News and more

Keep Updated On The Progress

  • Tuesday, 22 December 2020
  • Sector(s) :

Annual Report 2020 l Pushing Ahead with Fiscal Reforms: Ministry of International Cooperation Secures $638 Million Fund from Arab Monetary Fund to Strengthen Pubic Finance Reforms

Minister of International Cooperation, H.E. Dr. Rania A. Al-Mashat, announced during the launch of the 2020 Annual Report that the Ministry succeeded in securing development financing worth $638 million in 2020 from the Arab Monetary Fund to strengthen public finance reforms.

Al-Mashat explained that this agreement is part of Egypt’s homegrown reform programs that have been ongoing since 2016 to promote macroeconomic stability. The report, titled ‘International Partnerships for Sustainable Development’ assesses the progress of Egypt in implementing structural reforms since 2016, and adopts a fresh look at reform priorities to revive growth sustainably. It identifies four main features that helped Egypt better manage the impact of the pandemic: governance and planning through adopting structural reforms, economic digitization, social safety nets, and health system and research capacity. In the ‘Reform, Recover, Rise’ section of the report, Egypt’s comprehensive and monetary reforms were highlighted as key pillars that helped mitigate the impact of the global economic shock of the COVID-19 pandemic. Adopting agility, Egypt implemented sector-based projects that prioritize strengthened infrastructure related to electricity, renewable energy, and transportation to enhance private sector development, the report adds. With purpose as the driver, A. Al-Mashat added that the funding aims to achieve various SDG targets, namely Goal 1 for No Poverty, Goal 10 for Reduced Inequalities, Goal 11 for Sustainable Cities and Communities, and Goal 17 for Partnerships for the Goals. Last week, Minister of International Cooperation met with Marina Wes, World Bank’s Regional Director for Egypt, Yemen and Djibouti, to conclude the periodic review on the results of the Development Policy Financing Framework, which are a result of extensive consultations that were carried out between technical teams from the Ministry of International Cooperation and the World Bank in coordination with line ministries as well as other policy makers and civil society actors to finalize 2021 reforms that push for private sector engagement. Ministry of International Cooperation works to apply principles of economic diplomacy to strengthen the ‘Global Partnerships for Effective Development’. These principles include regularly organizing multi-stakeholder platforms; mapping ODA financing to SDGs for all projects with multilateral and bilateral development partners; and adopting a consistent Global Partnerships Narrative People&Projects&Purpose (P&P&P).