3 weeks Ago By [email protected] (MENAFN)
( MENAFN - Daily News Egypt) Rania Al-Mashat, Egypt's Minister of Planning, Economic Development, and International Cooperation, presented a new operational framework for economic development to representatives of the United Nations, its specialised agencies, and international financial institutions on Friday. The meeting, which included Elena Panova, UN Resident Coordinator in Egypt, and representatives from around 20 UN agencies and organisations, as well as representatives from the World bank and the Islamic Development Bank, focused on reviewing the economic development framework, governance of investment expenditure, and discussing future priorities to boost economic development efforts. Al-Mashat emphasised the importance of integrating economic diplomacy and planning mechanisms to advance development efforts.
“The government continues to take effective measures to enhance macroeconomic stability,” she said, outlining the ministry's commitment to using technical support mechanisms and international diagnostic reports to formulate evidence-based economic policies. The new framework, Al-Mashat explained, is designed to integrate planning, economic development, and international cooperation to chart pathways for sustainable growth. It translates national strategies into impactful development projects across various sectors, incorporating international partnerships that provide financing and technical support for achieving economic development.
Al-Mashat highlighted the importance of data-driven policy making, noting that the new Planning Law of 2022 and its executive regulations, which are nearing completion, mandate the use of comprehensive data analysis, regular follow-up, and alignment of national priorities with sustainable development goals. The minister also reviewed the government's efforts in the governance of public investments, highlighting the allocation of 42% for human and social development, 37% for industrial development and infrastructure, and 21% for local development in the economic and social development plan for the fiscal year 2024/2025. Al-Mashat outlined three phases for enhancing the efficiency of investment expenditure governance: planning investments through updating project evaluation criteria, developing methodologies for calculating private investments, integrating geographic information, and activating local development programs; allocating investments through developing a financial equation to cover developmental gaps in governorates; and monitoring the implementation of these investments.
The Minister also highlighted the integrated national development financing strategy for Egypt, which has been prepared in collaboration with the United Nations. This strategy, launched during the Future Summit held on the sidelines of the 79th UN General Assembly, supports the state's efforts to achieve sustainable development, focusing on priority sectors such as social protection, education, health, transportation, sanitation, climate change, and women's empowerment. Regarding government policies and actions in the upcoming period, Al-Mashat reaffirmed the Egyptian government's commitment to continue implementing effective measures and policies that support macroeconomic stability and enhance the governance of public investments, while focusing on creating space for private sector participation and ensuring efficient resource allocation to key sectors.
During the meeting, representatives from UN organisations and international institutions reiterated their commitment to supporting the government's vision and efforts to enhance economic development and stabilise the macroeconomy. Panova emphasised the UN's and its agencies' commitment to supporting the Egyptian government's efforts across various fields and mobilising all necessary expertise, efforts, and resources to align national priorities with the international agenda. She highlighted the importance of ongoing dialogue platforms between the Ministry of Planning, Economic Development, and International Cooperation and development partners to coordinate visions, monitor the developments of joint cooperation, and achieve related objectives.
Representatives from the Islamic Development Bank, the World Bank, and specialised UN agencies acknowledged the ministry's efforts in achieving integration between the planning system and international cooperation to support economic development, emphasising the strategic partnership with Egypt and the desire to continue collaboration to advance mutual relations. The meeting was attended by AbdulHakim ElWaer, Assistant Director-General of the Food and Agriculture Organization (FAO) and Regional Representative for the Near East and North Africa, Cristina Albertin, Regional Representative for the UN Office on Drugs and Crime (UNODC) in the Middle East and North Africa, Muhammad Abdelgadir, Country Director of the International Fund for Agricultural Development (IFAD) Office in Cairo, Eric Oechslin, Director of the International Labour Organization (ILO) Country Office in Egypt, Walid Kamal, Director of the Joint United Nations Programme on HIV/AIDS (UNAIDS) in Egypt, Alessandro Fracassetti, UN Development Programme (UNDP) Resident Representative in Egypt, Jean-Pierre Domergue, World Food Programme (WFP) Egypt Representative and Country Director, and Muhammad Al-Nasour, Chief of the Middle East and North Africa Section at the Office of the UN High Commissioner for Refugees (UNHCR), alongside representatives from the International Organization for Migration (IOM), UN Women, UNICEF, WHO, UN-HABITAT, UNFPA, UNDRR, and UNV. MENAFN02112024000153011029ID1108844845 Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind.
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