Former finance minister Mohamed Maait, has officially begun his tenure as Executive Director and member of the Executive Board at the International Monetary Fund (IMF), representing the Arab Group and Maldives.
In a statement released on Saturday, Maait expressed his deep gratitude to President Abdel Fattah Al-Sisi for his trust and support in securing the role.
He also thanked Prime Minister Mostafa Madbouly and the Egyptian government for their backing during the nomination and voting process.
Special recognition was given to Mahmoud Mohieldin, the outgoing Executive Director, for his significant contributions to advancing the economic and developmental objectives of Arab nations over the past four years.
Maait emphasized his commitment to intensifying efforts to support Arab economies through integrated and balanced international financial and monetary policies.
He aims to enhance financial stability, promote sound public financial management, and establish resilient economic foundations, particularly
for developing nations, especially low- and middle-income countries.
In the statement, Maait outlined his intention to tackle the pressing challenges of rising debt burdens, seeking innovative financing solutions that foster development and job creation.
The former minister also underscored the critical need to expand the role of the private sector in economic activities and encouraged increased investment in a transparent and competitive business environment.
‘International investments, particularly private investments, must reach new heights to drive development and meet the essential needs of our populations,’ Maait stated.
Looking ahead, Maait plans to maximize the benefits of the IMF’s resources and expertise for the Arab Group and Maldives while enhancing coordination with regional Arab institutions. This collaborative approach aims to bolster the economies of these nations, enabling them to effectively address both internal and external challenges.
He highlighted the necessity for flexible strateg
ies to manage ongoing uncertainties, including rising debt levels, inflation, and unemployment, while also addressing the financial demands posed by climate change.
Source: State Information Service Egypt