Maait: Geopolitics tensions led to rising cost of living

Finance Minister Mohamed Maait said the ministry is seeking to receive a realistic and analytical vision from international financial institutions and multilateral banks on emerging economies and financial and economic performance indicators for better understanding of extraordinary economic changes worldwide and the development needs of developing countries that are facing several challenges.

Such challenges included serious repercussions of a global pandemic and geopolitics tensions, which led to increasing the cost of living due to the price hikes of commodities and services in a very difficult inflation wave and the big reduction in the value of local currencies in developing states, added Maait.

The minister was speaking at a roundtable with representatives from the International Monetary Fund (IMF) on the sidelines of his participation in annual meetings of the Fund and the World Bank (WB) in the Moroccan city of Marrakesh Saturday 14/10/2023.

The cost of finance in world markets is very high, he said, adding the international financing institutions must act to pump sufficient financing packages in emerging markets to restore confidence of investors.

In a statement by the Finance Ministry, Maait said the Egyptian government is very interested in boosting cooperation with international institutions to accelerate economic recovery, in addition to the application of structural reforms that are mainly contributing to stimulating investments, local production and exportation and encouraging the private sector.

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