Today,The African Caucus Conference In Sharm El Sheikh with Ministry Of Investment has been a huge success and they’re taking a step to fix economical reforms that we face.
The opening of the annual meetings of the African Union of the World Bank and the Monetary Fund in Sharm El-Sheikh, attended by 40 African countries
Minister of Investment and International Cooperation, “Egypt is making every effort to promote the interests and priorities of African development during its chairmanship of the African Union … and call on the international financial institutions to play a bigger role in accomplishing the comprehensive economic transformation process adopted by our African countries.”
Dr. Sahar Nasr stated that “The President of the Republic has put forward an ambitious vision for a comprehensive economic and social reform program aimed at building a strong state. We call on the African countries to participate in the 2018 Africa Conference.” Also, the Minister of Finance said, “Meetings aimed at reaching unified proposals and policies that help the African continent to deal with global and development challenges.”
Dr. Muait came to the conclusion of that we carry out a package of reforms to support the private sector, headed by the implementation of the law of waiver of fines for delaying the payment of taxes and the adoption of a new and simplified tax system for small and micro industries and the activation of the new law of public contracting and the issuance of a uniform law for customs and expedite the implementation of the program of government proposals.
The annual meetings of the African Union of the World Bank and the International Monetary Fund (IMF), held under the auspices of the President of the Republic, Mr. Abdelfattah Al Sisi, opened on Sunday morning 4 August 2018 in support of the African continent’s issues in international financial institutions and forums. In cooperation with the Central Bank Of Egypt, under the patronage of Dr. Mustafa Madbouli, Prime Minister, today and tomorrow, in the city of Sharm El-Sheikh, in the presence of 40 countries from within and outside the African continent.
The meeting was chaired by Dr. Sahar Nasr — Minister of Investment and International Cooperation, and Dr. Mohamed Maait — Minister of Finance, in the presence of Dr. Rania Al Mushat — Minister of Tourism, Dr. Yasmin Fuad — Minister of Environment, Dr. Hala Zayed — Minister of Health, Minister of Agriculture, Amr Nassar —Minister of Trade and Industry, Major General Khalid Fouda —Governor of South Sinai, and representatives of major international institutions, including Dr. Mahmoud Mohieldin — First Vice President of the World Bank, Mr Sergio Pimenta — Vice President of the International Finance Corporation for the Middle East; Africa, Ms. Keiko Honda — Chief Executive Officer of the Multilateral Investment Guarantee Agency, Mr. David Robinson — African Administration of the International Monetary Fund, Mr. Giyath Chapsig — IMF Expert on Banking and Finance, and lasty, Mr. Charles Collins — Chief Economist of the Multilateral Investment Guarantee Agency; Institute of International Finance.
Dr. Sahar Nasr, Minister of Investment and International Cooperation, stressed that President Abdel Fattah Al-Sisi has put forward an ambitious vision for a comprehensive economic and social reform program aimed at building a strong state and re-orienting the Egyptian economy and putting it on its right path. Institutional and structural systems. These steps have won the confidence of international institutions, including the World Bank and the International Monetary Fund, which have always been strategic partners with the Egyptian government, especially in recent times. Egypt is exerting all efforts to promote the interests and priorities of African development We are committed to implementing the African Union’s agenda for the achievement of the World Development Goals of 2063 to deepen cooperation among African countries through specific programs of economic integration, especially in the areas of investment, trade and infrastructure development, investment in human capital Through the promotion of education and health care to achieve greater employment opportunities, and fight poverty and equitable participation in the benefits of economic growth.
“We are pleased to host the annual meetings of the African Union of the World Bank and the International Monetary Fund, which, during the current meetings, lead us to work together to discuss and formulate a unified vision to strengthen cooperation between African countries and the Bank,” she said. Including the drafting of an ambitious project for the document to be presented by the African Group to the two institutions at the next annual meetings in October 2018, and in line with the developmental aspirations of our peoples, to deepen economic integration through increased investment The promotion of the role of the private sector, the development of mechanisms for financing and financial inclusion, the promotion and diversification of exports and the increasing role of African States in the international financial system, all with the aim of comprehensive and sustainable economic growth that affects all segments of society in our African continent.
In line with these objectives, the current meetings will focus on discussing a number of issues affecting the reality of the African economy through specialized sessions that discuss how to remove the obstacles facing the private sector, build on successful international experiences in private-public participation, and facilitate procedures to attract investment. And discussing the best ways to promote and diversify exports. We will also discuss the financial coverage and how to provide funding for all projects, not just big projects, but small and micro, and maximize the benefit of the countries of the continent to benefit from technology.
The Minister pointed out that Egypt, the current Chairman of the African Group at the World Bank and the IMF, calls on the international financial institutions to play a bigger role in achieving the comprehensive economic transformation adopted by our African countries over decades. We aim to complete the joint effort To develop better opportunities for the economies of our continent, working hard to raise the standard of living of our peoples for the advancement of our African continent for decades.
