Minister of Finance Mohamed Maait has called on the Council of Arab Finance Ministers and the Arab Monetary Fund to adopt an integrated strategy for hedging against external economic shocks.

The move was made during Maait’s participation in the Joint Annual Meeting of Arab Financial Institutions in Saudi Arabia.

“Our unity and the sustainability of coordinating Arab viewpoints and policies are the greatest guarantee of dealing positively and flexibly with global economic repercussions; in a way that contributes to absorbing the negative effects of global crises and reducing their severity on Arab economies,” the minister said.

Maait asserted Egypt’s keenness to strengthen inter-Arab solidarity and enhance their unity in order to achieve the desired integration among them in a way that leads to the optimal utilization of Arab resources, as well as achieving financial, economic and development goals in a sustainable manner.

He also emphasized the necessity of exchanging expertise among brotherly Arab countries in the financial policies field in order to support the stage of recovery from repercussions of the coronavirus pandemic, which was followed by severe disruption in supply chains and a sharp rise in the prices of goods and services.

This crisis has worsened with the Russia-Ukraine crisis, he added.

Source: State Information Service Egypt