IMF, AUC Wrap Up 1st MENA Economic Research Conference: Steering Macroeconomic, Structural Policies in a Shifting Global Economic Landscape
Following two days of high-level dialogue and expert analysis, the inaugural IMF MENA Economic Annual Research Conference co-organized by the International Monetary Fund (IMF) and the American University in Cairo (AUC), concluded with a strong call for coordinated, evidence-based policy responses to the region's old and new pressing economic challenges.
Held on May 18–19, 2025, the conference served as a critical platform for advancing rigorous research tailored to the realities of the Middle East and North Africa. It brought together global policymakers, academics, government officials and thought leaders to bridge the discussion on global economic issues with regional realities.
The event marked a first-of-its-kind collaboration between the IMF and a leading University in the region, reflecting a shared commitment to deepening the link between academic research and policy development.
Jihad Azour, director of the IMF's Middle East and Central Asia Department, noted that
that trade tensions and increasing uncertainty affecting the global economy, alongside ongoing regional conflicts and climate risks, are creating new layers of complexities for MENA policymakers.
Azour called for building a regional platform for dialogue and exchange of ideas that connects MENA to world-class research centers to provide reliable analysis and develop workable and innovative policy responses to old and new economic issues facing the region. 'We are deeply grateful to President Ahmad Dallal and AUC for their commitment to fostering dialogue, research, and policy innovation in the region.'
AUC President Ahmad Dallal highlighted the event's role as a vital platform in fostering collaboration between governments, academia and the private sector. "This is about generating ideas that are globally informed but deeply rooted in the realities of our region," he noted.
Dallal affirmed that this type of multi-stakeholder engagement is at the heart of AUC's mission and reflects the University's commitment to research, education, and open dialogue as drivers of stability, resilience, and inclusive growth.
Under the theme 'Steering Macroeconomic and Structural Policies in a Shifting Global Economic Landscape,' discussions centered on four pivotal issues shaping the future of the MENA region and the global economy:
• Fiscal Policy: With public debt at historic highs, experts stressed the importance of rebuilding fiscal buffers while tackling social inequalities, aging populations, and climate pressures. Proposals included reforms in fiscal frameworks and measures to mobilize revenues, including through multinational taxation and more progressive tax systems.
• Monetary Policy: Participants reflected on the lessons of recent inflationary shocks, emphasizing the need for more preemptive and well-communicated policy responses to global shocks and sector-specific disruptions, particularly for emerging markets.
• Industrial Policy: Speakers examined the renewed interest in industrial policy as a tool to drive inclusive growth, innovation, and climate resilience. The discussion highlighted the need to balance vertical strategies with horizontal reforms that promote private investment, trade integration, and productivity.
• Green Transition and AI: The intersection of climate action and digital transformation sparked debate about their potential to reshape labor markets. Recommendations included investing in human capital, developing targeted safety nets, and aligning policy tools to support job creation in low-emission sectors.
Throughout the sessions, there was a clear consensus that the MENA region's economic resilience depends on institutional reforms, cross-border cooperation, and investment in skills and innovation. Participants also underscored the importance of embedding policy in local realities—an approach that both the IMF and AUC pledged to champion moving forward.
In addition to prominent global and regional academics, as well as economists and government officials from across the region, and representatives of international and regional organizations, the conference brought together policymakers, including Rania El Mashat, minister of planning, economic development and international cooperation, Egypt; Youssef Boutros-Ghali, member of the Specialized Council for Economic Development, Egypt; Mahmoud Mohieldin, United Nations special envoy on financing the 2030 Sustainable Development Agenda; and Martin Galstyan, governor of the Central Bank of Armenia.
As Nigel Clarke, IMF deputy managing director concluded, "This conference is a milestone demonstrating the IMF's commitment to deepening engagement with the research and academic community, as we strive to ensure that the IMF support is not only responsive to the needs of member countries, but also built on rigorous tested analytics and importantly, it's aligned with local realities. Through this kind of multi-stakeholder dialogue, we aim to better understand how all our expertise and resources can be directed towards the most pressing challenges of the region.'
