Finance Minister Mohamed Maait said on Thursday that emerging economies and developing nations are the most affected by war in Europe.

He noted that consecutive crises starting from the coronavirus pandemic till the current Ukrainian crisis have caused a severe global inflation wave that pushed prices of basic commodities and fuel up as a result of the disruption of supply chain.

These global crises undermined overall development efforts in all countries which requires exchanging ideas and expertise to reach flexible solutions to diversify financing sources and lure more investments.

Maait gave the remarks during a meeting with his African counterparts in the presence of IMF officials on the sidelines of his participation in the IMF and World bank meetings in Washington.

He underlined the importance of stepping up international cooperation efforts to help African and developing nations cut down their debts.

Maait also called for achieving African food security through making the best use of available continental resources.

He said the national economy became more resilient in face of internal and external challenges due to the implementation of the economic reform program over the past few years and the social protection initiatives, citing the exceptional aid delivered to 9.1 million families for six months.

Source: State Information Service Egypt