Egypt, Qatar Finance Ministers Stress Need to Strengthen Cooperation in Face of Global Crisis

The Minister of Finance, Mohamed Maait, and his Qatari counterpart Ali bin Ahmed Al-Kuwari stressed the need to strengthen bilateral cooperation in the face of the current global economic crisis, which has difficult repercussions on all countries of the world.

This came during the meeting of the two ministers on the sidelines of their participation in the annual meetings of the Islamic Development Bank Group, held in Sharm El-Sheikh, under the slogan "Starting Recovery from the Pandemic: Resilience and Sustainability".

The two sides reviewed - according to a statement of the Ministry of Finance on Friday - that the consequences of the pandemic, its inflationary effects and the repercussions of the war in Europe are intertwined, to cast a shadow on the economies of countries, and put them under severe pressures and difficulties.

"It caused severe disruption in supply chains, and a significant rise in the prices of basic commodities, especially wheat and non-essential commodities, and the value of services, shipping costs, and the cost of financing, in a way that led to unprecedented inflation rates that most of the world’s economies have not witnessed for more than forty years."

The two ministers discussed ways to develop bilateral coordination, deepen consultation on financial policies, and mechanisms for reaching an agreement to prevent double taxation between the two countries to encourage joint investment.

The Minister of Finance stressed that this turbulent atmosphere in the global economy reflects the importance of the Egyptian economic reform program, and the gains it has achieved that gave the Egyptian economy the ability to withstand international challenges and absorb shocks.

He said that the state attaches great importance to maximizing investments in Egypt, by overcoming obstacles for investors, developing infrastructure and mechanizing procedures, financial services and business systems related to various investment fields.

He pointed out Egypt's keenness to develop bilateral relations with the Qatari side, especially in the economic and investment fields, with a focus on all development and technological sectors, to achieve optimal utilization of all available opportunities for cooperation between the two countries.