“Global Markets” Awards Mohamed Maait the Best Finance Minister in Africa and the Middle East

Global Markets, a publication issued on the sidelines of the annual meetings of the International Monetary Fund (IMF) and the World Bank, honored Dr. Mohamed Maait, Minister of Finance, by presenting him with its annual award as the Best Finance Minister in the Middle East and North Africa for 2019. This was the second award he received that year, following the “Best Finance Minister in Africa” award presented to him by The Banker magazine, published by the Financial Times.

Global Markets also honored Ahmed Kouchouk, Deputy Minister for Fiscal Policies and Institutional Development, and Khaled Abdelrahman, Assistant Minister for Capital Market Operations, in recognition of their leadership of the Best Sovereign Debt Management Unit in the Middle East and North Africa.

The awards ceremony was held at the National Press Club in Washington, D.C., in recognition of the fruitful efforts of Dr. Mohamed Maait, Minister of Finance, which reflected the prudent direction of the political leadership and contributed effectively to Egypt’s economic recovery and the improvement of the indicators of the economic reform program since its implementation began. These efforts were reflected in the policies and measures adopted by the Ministry of Finance to rationalize subsidies and restore fiscal discipline, resulting in improved outlooks for the macroeconomy among international institutions and credit rating agencies, creating a more favorable investment climate, facilitating business activities, and strengthening Egypt’s access to international markets. These measures also contributed to reducing inflation and unemployment rates, strengthening the national economy, and sustaining higher economic growth rates.

Dr. Mohamed Maait, Minister of Finance, stated that these awards reflect the strong support of the political leadership for all government policies and its economic reform program, as well as the significant efforts made by the government of Prime Minister Mostafa Madbouly and all its members, along with the teams at the Central Bank of Egypt and the Ministry of Finance, to strengthen the Egyptian economy, improve public services, and raise citizens’ living standards.

In his speech during the ceremony, the Minister said: “I accept this award on behalf of the great Egyptian people and President Abdel Fattah El-Sisi, the true heroes of the economic reform success story.”

According to a statement issued by the Ministry of Finance, Global Markets’ recognition of Egypt’s Public Debt Management Unit as the Best Sovereign Debt Management Unit in the Middle East and North Africa represents another international recognition of Egypt’s efforts to enhance the efficiency of public debt management and put the debt-to-GDP ratio on a downward path. The ratio declined from 108% at the end of June 2017 to 90.2% at the end of the previous June, with a target of 83% in 2020 and 77.5% in 2022. This would place Egypt within the safe range in terms of the debt-to-GDP ratio, based on international estimates and standards in this regard. This progress is part of an integrated strategy adopted by the government to ensure higher growth rates, sustain the decline in the debt-to-GDP ratio, and achieve a primary surplus of 2%.

Ahmed Kouchouk, Deputy Minister for Fiscal Policies and Institutional Development, emphasized that the government is committed to building on its achievements along the path of economic reform to achieve development across its human, economic, and social dimensions and meet citizens’ aspirations. He explained that the successful performance of the Ministry of Finance’s Debt Management Unit reflects the efficient and effective efforts made in a spirit of teamwork. The same applies to the Ministry’s Macroeconomic Fiscal Policy Unit, which contributed to the successful implementation of the economic reform program and the achievement of positive and encouraging results. These achievements motivate the teams to raise their ambitions and aspirations and accomplish more for the country, particularly as both units include highly capable professionals committed to continuous contribution and development. He also highlighted the great attention given by the Minister of Finance to human capacity development in line with the latest international expertise, which contributes to the continuous improvement of performance.

The honoring ceremony was attended by the delegation accompanying the Minister of Finance to the IMF and World Bank Annual Meetings in Washington, D.C. The delegation included Yomna Khattab, Minister’s Advisor for Fiscal Policies; Mai Farid, Minister’s Advisor for Economic Justice; Dr. Mona Nasser, Director of the Follow-up Unit at the Minister’s Office; Nevine Mansour, Advisor to the Deputy Minister; and Mohamed Ashour, Economist at the Macroeconomic Fiscal Policy Unit.

Global Markets is considered one of the leading international publications specializing in analyzing and assessing the performance of emerging markets worldwide. It is widely followed by economists, policymakers, senior executives of major financial institutions, and investment funds. Its recognition of Egypt is therefore expected to have positive implications for the flow of foreign investment into the Egyptian market in the coming period.