Society (WEF), Member of the Giving to Amplify Earth Action (GAEA) initiative (WEF) and the Co-chair of the Network to Mobilize Investment for Clean Energy in the Global South (WEF). And, she is a member of several research centers and think tanks as she serves as a member of Bruegel’s Scientific Council, Board member of the Dean's Strategic Advisory Board at the School of Business (AUC), Board Member of the Middle East Economic Association (MEEA), Founding Member of Egypt Network for Integrated Development (ENID), Research Fellow at the Economic Research Forum for Arab countries, Iran and Turkey, and member of the Middle East Economic Association.

In June 2021, Al-Mashat launched a book titled “Stakeholder Engagement Through Economic Diplomacy” for London School of Economics. Additionally, she contributed several chapters to the International Monetary Fund’s book, titled, “Advancing the Frontiers of Monetary Policy”, published in 2018 and edited by Maurice Obstfeld, the Chief Economist at the time. Moreover, she pioneered an international inclusive and consultative process to translate climate pledges into implementable projects in developing countries and transition economies, producing the “Sharm El-Sheikh Guidebook for Just Financing”, which presents an actionable agenda for all relevant stakeholder listing their roles in achieving just financing outcomes, and maximizing the effectiveness and efficiency of existing climate finance architecture. 

Al-Mashat received several international and domestic awards; the 2022 Most Visionary and Outstanding Minister of International Cooperation in Africa” by the Elliott School of International Affairs George Washington University and the GE7 Initiative; the “2019 Global Champion Award” from the World Tourism and Travel Council for launching the Egypt—Tourism Reform Program that has created resilience to the sector; the “2019 Global Leader’s Award for Outstanding Contribution to the Industry” as Egypt’s tourism revenues recorded a new historical high and the “2019 United Nations World Tourism Organization Destination Marketing Award”, for best promotion video for a destination. In 2015, she was selected as one of the top 50 most influential women in the Egyptian economy in 2015 & 2020, she was also selected for the “Choiseul Institute 100 Africa: Economic Leaders for Tomorrow” award in 2014 & 2015, selected for the 2014 Young Global Leaders (YGL) by the World Economic Forum (WEF), selected among the 2014 top 10 most powerful women in the Egyptian Banking Sector in the survey conducted by the Bassera Center and selected by the Government of France’s 2013 International Visitor Leadership Program. Furthermore, she received the 2013 Distinguished Alumni Award from the School of Business at the American University in Cairo and received the 2004 Ibn Khaldoun prize for the best paper on one or more Middle Eastern countries given by the Middle East Economic Association, titled “Monetary Policy and Public Debt Management: An Empirical Assessment of the Egyptian Experience”.

Al-Mashat received her PhD and MA in Economics from the University of Maryland, College Park, USA, and BA in Economics from the American University in Cairo (AUC). She completed Executive Education certificates in Leadership and Public Policy from the Kennedy School of Government at Harvard University and Transformational Leadership from Said Business School at Oxford University.

PUBLICATIONS & RESEARCH                                                                                                            

Al-Mashat, R. & Zacharopoulou, C. (2023). Making the International Financial System Work. Project Syndicate.

Al-Mashat, R. (2023). Climate Financing That Puts People First. Finance & Development. International Monetary Fund, USA.

Al-Mashat, R., & Berglöf, E. (2023). Fostering Developing Country Climate Agency Crucial to Net-Zero Transition. Project Syndicate.

Al-Mashat, R. A. (2023). Justice in Climate Finance: Bridging the Global Gap. Bloomberg.

Al-Mashat, R. (2022), “Beyond Pledges: Inclusive Partnerships to move Towards Climate Resilience” WorldEconomic Forum, World Economic Forum, Switzerland.

Al-Mashat, R. and Hamza, R. (2021), “Stakeholder Engagement through Economic Diplomacy: Egypt Fostering Multilateralism & International Cooperation” Policy Reform in the Making, London School of Economics.

Al-Mashat, R. Bejjani, A. and Dusek, M. (2020), “4 Ways Stakeholder Capitalism Can Create a More Resilient Post-COVID MENA Region,” World Economic Forum, World Economic Forum, Switzerland.

Al-Mashat, R., Clinton, K., Laxton, D. and Wang H. (2018) "First Principles", in Adrian, T., Laxton, D., andObstfeld, M, (eds), Advancing the Frontiers of Monetary Policy, International Monetary Fund, USA.

Al-Mashat, R., Clinton, K., Laxton, D. and Wang H. (2018) "Managing Expectations", in Adrian, T., Laxton, D., andObstfeld, M, (eds), Advancing the Frontiers of Monetary Policy, International Monetary Fund, USA.

Al-Mashat, R., Clinton, K., Laxton, D. and Wang H. (2018) "Nuts and Bolts of a Forecasting and Policy Analysis System", in Adrian, T., Laxton, D., and Obstfeld, M, (eds), Advancing the Frontiers of Monetary Policy,International Monetary Fund, USA.

Al-Mashat, R., Clinton, K., Laxton, D. and Wang H. (2018) "Transparency and Communications", in Adrian, T., Laxton, D., and Obstfeld, M, (eds), Advancing the Frontiers of Monetary Policy, International Monetary Fund,USA.

Al-Mashat, R., Clinton, K., Laxton, D. and Wang H. (2018) "Canada: A Well-Established System", in Adrian, T., Laxton, D., and Obstfeld, M, (eds), Advancing the Frontiers of Monetary Policy, International Monetary Fund,USA.

