Cairo
TVYumuri April 9, 2022 World 34 views
Egypt urged Arab countries to adopt an integrated strategy to protect the region from negative economic impacts from external factors, an official source reported.
Egyptian Finance Minister Mohamed Maait.
Egyptian Finance Minister Mohamed Maait was quoted as saying by the official Mena news agency that our unity and coordination are the best guarantee for dealing positively and flexibly with the global economic impact.
The official’s comments came during the joint annual meeting of Arab financial institutions held in Saudi Arabia.
Without naming the causes, Maait was alluding to the effects of the crisis in Ukraine and the problems associated with the Covid 19 pandemic.
The minister reaffirmed Cairo’s willingness to strengthen pan-Arab solidarity and stressed the need for an exchange of experiences.
Maait reiterated this week that his country will overcome the consequences of the current international economic crisis.
As part of the strategy, he recalled that the government recently unveiled a £130 billion (just over $7 billion) stimulus package.
According to official figures, the North African country with 103 million inhabitants is the largest wheat importer in the world, with 80 percent of the wheat coming from Russia and Ukraine.
Late last month, Hala El-Said, head of the Department of Planning and Economic Development, cut forecasts for gross domestic product growth for the next fiscal year by 5.5 percent, two-tenths less than announced in January.
In response to the crisis, the central bank hiked interest rates by 1 percent days ago, sending the dollar against the Egyptian pound to its highest level in five years. (ALH)
Taken from the Latin Press
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