Finance Minister, Amr Al Garhy confirmed that the G 20 presidents and leaders’ Summit in Hangzhou, China, in which President Abd El Fattah Elsisi participates, is a good opportunity to present and propagate Egypt’s economic reforms and the procedures implemented in this regard, supporting Egypt on the international investment map.
The minister declared that the government is interested to explain many features of the Egyptian reform program to the G 20, whereas representatives of major international financial institutions participate in the summit in addition to the bilateral meetings to be held on the sideline of these meetings.
The most prominent subject to be discussed is the efforts exerted to increase the global sustainable growth rates by adopting a new growth track based on innovation and technology as a new global economy driver.
The previous meetings of G 20 Finance Ministers, in which Egypt participated, considered the current global economic status and the challenges faced, whereas the IMF expects that the current global economic growth shall reach the ratio of 3.4% resulting from the recent changes in the European Union due to the Britain’s referendum to exit from the European Union.
Accordingly, integrated fiscal, financial and structural policy mechanisms should be confirmed among member states. Each member state shall specify the reforms to be implemented in this regard subject to a time schedule and adopting a periodic review to follow up implementation of such obligations.
He indicated that the G 20 strategy targets to increase global growth rates by an additional 2% during the coming years by 2018 through a package of measures, proposed and complied with by each state to be implemented in the fields of financial and fiscal policies, investments, infrastructure, employment, competitiveness, trade, labor market and liberalization, however, the current estimates reflect the challenges faced to realize the targets despite improvement of the global economic performance. He confirmed Egypt’s interest concerning presence of a growth stimulating international environment in Egypt.One of the most important portfolios to be discussed is infrastructure investment; as one of the main pivots adopted by the G 20to internationally increase productivity rates, realize global economy’s growth targets, improve services as well as development of the global financial system. In this regard, all the procedures implemented in the overall reform of the IMF votes and quota’s system shall be discussed, whereas the fourteenth review entered into force in last January allowing increase of the emerging and developing countries’ quotas, including Egypt. The fifteenth review shall be concluded in 2017 to reach an agreed equation upon which the member states quotas shall be calculated, while increasing the emerging countries quotas.