Cairo, Egypt: The International Monetary Fund (IMF) and the Government of Egypt organized a joint seminar on inclusive growth, as a follow-up to the Marrakech call for Action on policy priorities to Build Resilience and Support Economic Transformation in the Middle East and North Africa (MENA) Region. At the conclusion of this seminar, Mr. Hassan Abdalla, Governor of the Central Bank of Egypt; Mr. Mohamed Maait, Minister of Finance; and Mr. Jihad Azour, Director of the Middle East and Central Asia Department of the IMF issued the following statement:
"The region continues to need to make faster progress towards higher, more inclusive, and private sector-led growth and to generate more opportunities for all— including the youth, women, vulnerable groups and new entrepreneurs.
"Working together – through sound policies and strong partnerships - policymakers can tackle old and new challenges and build a future for the region grounded in a new model of development. Within this context, the IMF will be a long-standing partner to countries in the MENA region to support these efforts.
"This event in Cairo has kick-started engagement with MENA stakeholders on how to promote inclusive and sustainable growth and build a new social contract to close the gap between the growth models of the past and the growth engines of the future.
"The panel provided an opportunity to discuss how to make the IMF Call for Action on Inclusive Growth in MENA, issued during the 2023 Annual Meetings in Marrakech, a reality. In particular, the panel discussed practical policy recommendations to make progress on the Call for Action's five pillars: (a) fostering a vibrant private sector; (b) overhauling social protection systems; (c) providing opportunities for the youth; (d) easing barriers to female participation in economic life; and (e) leveraging technology and green investment as engines of growth and job creation.
"We are hopeful that the dialogue initiated in Cairo this week will help strengthen partnerships between policy makers, the private sector, and non-governmental organizations to help the MENA region make decisive progress toward higher and more inclusive growth".
