Egypt’s Finance Minister Mohamed Maaet said the emerging economies have faced a number of sudden challenges, including the Covid-19 crisis and Russia-Ukraine conflict, imposing further pressures on the budgets of countries over high rates of inflation.
The minister made the remarks on Saturday during a session held on the sidelines of the 2023 Spring Meetings of the World Bank Group and the International Monetary Fund in Washington.
Such challenges reflect the urgent need to ensure the provision of funding for the sectors of health, education, foodstuff, natural gas and fuel, among others, to meet the basic needs of citizens amidst the current economic uncertainty.
The minister added that he hopes that the international institutions would play greater roles in offering soft loans for developing countries and emerging economies.
