The need for more social protection is greater in emerging economies that are suffering the effects of internal and external shocks.
Countries with emerging economies are looking to whoever can help them weather the repercussions of the global economic crisis.
These remarks by Minister of Finance Mohamed Maeet came during a meeting on Thursday with Lord Mayor of the City of London Nicholas Lyons on the sidelines of the Net Zero Emissions Summit held in the British capital.
“Support for emerging economies has become necessary amid the current exceptional circumstances, represented in the movement of investments towards the advanced economies after the rise in interest rates and, at the same time and increased spending on health, education and manufacturing,” Maeet said.
“Successive crises have disrupted supply chains, hence the need to promote local production, self-sufficiency and expanding exports,” he added.
The government is now focusing on increasing the engagement of the private sector in economic activities through the Initial Public Offering (IPO) programme to put state-owned companies on the Egyptian Exchange (EGX), he said.
This programme is part of the state’s commitment to the gradual exit from some sectors according to the State Ownership Policy Document.
The minister affirmed that financial institutions have to adopt new balanced finance mechanisms to support developing countries adapt to climate change.
