Developing nations must adapt to withstand global economic shocks, says Egypt’s PM Mostafa Madbouly

Madbouly said the solution to Egypt’s economic challenges lies in the promotion of ‘sustainable governance’ and ‘visionary and innovative’ policy approaches. (Supplied)
Madbouly said the solution to Egypt’s economic challenges lies in the promotion of ‘sustainable governance’ and ‘visionary and innovative’ policy approaches. (Supplied)
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Updated 12 February 2024
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Developing nations must adapt to withstand global economic shocks, says Egypt’s PM Mostafa Madbouly

Developing nations must adapt to withstand global economic shocks, says Egypt’s PM Mostafa Madbouly
  • Madbouly says Cairo is pursuing private sector investment, green transition, and policies ‘centered on human dignity’
  • At World Government Summit, Egyptian PM urges nations to adopt ‘visionary and innovative’ approaches to governance

DUBAI: Egypt is responding to recent global economic turmoil by encouraging private sector investment, exploring new technologies, prioritizing the green transition, and shaking up its governance model, Egyptian Prime Minister Mostafa Madbouly has said.

The Arab world’s most populous country, home to more than 110 million people, has been almost uniquely vulnerable to the economic headwinds of the COVID-19 pandemic, the war in Ukraine, the Israel-Hamas conflict, and the pressures of climate change.

These combined blows have struck a nation already facing a foreign exchange crisis, historic inflation, sluggish non-oil exports and foreign direct investment, constrained private sector activity and job-creation, and rising government debt.

For Madbouly, the solution lies in the promotion of “sustainable governance” and policy approaches that are “visionary and innovative.”

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Government delegations attending summit.

“In Egypt we have been encouraging people to invest in the private sector, which can help create more jobs,” Madbouly, who has held the office of prime minister since 2018, told an audience at the World Government Summit in Dubai on Monday.

“Our new plans and their implementation has helped us push through the past four years till now,” he added, saying Egypt aims to achieve sustainable growth by 2030 by investing in its population — almost 30 percent of whom live below the national poverty line.

“We are educating our citizens and we have centered our policies on human dignity. Our plans so far have been recognized and received rather well by the UN.”

The World Bank and the International Monetary Fund expect Egypt to face continued economic strain through 2024 before beginning to see improvement over the medium term — as long it sticks with current stabilization and structural reforms.

These reforms include implementing the IMF-brokered State Ownership Policy, fostering greater competition, strengthening governance and the rule of law, and improving the overall business environment to unleash the private sector’s full potential.

Egypt also aims to stabilize its economy by raising productivity and by diversifying its investments into different sectors, from high-tech industries like artificial intelligence to modern agricultural techniques, creating 7-8 million jobs in the process.

“Our focus on the growth of infrastructure and our political reforms will be attracting local foreign investments alike,” said Madbouly, who was previously Egypt’s minister of housing, utilities and urban communities.

One area the Egyptian government seems especially keen to develop is green energy.

Having hosted the UN Climate Change Conference, COP27, at the Red Sea resort of Sharm El-Sheikh in 2022, Egypt is looking to lead the way in the adoption of green hydrogen and to reduce its reliance on fossil fuels.

“We aim to cooperate and facilitate the establishment and production of green energy, especially green hydrogen, which we are hoping to become a regional central hub for by 2026 and a global hub by 2030,” Madbouly said.

Of course, Egypt is not alone in having to adjust to difficult economic realities, which are forcing governments across the developing world to break with old structural orthodoxies and embrace new approaches to governance.

“According to the World Bank, the problem with high interest rates will cause problems for developing nations,” said Madbouly.

“This is a result of political tensions that manifests into lack of cooperation between governments, which will end up causing a strain on some nations’ local currencies.”

He added: “That alone ought to motivate governments to think entirely differently in order to address these present problems.”

Madbouly urged governments in a similar predicament to Egypt to “develop sustainable governance and start to approach matters in visionary and innovative ways.”

