An Overview of the Ministries of Finance in Egypt and KSA
The Egyptian Ministry of Finance is a pioneering government entity and a model to be followed at the regional and global levels and on the world map. It formulates and implements Egypt’s financial and economic policies in a way that achieves comprehensive economic growth, financial control, fair and efficient distribution of Egypt’s resources, and lays the foundations for a strong economy, which achieves the society’s welfare, protects Egypt’s higher interests and national security, as well as protecting the rights of future generations. It is worth noting that Dr. Mohamed Maait is the current Minister of Finance in Egypt.
As for the Ministry of Finance in KSA, it is considered a leading ministry with a distinctive fiscal system supporting KSA’s growth towards the top 15 largest economies in the world by 2030. It develops effective financial policies and manages financial resources to achieve stability, economic growth, and financial sustainability, raise spending efficiency, enhance partnerships with the private sector through effective governance, and empower the Kingdom in its influence on the financial community regionally and internationally. It is worth noting that Mr. Mohammed bin Abdullah Al-Jadaan is the current Minister of Finance in KSA.
Details of the MOU between the Two Ministries
The Egyptian Minister of Finance, Dr. Mohamed Maait, signed an MOU with the Saudi Minister of Finance, Mr. Mohammed bin Abdullah Al-Jadaan, for cooperation in various fields between the ministries of finance of the two countries.
It is worth noting that this MOU was signed on the sidelines of the Arab-African Economic Conference in Riyadh, KSA, which was attended by several financial, business, and investment leaders from the government and private sectors, trade federations, international organizations, and the most important figures in academic circles and think tanks to discuss relations and opportunities for cooperation.
What is the Aim of this MOU?
This MOU that was signed between the Ministries of Finance of Egypt and KSA aims to establish a high-level dialogue between the two ministries to discuss financial and economic developments at the regional and international levels and exchange experiences in various finance policies to keep pace with global economic developments.
It also aims to discuss opportunities for technical cooperation between the two sides and their affiliated bodies, building capacities programs, and any other areas related to financial policies. In addition, financial dialogue sessions and meetings will be held annually under the chairmanship of both the finance ministers with the participation of other relevant government bodies.
The Egyptian Minister of Finance’s Speech
The Egyptian Minister of Finance, Dr. Mohamed Maait, confirmed that signing this MOU reflects the keenness of Egypt and KSA to advance bilateral relations in the areas of financial policies. This comes in line with the remarkable development witnessed in other aspects aimed at consolidating the strategic partnership as an extension of the deep historical ties at the official and popular levels, in a way that achieves optimal investment in bilateral cooperation opportunities in various sectors to achieve common interests within the framework of national experiences and development goals following the 2030 visions of the two countries.
It is clear that Egypt exerted a great effort to consolidate relations with the other countries. It signed many agreements with countries from Africa and the Middle East, the most famous of which is signing an MOU with the Saudi Minister of Finance, Mr. Mohammed bin Abdullah Al-Jadaan, for cooperation in various fields and to discuss opportunities for technical cooperation between the two sides and their affiliated bodies, capacity building programs, and any other fields related to financial policies. For more information about this MOU, click here or here.
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