Minister of Finance Mohamed Maait affirmed Egypt’s keenness to coordinate the African place by internet hosting a gathering of African Ministers of Finance, Financial system, and Surroundings this September with a view to attain a unified continental imaginative and prescient forward of the UN Convention of Events on Local weather Change (COP 27 ).
This got here in a bilateral assembly with Malian Minister of Finance and Financial system Alousseni Sanou on the side-lines of their participation within the annual conferences of the African Export-Import Financial institution (Afreximbank) to debate methods to reinforce bilateral relations in numerous fields throughout the framework of Egyptian efforts to attain continental integration.
The September assembly will search to consolidate a unified African imaginative and prescient on problems with finance and local weather, on condition that rising economies and growing nations can not bear the burdens of adapting to local weather change in gentle of a world financial disaster represented by the unprecedented detrimental results of the conflict in Europe.
Maait mentioned that Egypt will undertake initiatives and concepts to current to African ministers on this assembly — which might be held in Egypt — in a manner that contributes to serving to African nations deal positively and flexibly with local weather challenges by facilitating financing alternatives that help the transition to a inexperienced economic system.
The minister additionally reviewed the Egyptian expertise in financial reform, which resulted in attaining a optimistic development price of three.6% and three.3% throughout the coronavirus pandemic in a manner that displays the good points that the Egyptian economic system has loved that made it extra able to absorbing world shocks.
He additionally identified that Egypt has made nice strides in modernizing and digitizing the monetary, tax, and customs programs in a manner that contributes to simplifying procedures, stimulating funding, facilitating the motion of inner and exterior commerce, lowering the price of the import and export course of, itemizing the tax group extra precisely, and integrating the casual economic system into the official one.
Furthermore, he identified that the ministry additionally succeeded in implementing a system for the advance registration of shipments (ACI) in seaports in a manner that prompted it to launch this superior system in airports. It will assist cut back the time for customs launch and ban the entry of unhealthy and unidentified items to the Egyptian market.
Moreover, he defined that the federal government is constant to develop the Authorities Monetary Data Administration System (GFMIS), the Digital Fee and Assortment System, and the Unified Treasury Account (TSA) in a sustainable method that contributes to figuring out the quantity of revenues and expenditures of the state’s public treasury straight away.
This helps in estimating the nation’s monetary place in actual time and being able to take the precise resolution on the proper time. The significance of this has change into clear in flexibly coping with world financial crises.