 

 


Houthi leader says UK’s Sunak has chance to recover Rubymar by letting aid into Gaza

This satellite image taken by Maxar Technologies shows the Belize-flagged ship Rubymar in the Red Sea on Friday, March 1, 2024.
This satellite image taken by Maxar Technologies shows the Belize-flagged ship Rubymar in the Red Sea on Friday, March 1, 2024.
Updated 7 sec ago
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Houthi leader says UK’s Sunak has chance to recover Rubymar by letting aid into Gaza

This satellite image taken by Maxar Technologies shows the Belize-flagged ship Rubymar in the Red Sea on Friday, March 1, 2024.
  • The Houthis insist their attacks will continue until Israel stops its combat operations in the Gaza Strip, which have enraged the wider Arab world and seen the Houthis gain international recognition

CAIRO: A senior Houthi leader said on Saturday he held British Prime Minister Rishi Sunak and his government responsible for the sinking of the UK-owned Rubymar.
Mohammed Ali Al-Houthi, head of Yemen’s Houthi supreme revolutionary committee, also said on X: “Sunak has a chance to recover the Rubymar by allowing aid trucks into Gaza.”
Yemen’s internationally recognized government said earlier on Saturday that the Rubymar, which was attacked by Houthi militants last month, had sunk in the Red Sea and warned of an “environmental catastrophe” from the ship’s cargo of fertilizer.

 


Tunisian authorities investigate a fire at a synagogue, question a suspect in custody

Tunisian forces secure an area near the Ghriba synagogue following a shootout on the resort island of Djerba on May 10, 2023.
Tunisian forces secure an area near the Ghriba synagogue following a shootout on the resort island of Djerba on May 10, 2023.
Updated 11 min 8 sec ago
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Tunisian authorities investigate a fire at a synagogue, question a suspect in custody

Tunisian forces secure an area near the Ghriba synagogue following a shootout on the resort island of Djerba on May 10, 2023.
  • In May, five people were killed in a shooting attack on the historic Ghriba synagogue on Tunisia’s island of Djerba

TUNIS, Tunisia: A man believed to have started a fire in a garden at a synagogue in the east of Tunisia is in custody and under investigation for targeting a Jewish house of worship, officials said Saturday.
Hichem ben Ayad, the public prosecutor in the eastern port city of Sfax, told The Associated Press that a garden in the courtyard of the city’s synagogue was set on fire last Sunday. An investigation was opened and a suspect was arrested, he said.
The suspect is a public official his late 40s, ben Ayad said. He is being questioned to establish if the fire — which the prosecutor said was “a criminal act” — was premediated and deliberately targeted the Jewish house of worship.
There were no casualties in the fire that was extinguished the same day, ben Ayad said. He added that the blaze did not cause significant damage to the building. The synagogue appeared to be empty at the time, he said.
In May, five people were killed in a shooting attack on the historic Ghriba synagogue on Tunisia’s island of Djerba. Authorities said a Tunisian national guardsman was behind the attack.
The assailant intentionally targeted the ancient synagogue on the Mediterranean island in a premeditated act, Tunisian officials said.

 


Kuwait calls on voters to elect members of the national assembly on April 4

Kuwait calls on voters to elect members of the national assembly on April 4
Updated 03 March 2024
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Kuwait calls on voters to elect members of the national assembly on April 4

Kuwait calls on voters to elect members of the national assembly on April 4
  • Last month, Kuwait’s Emir Sheikh Meshal Al-Ahmad Al-Sabah issued a decree to dissolve parliament

KUWAIT CITY: Kuwait called on Saturday for voters to elect members of the national assembly on April 4, Kuwait News Agency said.

On Wednesday, government spokesman Amer Al-Ajmi said the Kuwaiti Cabinet had approved a draft emiri decree inviting voters to elect the National Assembly and added that registration of candidates would begin on March 4.

Last month, Kuwait’s Emir Sheikh Meshal Al-Ahmad Al-Sabah issued a decree to dissolve the parliament.

The decree was based on the national assembly’s “violation of the constitutional principles,” KUNA added.

The assembly was elected in June 2023 following a proposal by the prime minister that was approved by the cabinet.


Thousands protest Tunisia economic woes

Thousands protest Tunisia economic woes
Updated 02 March 2024
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Thousands protest Tunisia economic woes

Thousands protest Tunisia economic woes
  • Protesters denounce the implementation of "diktats" from the IMF at the expense of ordinary Tunisians
  • Tunisia's economy is at a standstill with growth of 0.4 percent and an unemployment rate of 16.4 percent in 2023

TUNIS: Thousands protested deteriorating living standards outside the prime minister’s office in Tunis on Saturday following a call from Tunisia’s main trade union confederation.