Al-Mashat, R., Clinton, K., Laxton, D. and Wang H. (2018) "Czech Republic: Transition to the Frontier", in Adrian, T., Laxton, D., and Obstfeld, M, (eds), Advancing the Frontiers of Monetary Policy, International Monetary Fund,USA.

Al-Mashat, R., Clinton, K., Laxton, D. and Wang H. (2018) "India: Stabilizing Inflation", in Adrian, T., Laxton, D., and Obstfeld, M, (eds), Advancing the Frontiers of Monetary Policy, International Monetary Fund, USA.

Al-Mashat, R., Clinton, K., Laxton, D. and Wang H. (2018) "United States: Federal Reserve’s Dual Mandate", in Adrian, T., Laxton, D., and Obstfeld, M, (eds), Advancing the Frontiers of Monetary Policy, International Monetary Fund, USA.

Al-Mashat, R., Bulir, A., Dincer, N., et. Al, (2018) “An Index for Transparency for Inflation-Targeting Central Banks: Application to the Czech National Bank”, IMF Working Paper, International Monetary Fund, WP/18/210.

Aichi, A., Al-Mashat, R., et. Al, (2018) “Estimates of Potential Output and the Neutral Rate for the US Economy”, IMF Working Paper, International Monetary Fund, WP/18/152.

Dimian, Hany, and Al-Mashat, R. (June 2014) "Helping Advance the Economic Policy Making and Management Process in Egypt: Initial Institutional Aspects for the Executive Branch", Rockefeller Brothers and Japan International Cooperation Agency.

Al-Mashat, R., and Billmeier, A. (2012) "Push or Pull? The Determinants of Remittances to Egypt", Review of Middle East Economics and Finance, 8 (2), article 2.

Al-Mashat, R. (2011). "Assessing inflation and output variability using a New Keynesian model: an application to Egypt", in D. Cobham and G. Dibeh (eds), Money in the Middle East and North Africa: Monetary Policy Frameworks and Strategies, London: Routledge.

Al-Mashat, R. (2011). "The Evolution of Monetary Policy in Egypt and Steps towards Inflation Targeting", in D. Cobham and Mongi Boughzala (eds), Inflation Targeting in MENA Countries: An Unfinished Journey, Palgrave Macmillan.

Al-Mashat, R, (2011), "Egypt: Monetary Policy & the Pass-through from Relative Price Shocks", paper presented at the II Workshop on the Economics of the Mediterranean and the Euro-Mediterranean Process, CREMed, Barcelona, Spain, June

Al-Mashat, R. (2009). ‘Monetary policy in Egypt: a retrospective and preparedness for inflation targeting,’ In

H. Kheir-El-Din (ed.), What Drives Prices in Egypt?, Cairo: American University in Cairo Press for theEgyptian Center for Economic Studies Publication.

Al-Mashat, R., and Billmeier, A. (2008). ‘The monetary transmission mechanism in Egypt,’ Review of Middle East Economics and Finance, 4 (3), article 2.

Al-Mashat, Rania, (2008) “The Exchange Rate Pass-through in Egypt,” The Central Bank of Egypt Working Paper Series, forthcoming

Al-Mashat, Rania, (2008) “Modelling and Forecasting Inflation in Egypt: Do Monetary Aggregates Matter?”, The Central Bank of Egypt Working Paper Series

Al-Mashat, Rania and Andreas Billmeier (2007), “The Monetary Transmission Mechanism in Egypt”, IMF.                            Working Paper, International Monetary Fund, WP/07/285

Al-Mashat, Rania, (2006) “The Central Bank of Egypt’s Core (Underlying) Measures of Inflation,” The Central Bank of Egypt Working Paper Series

Al-Mashat, Rania, (2006) “Estimating the Nominal and Real Money Gaps in Egypt,” The Central Bank of Egypt Working Paper Series

Al-Mashat, R., “Vietnam’s Experience with Rapid Money Growth and Low Inflation”, Selected Issues Paper, Country Report, SM/04/379, International Monetary Fund, 2004.

Al-Mashat, R., “The Evolving Role of the State”, Selected Issues Paper for Vietnam, Country Report 03/381, International Monetary Fund, 2003.

Al-Mashat, R., and Amine Mati, “Currency Crises in the Middle East and North Africa (MENA): What are the Early Warning Signs,” Proceedings of the Conference on Rising to the Challenge: International Crisis and EconomicManagement in Egypt, June 2003.

Al-Mashat, R., “Monetary Policy Transmission in India”, Selected Issues Paper, Country Report 03/232, International Monetary Fund, 2003.

Al-Mashat, R., “Financial Sector Development and Economic Growth in Egypt 1960-1999,” Global Development Network and Economic Research Forum for Arab Countries, Iran and Turkey, 2002.

Al-Mashat, R., “Economic Trends in the MENA Region, 2002”, contributed to Chapter 2 on Financial Markets in MENA, ERF for Arab Countries, Iran and Turkey Publication, 2002.

Al-Mashat, R., “Membership Overlaps in Regional Trade Arrangements in Eastern and Southern Africa: Potentials, Limitations and Policy Recommendations”, Mimeo, Policy Development and Review Department, International Monetary Fund, January 2002.

Al-Mashat, R., “Monetary Policy and Public Debt Management: An Empirical Assessment of the Egyptian Experience”, Proceedings of the Economic Research Forum Seventh Annual Conference, January 2002.

Al-Mashat, R. and Grigorian, D., “Economic Reforms in Egypt: Emerging Patterns and Their Possible Implications”,The World Bank Policy Research Paper No. 1977