Egypt’s former finance minister Mohamed Maait has officially taken on his new role as Executive Director and member of the Executive Board, representing the Arab Group and Maldives at the International Monetary Fund (IMF).
Maait expressed gratitude to President Abdel Fattah Al-Sisi for his trust and support in nominating him for this prestigious international position. He also thanked the Egyptian government, led by Prime Minister Mostafa Madbouly, along with the ministers, the Central Bank governor and deputies, and representatives from the Arab Group and Maldives at the IMF, for their support during the nomination and voting process. Additionally, he acknowledged Dr. Mahmoud Mohieldin, the outgoing Executive Director, for his substantial contributions to advancing the economic and developmental goals of Arab nations, recognizing his significant efforts and achievements over the past four years in the role.
In a statement released today, Saturday, Maait emphasized that in his new position, he would work to double efforts to support Arab economies, aiming to foster growth through consistent, integrated, and balanced international financial and monetary policies. These efforts will help strengthen financial stability, ensure sound public financial management, and build more diverse, resilient, and sustainable economic foundations, especially benefiting developing nations, particularly low- and middle-income countries.
Maait highlighted his intention to address the growing challenges of debt and its burdens, seeking appropriate financing solutions for development and job creation. He underscored the importance of expanding the private sector’s role in economic activities and encouraging it to invest more in a transparent, competitive, and supportive business environment. He noted that international investments, especially “private investments,” must reach new heights, driving developmental momentum to achieve economic targets and meet the essential needs of the population.
He added that, in the coming period, efforts will focus on maximizing the benefits for the Arab Group and Maldives from the IMF’s expertise and resources, while increasing coordination with regional Arab institutions. This approach could play a significant role in supporting the economies of the Arab nations and Maldives, helping them navigate internal and external challenges, and building a more stable and sustainable future. Maait emphasized the need for flexible approaches to manage the “current uncertainty” alongside rising debt burdens, inflation, unemployment, sluggish economic growth, and the financial demands of addressing climate change impacts.