Egypt’s Minister of International Cooperation, Dr Rania Al-Mashat, has presented a New Global Partnerships Narrative during a Sunday videoconference meeting with over 100 international development organization representatives.
The meeting was held to discuss future economic cooperation as a result of the ongoing coronavirus (COVID19) pandemic, a ministerial statement said.
The meeting was attended by representatives from a range of international organisations, including the UN, the World Bank Group, the International Monetary Fund (IMF), the African Development Bank, and the European Bank for Reconstruction and Development, among others.
Dr Al-Mashat highlighted the coronavirus’ possible impact on sustainable development goals (SDGs). She added that all measures mitigating the virus’ impact should not derail development efforts from their intended purposes, especially for achieving the SDGs.
The meeting is an important platform set up by the Ministry of International Cooperation for discussions on the immediate COVID-19 crisis response. It aims to create an action plan beyond this period through a coordinated effort aligning with national priorities.
Dr Al-Mashat acknowledged the work that Egypt and its development partners have undertaken over the past decade, and praised the value of international cooperation in supporting the Egyptian economy.
The Egyptian government has applied a simplified fast track process for approving international financing in efforts to combat the further spread of the coronavirus, Dr Al-Mashat said. She also provided detailed insight on the preparations carried out by the Egyptian healthcare system and its governance in controlling the outbreak.
The ministers comments were followed by a detailed discussion on Egypt’s fiscal and monetary macroeconomic policy responses, and the structural reforms aimed at reversing the recession.
Dr Al-Mashat underscored the various fiscal and monetary policies undertaken to date to help reduce the recession’s financial impact on households and the private sector. These steps have also been to mitigate the possible slowdown in economic activities.
The US has been working with Egypt for over 40 years in a range of sectors, including healthcare, youth projects, education and the emplowerment of women, said Sherry Carlin, USAID’s Mission Director in Egypt. Carlin confirmed that USAID remains committed to its continued support of Egypt, especially in light of the ongoing coronavirus outbreak.
Marina Wes, World Bank Country Director for Egypt, Yemen and Djibouti, added that the World Bank remains ready to support Egypt in its effort to confront the immediate health emergency and mitigate the socio-economic impacts of the COVID-19 pandemic.