Egypt’s FinMin calls for local currency settlements

Egypt’s Minister of Finance Ahmed Kouchouk emphasised the importance of boosting regional integration and expanding local currency settlements to maximise African economies’ potential, as per a statement published by the Ministry of Finance.

During his speech at the annual meetings of the IMF and WB, he emphasised the importance of prioritising investments in agriculture, renewable energy, and technology to stimulate growth and sustainable development in Africa.

Kouchouk also highlighted the importance of international cooperation to protect the global financial system from shocks by enhancing Early Warning Systems.

He stressed that Africa’s economic transformation requires redoubled efforts to drive the growth and development with the support of international partners and through the private sector.

The African countries’ economic policies must be more coherent, integrated, and focused on achieving stability, attracting investment, and fostering international partnerships, he stated.

Attribution: Egypt’s Finance Ministry statement

Subediting: M. S. Salama