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  • Thursday, 19 September 2024

Minister of Planning, Economic Development, and International Cooperation Monitors the Implementation of Structural Reforms under Phase One of the Macro-Financial Assistance (MFA) mechanism with the European Union

H.E. Dr. Al-Mashat emphasized the need to intensify efforts with international partners to support the implementation of structural reforms that enhance macroeconomic stability and create opportunities for the private sector.

As part of her efforts to strengthen partnerships with the European Union at the economic level, H.E. Dr. Rania A. Al-Mashat, Ministry of Planning, Economic Development, and International Cooperation held a video conference meeting with EU officials to discuss the implementation status of Phase One of the Macro-Financial Assistance (MFA) mechanism. Under this mechanism, the European Union provides concessional financing of €1 billion to support the implementation of structural reforms that stimulate the private sector in Egypt, with participation from the Ministry of Foreign Affairs and the Ministry of Emigration and Egyptian Expatriates Affairs.

During the meeting, H.E. Minister Al-Mashat discussed with EU officials the ongoing procedures for implementing the structural reform matrix in coordination with the relevant national authorities, including the Central Bank, the Ministries of Finance, Social Solidarity, Labor, Investment and Foreign Trade, Electricity and Renewable Energy, as well as the Competition Authority and the Information and Decision Support Center affiliated with the Cabinet.

The two sides also reviewed preparations for the upcoming technical mission at the end of September to continue technical discussions between the EU and the concerned entities.

H.E. Dr. Al-Mashat highlighted the importance of the structural reform program in creating opportunities for the private sector, enhancing competitiveness, improving the business environment, and bolstering the macroeconomic capacity to withstand external shocks, while also supporting the green transition and opening future prospects for comprehensive and sustainable development.

H.E. Minister Al-Mashat noted that supporting the implementation of structural reforms is a key area of focus for the Ministry of Planning, Economic Development, and International Cooperation, through collaborative relationships with multilateral and bilateral development partners. This ultimately contributes to supporting the state’s efforts to build a competitive economy attractive to investments and drive sustainable and inclusive economic development.