Energy file in Egypt witnessing great development: IMF Executive Director

CAIRO - 3 March 2022: The digital transformation and reliance on financial technology that the Egyptian state is now implementing, and is subject to direct supervision by the political leadership, in addition to smart uses in the field of electricity and energy, greatly serves the energy file, Executive Director of the International Monetary Fund (IMF), Mahmoud Mohieldin, said.

 

Mohieldin noted, in a TV interview, Saturday, that the energy file in Egypt witnessed a qualitative leap during the past years, both in the field of energy Electricity, gas, oil and investment.

 

He pointed out that it is necessary to complete the file of new and renewable energy, and there are higher aspirations in this file due to the population increase that needs energy from a variety of sources.

 

“Egypt is now working on the new energy file through a strategic plan in order to provide a better life for citizens and raise their standard of life,” he elaborated.

 

Mohieldin pointed out that lining canals in order to save water has a good environmental impact on climate changes, relying on the modern irrigation system and spending on agricultural research in order to find agricultural strains that keep pace with climate changes.

 

He pointed out that the expected climate summit in Egypt "COP 27" is part of the framework, followed by a follow-up to the outcomes of the summit, because some believe that the matter is the summit only, pointing out that the summit is part of the process.

 

On the Russian-Ukrainian conflict, Mohieldin said that the world is intertwined in three main matters, namely: trade, investment and the movement of money, and if there is a disturbance in any of these three parties, there will be a disturbance in the global economy, and this war will constitute a burden on international banks, financial policies and importers, who will need to diversify their sources.