Minister of Planning, Economic Development and International Cooperation Delivers Egypt's Statement at G-24 Ministerial Meeting on International Monetary Affairs and Development

Dr. Rania Al-Mashat:

 

IMF and World Bank Praise the Role of H.E. President Abdel Fattah El-Sisi in Leading Peace Efforts in the Middle East

 

Egypt launched “Egypt’s Narrative for Economic Development” to complete the path of economic reform, focusing on the real economy and production sectors.

 

We have a firm conviction that stability is achieved by continuous reform... and the economy has proven resilient amidst exceptional regional and international challenges.

 

We are working to implement more than 250 structural reforms with international partners and national entities to strengthen resilience.

 

We are serious about empowering the private sector by creating a competitive environment for both the government and private sectors and by governing state-owned companies.

 

The improved credit rating reflects the fruits of reform, and we expect further improvement in growth and development rates.

 

Al-Mashat welcomes the World Bank's evolution roadmap to enhance its efforts in job creation and boosting private sector-led development.

 

 

 

H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, began her participation in the IMF and World Bank meetings in Washington by delivering the statement of the Arab Republic of Egypt at the Intergovernmental Group of Twenty-Four (G-24) Ministerial Meetings on International Monetary Affairs and Development, in the presence of Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund, Ms. Anna Bjerde, World Bank Managing Director of Operations, and representatives of the member states.

 

During the meeting, the IMF Managing Director praised the efforts led by His Excellency President Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, in the Middle East region to achieve peace, and the convening of the “Sharm El-Shiekh Peace Summit” with the participation of President Donald Trump and leaders of many countries around the world to stop the war on Gaza, emphasizing that there is no development without peace.

Georgieva also lauded the efforts undertaken by the Egyptian government over the past period to enhance macroeconomic stability through economic and structural reforms.

 

In her statement, Dr. Rania Al-Mashat highlighted that Egypt launched “Egypt’s Narrative for Economic Development”, as a continuation of the economic reform path, by capitalizing on the advanced infrastructure supporting industrialization and export, and focusing on the real economy sectors, increasing production, and empowering the private sector.

 

Minister Al-Mashat stressed that the government has a firm conviction that continuous reform fosters macroeconomic stability, explaining that the reforms implemented over the past period, especially since March 2024, have contributed to strengthening resilience and achieving flexibility in the Egyptian economy amidst exceptional regional and international challenges.

 

Dr. Al-Mashat added that “Egypt’s Narrative for Economic Development” is based on implementing the National Structural Reforms Program, which includes more than 250 reforms that have been and are being implemented by national entities, in coordination with international partners such as the European Union and the World Bank, thus enhancing the economy's ability to withstand shocks.

 

Dr. Al-Mashat emphasized that the government is serious about measures to empower the private sector by creating a competitive environment for both the government and private sectors, and by continuing the governance of state-owned companies, thereby maximizing the utilization of assets.

 

On another note, Dr. Rania Al-Mashat indicated that the improvement in the Egyptian economy's credit rating reflects the fruits of the reform implemented by the state since March 2024 and before, and also confirms the coordination between fiscal, monetary, and development policies for the sustainability of reform.

 

Dr. Al-Mashat welcomed the ongoing discussions within the G-24 group and the efforts made by international institutions to reform the global financial system, including the evolution of the World Bank Group to enhance its efforts as the largest multilateral development bank for job creation and private sector-led development.