Pound flotation was inevitable: WB Vice President

CAIRO - 19 November 2017: The floatation of the Egyptian pound was an inevitable measure, World Bank First Vice President Mahmoud Mohieddin said on Sunday during his speech at an American Chamber conference.

“There are still lots of measures needing to be applied. The infrastructure and health care are above all,” Mohieddin added.

He said there are many positive moves Egypt has made, particularly in the fields of infrastructure, building roads and healthcare, referring to the government’s effort to get rid of Hepatitis C virus.

“I myself felt improvements in my local city, Kafr Shokr; when I visited the city, I noticed important reforms,” the world figure added.

He affirmed that the Egyptian economy is much better than other economies of developing countries and it has a potential. He also called on the government to allow the private sector to have a higher chance.

Mohieddin called for “establishing sovereign funds” and allocating parts of the investment resources for these funds. He also urged for the significance of making citizens aware of the value of “saving”, as the saving rate in Egypt is lower than 8 percent, which is little when compared with global rates.

Addressing global megatrends and challenges, Mohieldin said that it is important to address demographic shifts to achieve economic development, highlighting that this is a reason why the World Bank Group adopted a 2030 agenda that focuses on finance, data and implementation, which is in line with the United Nations' sustainable development goals.