Egypt’s PM inaugurates the 41st meeting of AACB

Egypt’s Prime Minister Mostafa Madbouly has inaugurated a meeting of the Association of African Central Banks (AACB) today.

Egypt’s Prime Minister Mostafa Madbouly asserted Egypt’s keenness on strongly contributing to the development process on the African continent, welcoming the fostering of cooperation with all African nations and boosting all initiatives by the African Union to enhance integration among its nations.

Madbouly gave a speech at a meeting of the Association of African Central Banks (AACB), the first to be hosted by Egypt in the Red Sea resort town of Sharm El-Sheikh on Wednesday.

The 41st AACB meeting is attended by a number of regional and international institutions, including the International Monetary Fund (IMF), the World Bank, the African Union Commission, the European Central Bank, the Federal Reserve Bank of New York and the Common Market for Eastern and Southern Africa (COMESA).

In a speech on Wednesday, Egypt’s Central Bank governor Tarek Amer said that central banks have borne the burdens of the budget deficit, adding that Egypt’s economic indicators have improved due to the country’s economic reform programme, which started in 2014.

Prime Minister Madbouly said that the annual meetings of the AACB are the most important economic events on the African continent, given the participants’ ability to take effective decisions capable of increasing inter-African trade, boosting economic integration and improving living conditions for Africans.

The Egyptian prime minister noted that increasing inter-African cooperation will certainly create an appropriate environment to address all challenges, either those resulting from regional and international policies or global economic changes.

“Achieving the aspirations of African people needs tireless efforts and a strong will on all levels to develop the financial sector and boost economic growth,” Madbouly said.

“It also requires taking necessary measures to face the influx of illegal capital, as it poses risks to the future of African countries,” he added.

The prime minister reaffirmed that Egypt will remain a strong supporter of all African issues and an effective player in helping African countries achieve stability.

As part of efforts to boost integration with African states and increase economic cooperation, Egypt signed the African Continental Free Trade Area (AfCFTA) with Rwanda in March, the Egyptian premier noted.

“Together we can create a new reality for Africa that places it in its rightful status on the world economic map in a way that will help achieve social and economic justice for the African people and create new horizons for a bright future,” he added.

Speaking on the results from Egypt’s economic reform programme, Madbouly asserted that foreign cash reserves increased to 44 billion dollars by the end of June, while the economic growth rate mounted to 5.2 percent during the first half of 2017/2018, compared to 2.9 percent in 2013/2014.

Madbouly also expressed hope that the current AACB meetings would help buttress financial and structural reform efforts to develop the African economy in light of the unprecedented challenges facing not only Africa but the entire world.

The Egyptian prime minister also expressed hopes that the meetings would increase African countries’ role in international economic institutions.

Madbouly said that he wishes the AACB meetings can come up with decisions that positively boost African economies.