The Minister stressed that effective participation between the countries of the African continent and international institutions should be based on prioritizing the African citizen in the forefront and focusing on supporting national programs and national projects. The aim of these communities is to develop economic relations between the countries of the continent and to strengthen economic and trade integration between our countries, Infrastructure projects and networks of electricity and new and renewable energy, maximizing the use of our natural and human resources and our strategic position on the global map to support the development efforts of our continent.
Successful economic success is based on the political will and vision adopted by countries, especially with regard to the realization of young people’s hopes for greater participation in their country’s economy through the establishment of entrepreneurship projects, support for entrepreneurship and better employment opportunities, as well as the promotion and contribution of women in development programs. Citizen is the main axis of development.
The minister said that as usual, “we meet to achieve our common goals towards greater integration and joint action, which we hope to achieve during the current meetings through fruitful discussions based on our achievements and strive for more for the well-being of our peoples and an effective partnership with international institutions. We are honored to invite you to participate in the 2018 Africa Conference under the patronage of President Abdel Fattah Al Sisi, to be held in Egypt in Sharm El-Sheikh, which is one of the most important events to promote investment and entrepreneurship and enhance the economic role of women. Chaired by the African Union, and I wish the success of the activities of this gathering and the next conference to achieve the good of our countries and peoples. Thank you and I repeat my welcome to you on the land of Egypt.”
For his part, Minister of Finance Dr. Mohamed Moait stressed the importance of the high-level meetings of the IMF and World Bank Group of African Countries for the 2018 African Cacus, which is currently being held in Sharm El-Sheikh. This year’s annual conference focuses on discussing issues related to the promotion of inclusive growth The African continent and increase the role and contribution of the private sector investments in the continent and the payment of African exports.
These meetings are aimed at reaching unified proposals and policies that will help the African continent to deal effectively with the global and development challenges of its countries, as well as to present a unified position to the demands of African countries from international institutions, led by the International Monetary Fund and the World Bank.
He pointed out the Egyptian government’s intention to continue implementing its comprehensive economic reform program, which will be based on the successes achieved in previous years, mainly the stability and improvement of macro-economic indicators represented by the growth rates to reach 5.3% in 2017/2018. 10.6% in March 2018, and the increase in the foreign reserves balance to reach record rates and reassurance of more than 44 billion dollars, and the government’s continued determination to carry out the duties of the President during the coming period.
The Minister of Finance explained that the Egyptian government has a comprehensive program and vision in this regard, as the work is being carried out on all the following axes, “Increasing the competitiveness of the Egyptian economy from Through the adoption of a flexible exchange rate system, the continued efforts to properly price inputs of production, the elimination of all obstacles facing the private sector and export activities, and the use of savings and surpluses resulting from the implementation of financial reforms on the items of income and expenditure to improve the Infrastructure and services provided to citizens, including the expansion of natural gas delivery network for homes and factories, increasing the access of citizens to clean water and the access of sewage networks to all cities and regions, and working to increase and improve the efficiency of the Egyptian road network to link cities and new productive and residential areas.”
The current network of the subway in Cairo and work to improve the quality of services provided, and the continuation of the national program to provide economic housing suitable for all classes, especially for slum dwellers, the implementation of a package of reforms to support the private sector, headed by the implementation of the law on waiver of fines for tax arrears in a manner that ensures the end of the problem of arrears of tax and parallel the restoration of public treasury rights, the adoption of a new and simplified tax system for small and micro industries, and the activation of the new law of public contracting.
The private sector of the system of government tenders and the ease of providing services to state agencies, and the issuance of a unified law of customs in a way that increases the competitiveness of the Egyptian economy and works to become customs outlets in order to facilitate international trade and facilitate payment and the Lord To facilitate the implementation of the government proposals program in order to contribute to the activation of the Egyptian Stock Exchange, increase its market value, expand the ownership base, attract private investments, provide sources of income for the public budget, improve governance, disclosure and transparency in government companies and provide Resources to finance the expansion of companies that contribute to the state without resorting to borrowing, and the expansion of the implementation of investment projects And increase the support for export activities, while linking any additional incentives with performance indicators to ensure an increase in the Egyptian export revenues at high and sustainable rates and opening new markets for Egyptian exports and products.
Algeria, Sudan, Libya, Morocco, Mauritania, Comoros, Angola, Botswana, Burkina Faso, Cameroon, Côte d’Ivoire, Eritrea, Ghana, Guinea, Equatorial Guinea, Lesotho, Madagascar, Malawi, Mali, Mozambique, Namibia, Nigeria, Congo, Senegal, South Africa and South Sudan, Tanzania, Togo, Uganda, Zambia, Zimbabwe, the Sao Tome and Principe Islands, as well as senior officials from the World Bank, the International Monetary Fund and major economic powers affecting the continent’s economy The United States of America, the United Kingdom, France and Japan.
In my opinion, maybe this is the first step for Egypt’s economical benefits and someday we’ll rise up, soon!