IMF and WBG Annual Meetings in Marrakech 2023…..A Brief about It?
International Monetary Fund (IMF) and World Bank Group (WBG) held their 2023 Annual Meetings from October 9 to 15 in Marrakech, Morocco, for the first time in Africa after 50 years.
These meetings were attended by finance ministers, central bank governors, company CEOs, and other important figures. It is worth noting that the Egyptian Minister of Finance participated in several seminars and addressed many bodies and senior countries during these meetings. Among the seminars and sessions are:
IMF Seminar: Boosting Growth with Domestic Resources
During this seminar, Dr. Mohamed Maait, The Minister of Finance, stressed that the domestic resources’ development aims to enhance Egypt’s ability to improve citizens’ lives and the services provided to them, withstand the global economic shocks resulting from the Russian-Ukrainian war and COVID 19 pandemic, reduce inflationary burdens, and improve the Egyptian economy’s structure.
He added that Egypt aimed to raise the ratio of tax revenues to GDP, following international standards, without imposing new burdens on citizens and expand automated tax solutions to integrate the informal economy into the formal one. It also worked to provide more space for the private sector to increase its participation in inclusive and sustainable development, providing a decent life for citizens.
He also stressed that Egypt was working to stimulate new economic activities, thereby enhancing productive capacities, contributing to the development of public revenues, maintaining financial discipline, and maintaining Egypt’s safe economic path in light of the complexities of the current global economic situation.
A Session with the Group of 20 (G20)
During this session, the Minister noted the essential role of multilateral development banks in addressing global challenges and called on them to support the emerging economies of developing and African countries. He also urged all countries to join hands to overcome global challenges and strive for greater international economic justice.
He also addressed the international financial institutions to unite their efforts to finance climate adaptation by stimulating eco-friendly investments and developing basic infrastructure, noting that the endeavor to cooperate with them to integrate the environmental and climate dimension into the economic policies of different countries of the world, reduce harmful emissions and rely on clean energy, and contribute to a safe and sustainable ecosystem that is better able to avert future environmental, health, and economic crises.
Bilateral Meeting with German Counterpart Christian Lindner
The Minister held a bilateral meeting with his German counterpart, Christian Lindner, to discuss ways to strengthen bilateral relations in the economic, investment, financial, and social fields. He affirmed that Egypt looks forward to enhancing joint cooperation in the green hydrogen and liquefied gas production, supporting sustainable development efforts and eco-friendly investments.
He added that the Egyptian-German relations are strong, making us look forward to increasing German investments in Egypt, especially as Egypt stimulates the investment climate and attracts more productive activities in various sectors. He also noted that Egypt is committed to an economic reform program and incentive measures for the domestic and foreign private sector in a way that drives them to take advantage of opportunities in many areas
A Meeting with IMF’s Deputy Director-General
The Minister of Finance stated that the Egyptian government continues to pursue structural reforms by adopting balanced policies that take into account the social dimension and commit to fiscal discipline and positive handling of the negative impacts imposed by the global crises to achieve sustainable growth rates.
He stressed that Egypt is keen to coordinate continuously with the IMF to maximize the joint cooperation in order to help achieve the development, financial and economic objectives, noting that the government desires to deepen the participation of the private sector in the economic activity. Therefore, it launched the State Ownership Policy Document and the Government’s Rolls Program, in addition to the Golden Licence, which helps to shorten the procedures for establishing investment projects in a way that contributes to creating a more stimulating environment for industry, production, and export.
Bilateral Meetings with Representatives of Rating Institutions and World Banks
During these meetings, the Minister stated, in response to questions from representatives of rating institutions and world banks, that most economies, including developed ones, have been affected by global inflationary waves, requiring great funding to meet citizens’ needs at a higher cost, this has led to severe negative repercussions on the domestic currencies of most developing countries, including Egypt. He added that Egypt is working vigorously to reduce further inflationary pressures on citizens.
He noted that Egypt has paid all its external commitments over the past two years and is also committed to repaying debt installments and servicing in the upcoming years. It also relies on alternative instruments and diversified markets to provide additional financing, such as samurai bonds, sukuk, green bonds, and panda bonds.
IMF and WBG Annual Meetings held to discuss countries’ current economic and political issues. To learn more about these meetings and the participation of the Minister of Finance, click here or here or contact a tax or financial advisor from AHG Chartered Accountants