Reform program, financial inclusion in limelight of int’l forum

CAIRO – 14 September 2017: On the first day of the ninth Global Policy Forum, which kicked off in the Red Sea resort of Sharm El-Sheikh Thursday, policy makers have stressed on the importance of financial inclusion as a way to achieve economic growth.

Egypt was keen during the conference to review the positive results of its bold economic reform program that it started in 2014, with the aim of trimming a gaping budget deficit.
In his address to the forum,

President Abdel-Fatah al-Sisi

said that Egypt has already started to bear the fruit of the economic reform measures.

He said that economic growth during the fourth quarter of fiscal year 2016-2017 reached 4.9 percent, compared to 4.5 in the same period last year. This in addition to the significant rise in Egypt’s foreign reserves that reached $36 billion for the first time since the 25 January Revolution.

President Sisi confirmed Egypt’s keenness to become a “leading” country in the field of financial Inclusion. The government seeks to include all citizens financially in a bid to reduce the size of informal economy.
Sisi added that the government is targeting an inflation rate of 13 percent by the end of 2018.

Prime Minister Sherif Ismail has also referred to the achievements of the economic reform program, saying that there is a notable progress in the confidence of international investors and institutions in the program.

The Governor of the Central Bank of Egypt (CBE),

Tarek Amer

, said that the target of the latest economic reform measures is achieving a comprehensive and sustainable development so that the reforms could reach all society segments.

He also spoke about the improved business climate in Egypt as a result of the issuance of new laws, including the New Investment Law and the Industrial Permit Act.
As being a forum on financial inclusion, the gathering gave an extra attention to the importance of financial inclusion and discussed ways to boost it.

Deputy Governor of Brazil’s central bank,

Isaac Ferreira

, said that UN aims to achieve the Sustainable Development Goals (SDG) with the access and usage of technology in financial services.

He said that the United Nations 2030 Agenda targets the elimination of poverty and focuses on the importance of financial inclusion.

“We appreciate in our work the role of technology and innovation in promoting financial inclusion and the role of the FinTech in offering financial services in a flexible way to eliminate bureaucracy,” Ferreira said during the forum.

The two-day 9th Global Policy Forum is an international conference on financial inclusion that is being hosted by Egypt for the first time.

It is organized by the International Alliance for Financial Inclusion (AFI) and brings together some 95 states and 119 international financial institutions.
An initiative on financial inclusion in the Arab world is expected to be inked during the event.