Egypt’s Finance Minister announces plans to use local currency for trade with Asian and African nations.

Egyptian Finance Minister Mohamed Maait reaffirmed the need to use the local currency in relations with Asian and African countries, as Kenyan President William Ruto spoke at the New Global Financial Pact Summit.

During an interview with Paper and Pen, Muhammad Maite explained, “The President of Kenya said, ‘I need a dollar for what, and I’m dealing with Djibouti. What is the dollar that acts as an intermediary between us? “Noting that working in local currencies is part of the funding solution.

Maait pointed out that Cairo has now become part of the BRICS Development Bank and there are many countries seeking to join this bank, noting that he is happy to create new financial institutions such as the BRICS Development Bank and the African Bank because these institutions are the arms of the financial system. in Africa.

The Minister of Finance added that the crises currently existing in many countries occurred due to external conditions such as the coronavirus crisis, the Russian-Ukrainian crisis and the external wave of inflation, which negatively affected developing countries, indicating that Egypt encountered obstacles. every period since the nineties, and that the current wave of economic obstacles has been going on for 3 years, and the state has coped well with it in the first two years.

He stressed that the state is taking action on the ground to deal with the negative effects of these obstacles, adding: “I am confident that I will restore confidence in macroeconomics by taking some measures.”

Maite noted that what happened in Egypt can be used after we get out of the current crisis during the new budget that will start next month 2023/2024, stressing that the state is aware of the negative impact on citizens due to for high prices. and the state is moving towards lower prices.

Source: “Sada El Balad”

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