Egyptian Finance Minister: Building a More Resilient Global Economic System

Egyptian Finance Minister Mohamed Maait affirmed that "the time has come to build a more resilient global economic system capable of green recovery." He explained during a meeting with the Coalition of Finance Ministers for Climate Action on the sidelines of the International Monetary Fund and World Bank meetings in Washington that "the goal is to avoid health, economic, and environmental shocks, especially in light of the successive global crises that have intensified funding pressures on emerging economies. The war in Europe has led to unprecedented inflation waves, reflected in rising prices of goods and services, and increased costs to bridge financing gaps from international markets at a time when there is a growing need for huge budgets to positively address climate change variables." Maait pointed out that "we look forward to providing incentivizing financing for sustainable development in developing and African countries, led by the private sector as the engine of economic development, which can effectively contribute to improving citizens' livelihoods, enhancing services provided to them, and providing more job opportunities, keeping in mind that what we do not implement today will become a burden and come at a high cost in the future."