The international community must undertake its responsibility towards the region's crises to reduce their effects on regional and international economy
Dr. Mahmoud Mohieldin, UN Climate Change High Level Champion for Egypt and UN Special Envoy on Financing 2030 Sustainable Development Agenda, said that crises and problems in the region require international community to undertake its responsibility to reduce their negative effects on regional and international economies.
Mohieldin stated, in statements to CNBC Arabia on the sidelines of the World Bank Group and International Monetary Fund meetings held in Marrakech, stressed that political crises such as the bloody events in Gaza and its victims, or climate crises such as the floods that hit Libya last month, would lead to a decline in investment, trade and jobs and increase cases of mass migration and asylum in the region unless urgent action is taken to address these crises.
He explained that the countries of the region should continue to work to drive growth and curb inflation through increasing regional cooperation, localizing development and promoting domestic investments, stressing that economic policies should not depend on external borrowing except for the utmost necessity, and developing countries should not adopt economic policies as they exactly applied by developed countries.
Mohieldin confirmed that the real increase in incomes, productivity growth and creating jobs while controlling the money supply is the basis of controlling inflation in developing countries, adding that money supply must reflect the real economic growth.
He said that some Arab countries suffering from economic crises are trying to implement some structural reforms and good measures at the level of public fiscal policies, but they need to take steps to support the economy with regard to monetary policies, in addition to promoting exports and investments and diversifying their national economies.
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