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Egypt Calls for More Financial Support to Maintain Social Protection

Egyptian Minister of Finance Mohamed Maait participates in a session entitled, “Building Social Protection in the Middle East and North Africa”, at the International Monetary Fund and World Bank meetings in Marrakesh. (Asharq Al-Awsat)
Egyptian Minister of Finance Mohamed Maait participates in a session entitled, “Building Social Protection in the Middle East and North Africa”, at the International Monetary Fund and World Bank meetings in Marrakesh. (Asharq Al-Awsat)
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Egypt Calls for More Financial Support to Maintain Social Protection

Egyptian Minister of Finance Mohamed Maait participates in a session entitled, “Building Social Protection in the Middle East and North Africa”, at the International Monetary Fund and World Bank meetings in Marrakesh. (Asharq Al-Awsat)
Egyptian Minister of Finance Mohamed Maait participates in a session entitled, “Building Social Protection in the Middle East and North Africa”, at the International Monetary Fund and World Bank meetings in Marrakesh. (Asharq Al-Awsat)

The Egyptian government is seeking to obtain new financial support to maintain social protection and improve the standard of living, especially for the most vulnerable groups.

Egypt is facing worsening economic conditions, amid scarcity of foreign reserves and high inflation rates.

In the World Economic Outlook report, which was issued on Tuesday, the International Monetary Fund (IMF) expected the average annual inflation rate in Egypt to reach 23.5 percent in 2023, and to jump to 32.2 percent in 2024.

Egyptian Finance Minister Mohamed Maait said Cairo needs more support to provide social protection for its citizens.

He made his remarks during a closed session organized by the World Bank during the annual meetings of the IMF and the World Bank in Marrakesh.

The minister noted that international financial institutions must move quickly to pump sufficient financing packages into emerging markets, in order to reduce uncertainty and restore investor confidence, by working to adopt a number of alternative financial instruments that are more adaptable to current conditions and external shocks.

Last December, Egypt obtained from the World Bank new financing worth $500 million to expand the base of beneficiaries of the social safety net program known as “Solidarity and Dignity,” as part of a third phase of cooperation between the bank and the Egyptian government to help targeted Egyptians get out of the cycle of poverty.

Maait said during the session that approximately 36 million Egyptians today need comprehensive health coverage, pointing to difficulties facing the government to secure the necessary funding for this purpose.

Egypt lost a large portion of its foreign currencies after the outbreak of the Russian-Ukrainian war, as an estimated $23 billion left its financial market in about one week. The country has also lost 40 percent of its tourists, who come from Russia and Ukraine.

“We Egyptians, like other peoples, have paid the price for these shocks. Financial institutions must help us. Here we are talking about our need for more support,” Maait said.

On Friday, the minister signed a memorandum of understanding with the Under-Secretary-General of the United Nations and Executive Secretary of the United Nations Economic and Social Commission for Western Asia (ESCWA), Dr. Rola Dashti, to enhance the efficiency of social spending.

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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)

Dr. Abdul Hakim Elwaer, Assistant Director-General of the Food and Agriculture Organization (FAO), stated that the organization will take an active role at COP16, the UN conference on combating desertification, scheduled to take place in Saudi Arabia in early December.

In remarks to Asharq Al-Awsat, he expressed confidence that the conference—the first of its kind in the Middle East—would produce significant outcomes.

Elwaer’s comments came during a roundtable organized by FAO’s regional office in Cairo, attended by a select group of media representatives. The session focused on FAO’s participation in the upcoming conference and the importance of the Rio Trio —the integrated framework of the three major UN conventions addressing climate change, biodiversity conservation, and desertification.

Fida Haddad, FAO’s Program Officer for Land Rehabilitation and Climate Change, highlighted the interconnectedness of the three conventions and noted that COP16 would place a strong emphasis on land and water rehabilitation and their sustainable management.

Haddad pointed out that approximately 90% of the Middle East is affected by arid conditions. Despite this, local communities and Arab governments have made notable progress in addressing desertification and drought. She also announced that, for the first time, FAO has successfully placed food systems on the COP16 agenda, enabling discussions on how land rehabilitation can enhance food supply chains and systems.

Elwaer underscored FAO’s central role in achieving the second Sustainable Development Goal (SDG): eradicating hunger. He emphasized that FAO actively engages in the UN conventions on climate change, biodiversity, and desertification, which collectively contribute to this mission.

FAO’s focus, according to Elwaer, is on transforming food and agricultural systems to become more inclusive, efficient, and sustainable, aiming for better production, nutrition, and livelihoods. He highlighted the organization’s success in integrating these priorities into the agendas of the three conventions and collaborating with host countries on joint initiatives.

He further noted that Saudi Arabia’s hosting of COP16 is particularly significant for the region, which faces pressing challenges such as water scarcity, desertification, and food insecurity. The conference presents an opportunity for Middle Eastern nations to highlight these issues, explore solutions, and ensure their inclusion in global environmental discussions, not only at this event but in future COP sessions, he underlined.

Elwaer emphasized the growing global attention on desertification, as it is now impacting regions previously unaffected, such as southern Europe and parts of Latin America. These areas are witnessing alarming declines in arable land and forests, prompting them to seek lessons from the Arab world, which has developed resilience strategies to combat desertification over centuries.

FAO will have a strong presence at COP16, with two dedicated pavilions—one in the Blue Zone for official delegations and another in the Green Zone to engage civil society and conference participants, he said.

He added that in collaboration with Saudi Arabia and the UN, FAO will lead coordination on Food Day and Governance Day, scheduled for December 5 and 6, respectively. The organization will also participate in other specialized sessions throughout the conference.