“The economic and social situation continues to worsen,” the confederation’s head, Noureddine Taboubi, said in a speech to protesters.
Taboubi said the state’s ability to service its foreign debt in 2023 had been “to the detriment of the people and resulted in shortages of basic products.”
He criticized the implementation of “diktats from the International Monetary Fund” (IMF) at the expense of ordinary Tunisians.
The Tunisian economy is at a standstill with growth of 0.4 percent and an unemployment rate of 16.4 percent in 2023, according to the National Institute of Statistics.
Unemployment stood at 15.2 percent at the end of 2022.
President Kais Saied has ruled by decree since a July 2021 power grab and last year rammed through a constitution that gave his office unlimited powers and neutered parliament.
Weathering a grave economic crisis, Tunis concluded an agreement with the IMF in October 2022 for a $2 billion loan facility.
But loan tranches stalled when the president rejected reforms demanded by the IMF.
 


Investigation into death of El-Arish University student reopened

Members of the Egyptian police special forces stand guard in Cairo. (AFP file photo)
Members of the Egyptian police special forces stand guard in Cairo. (AFP file photo)
Updated 02 March 2024
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Investigation into death of El-Arish University student reopened

Members of the Egyptian police special forces stand guard in Cairo. (AFP file photo)
  • El-Zoghbi’s father Salah said: “I do not know the details of what Naira faced, but we approached the prosecution after finding threatening messages from some of her peers on her phone

CAIRO: The Egyptian Public Prosecutor decided on Saturday to reopen the investigation into the death of Naira Salah El-Zoghbi, a 21-year-old veterinary medicine student at El-Arish University in North Sinai whose death 10 days ago was originally recorded as a suicide.

Allegations of blackmail and bullying linked to El-Zoghbi’s death have been circulated widely on social media.

Ahmed Salama, the lawyer representing El-Zoghbi’s family, told Arab News: “The prosecution ordered the exhumation of the victim’s body to determine the cause of death. Her grave in the village of Meet Tarif, her hometown in the Dakahlia governorate, was opened under security surveillance to take necessary samples.”

Salama added: “Investigations are underway to uncover the circumstances of the girl’s death, awaiting the forensic report that will be issued and announced in due time.

“There might be a criminal angle because we learned that a cat which drank from the same cup as Naira died instantly.”

El-Zoghbi’s father Salah said: “I do not know the details of what Naira faced, but we approached the prosecution after finding threatening messages from some of her peers on her phone.

“I was unaware of what exactly happened to my daughter, but I was surprised by a call from the university requesting my presence. Upon arrival, I learned of Naira’s death without knowing the cause. After going to the hospital, it turned out my daughter died from acute poisoning, and her body was released for burial last Sunday.”

He added: “I was surprised by (claims) on social media that several of her peers had blackmailed her due to disputes and because she was distinguished and excelled academically. However, I did not know the nature of these problems or the blackmail. Naira used to talk to her mother and tell her about some normal issues with her peers, but she didn’t know the real reasons behind these problems.”

Egyptian newspapers quoted El-Zoghbi’s mother as saying that she received a call from her daughter, who was in distress due to severe “cramps and vomiting.”

Her mother advised her to take some painkillers, but, shortly after, the university called to inform the family that El-Zoghbi had been taken to hospital. By the time her family arrived in El-Arish, El-Zoghbi had already been pronounced dead.

One of El-Zoghbi’s fellow students, who asked to remain anonymous and was among those who initiated the “Justice for El-Arish Student” campaign on Facebook, told Arab News: “I joined peers in a campaign to demand justice for Naira, and we found overwhelming support.

“We knew there were disputes between (Naira) and one of her roommates following a verbal altercation in the presence of several students.

“Some students said that her roommate had secretly photographed her in the bathroom to humiliate and bully her due to the altercation that occurred between them.”

Some of El-Zoghbi’s friends claimed her roommate had sent El-Zoghbi threats, demanding an apology and warning that otherwise she would expose her by posting her pictures on social-media platforms.

El-Zoghbi apparently complied and apologized on a private WhatsApp group for the university’s students.

A source from the university administration revealed details of the incident to Arab News, saying: “The student swallowed a pesticide pill while she was on campus and survived for more than 12 hours. Attempts were made to treat her at the hospital, but she eventually passed away.”