Finance Minister Dr. Mohamed Maait said that President Abdel Fattah El-Sisi's meeting with International Monetary Fund (IMF) Director Kristalina Georgieva touched on the challenges facing the world and most economies, noting that "Egypt is like other countries facing price hikes and the high cost of financing."
The minister added, during a telephone interview with the “Hazrat Al-Muwatin” program, presented by the journalist Sayed Ali on the “Al-Hadath Al-Youm” satellite channel, that “international markets are in a state of scarcity in financing.”
He warned that “interest rates in America and Europe are high, which make investments unwilling.” towards developing and emerging economies.
He pointed out that the dialogue between the president and the Director of the IMF dealt with the situation of the global economy and its impact on development, job creation, and poverty levels.
He said that the world is currently facing a catastrophe, everyone everywhere is facing challenges with high prices and the cost of financing."
The minister added that in European countries, all citizens depend on providing housing through a mortgage loan, and the interest hike is a catastrophic thing because the premium paid to the bank is increasing at great rates.
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