ALULA/CAIRO – Egyptian Minister of Planning, Economic Development and International Co-operation Rania al-Mashat said Wednesday Egypt is working to present a fully integrated vision for the reconstruction of the Gaza Strip ensuring existence of Palestinian people on their land, with a view to reaching comprehensive and just peace in the region.
The minister of international co-operation told CNN reporter Richard Quest, during Alula Conference for Emerging Market Economies, held in Saudi Arabia, that since 2011, Egypt has hosted millions of brothers from Sudan, Libya and Yemen, as a result of regional tensions, especially in the Red Sea region.
The event is organised by the Saudi Ministry of Finance and the International Monetary Fund (IMF), bringing together finance ministers, central bank governors, and policy makers in emerging markets to find ways to address common challenges.
“The Egyptian economy has been facing major challenges that contributed to a decline in Suez Canal revenues by about 70 per cent,” said the minister.
“Despite these challenges, the Egyptian state has taken measures and policies in order to enhance macroeconomic stability, ensure financial and monetary stability,” Mashat added.
“Inflation rates have declined and foreign direct investments have also begun to return again, in addition to achieving high economic growth rates in the first quarter of the current fiscal year, driven by the non-oil manufacturing sector, attesting to structural transformation in the Egyptian economy,” she said.
The minister also said the government is working to shift from non-tradeable economy to tradeable economy, to enhance efforts meant to increase exports, in addition to pressing ahead with implementing structural reforms to maintain attained economic growth levels.
Mashat pointed out that the challenges facing countries, especially developing states, require flexibility to adapt to changes.