read more
Gold prices rise, 21 Karat at EGP 3685
NATO's Role in Israeli-Palestinian Conflict
US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria
Shoukry Meets Director-General of FAO
Lavrov: confrontation bet. nuclear powers must be avoided
News
Iran Summons French Ambassador over Foreign Minister Remarks
News
Aboul Gheit Condemns Israeli Escalation in West Bank
News
Greek PM: Athens Plays Key Role in Improving Energy Security in Region
News
One Person Injured in Explosion at Ukrainian Embassy in Madrid
News
China Launches Largest Ever Aircraft Carrier
Sports
Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer
Sports
Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers
News
Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies
Arts & Culture
New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple
Business
Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War
Arts & Culture
Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
News
Flights suspended at Port Sudan Airport after Drone Attacks
News
Shell Unveils Cost-Cutting, LNG Growth Plan
Videos & Features
Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al-Ahram Weekly
2 days ago
- Al-Ahram Weekly
Holding up through flames and delays - Egypt - Al-Ahram Weekly
A streak of bad news has been hitting Egypt for the last month, but the economy is showing its resilience to internal and external shocks. The timing of the blaze at the Ramses Central this week, one of Egypt's critical digital infrastructure installations, could hardly have been worse, according to many observers. The fire, which put mobile networks, ATMs, and online payments on pause, came a few days after the news broke that the International Monetary Fund (IMF) might delay the disbursement of the fifth tranche of its loan to Egypt, a delay reportedly linked to slow progress on structural reforms, particularly privatisation. On Tuesday, the local bourse and a handful of banks suspended their work for the day on the back of failures in their systems due to the Ramses blaze. Besides the four members of personnel who lost their lives in the incident, the material losses of the fire have yet to be revealed. According to a former member of the National Telecommunications Regulatory Authority (NTRA), it is still difficult to estimate the value of the losses resulting from the accident. However, according to the expert, this will not take long as every financial company and sector has crisis and risk management departments with pre-prepared scenarios in case of accidents, and they will soon have an initial estimate of their losses. Meanwhile, experts are trying to put scenarios on how Egypt will deal with the effect the delay in the disbursement of the IMF's fifth loan tranche will have, as well as placing a value on the impact of the 12-day war between Israel and Iran. Despite both developments sending shockwaves through business circles, time is proving that the effects can be contained. The IMF will combine the fifth and sixth reviews of the $8 billion support programme to Egypt to give the authorities more time to meet critical objectives of its economic reform programme, particularly on the state's role in the economy, IMF Spokeswoman Julie Kozack told a regular briefing last week. The news came while the government was taking measures aligned with IMF demands, like increasing the VAT on construction materials, cigarettes, and crude oil as well as cancelling the decision to reduce the price of electricity to industrial facilities, though such movements could increase inflation rates in July. According to Hani Geneina, head of research at Al-Ahly Pharos, the IMF's unexpected move came on the back of the government's inability to go ahead with plans to gather $3.5 billion from the proceeds of privatisation before the end of June 2025, a target that was impossible to meet due to the mood of uncertainty caused by the economic decisions taken by the Trump administration in the US. In a comment posted on his Facebook page, Geneina stressed that this uncertainty had led to a loss of trust in the dollar and investors putting their plans to invest worldwide on ice. Meanwhile, the current air of stability after the end of the Israel-Iran war could be an opportunity for the government to put stakes in state-owned entities on the block, he said. A few days ago, the government revealed plans to offer stakes in 11 state-owned companies in 2025-26 to private investors. The list includes the military-affiliated firms Wataneya, Safi, Silo Foods, Chill Out, and the National Roads Company. Some estimates put potential revenues at $4 billion. A number of airports are also being offered for privatisation, and steps are being taken to open the door to the private sector to operate and build power stations and water and wastewater treatment plants, probably through private-public partnership (PPP) agreements. Some experts believe that Egypt was not harshly affected by the Israel-Iran war. Aly Metwalli, an economist based in London, said that the 2025-26 budget had initially been predicated on an oil price of $82 per barrel. With current prices hovering around $66, the government stands to benefit from reduced subsidy expenditures, he said. However, according to Metwalli, this advantage could be offset by decreased revenues from oil exports on the back of low oil prices and other non-tax revenues. Metwalli highlighted the increased interest by the Gulf countries and their sovereign wealth funds to invest in Egypt, a factor that enhances the possibility of their investing in privatised assets. 'Recent actions suggest a continued commitment to supporting Egypt's economy. For example, Kuwait renewed a $2 billion deposit with Egypt's Central Bank [CBE] in December 2024, extending it through 2025,' he said. 'Such moves indicate a strategic partnership that transcends short-term oil price movements. Qatar and Saudi Arabia have expressed interest in converting their deposits at the CBE into direct investments, inspired by the UAE's successful Ras Al-Hekma deal,' Metwalli said. Bloomberg reported that Qatar is in advanced talks to invest $3.5 billion in a tourism project on Egypt's North Coast. Another source of relief came in recently released economic indicators. The economy grew by 4.8 per cent year-on-year in the first quarter of 2025, up from 4.3 per cent in the last quarter of 2024. According to Capital Economics, this is the fastest pace of expansion since the start of 2022. The recovery was caused by 'stronger growth in the manufacturing and tourism sectors, helped by improved external competitiveness. This more than offset a contraction in Suez Canal activity due to shipping disruptions,' a note by the London-based firm stated. Moreover, this recovery was maintained during the second half of the year, with the demand for credit, an indicator of economic activity, having grown at its fastest pace in two years in April. Heba Mounir, an economist and financial analyst at HC Securities, told Al-Ahram Weekly that Egypt's external position had showed resilience during the turbulent regional geopolitical tensions in June, demonstrated in the pound's exchange rate to the dollar reaching LE49.6 by the end of the month. Mounir said that foreign investors were net buyers in the secondary market for Egyptian treasuries by LE1.2 billion in June, due to the attractive yields, despite some outflows due to the Israel-Iran war. However, analysts expect inflationary pressures in July in the wake of parliament's approval of IMF-recommended amendments to VAT regulations, extending the tax to include cigarettes and tobacco, besides a potential increase in electricity prices. US President Donald Trump's announcement that he is not thinking of extending the 9 July deadline for countries to negotiate trade deals with the US could suggest the resumption of higher tariffs, Mounir said, which could lead to higher global inflation. 'Based on our expectation of domestic inflationary pressures, geopolitical tensions, and tariff threats in July, we expect the CBE's Monetary Policy Committee to maintain policy rates at its upcoming 10 July meeting,' she said. Interest rates were cut by one per cent during the last meeting in May. This was the second consecutive change to the rates since March 2024, following seven consecutive meetings where rates were held steady. Additional reporting: Ahmed Abdel-Hafez * A version of this article appears in print in the 10 July, 2025 edition of Al-Ahram Weekly Follow us on: Facebook Instagram Whatsapp Short link:
See - Sada Elbalad
2 days ago
- See - Sada Elbalad
Turkish Ambassador Honors Philosopher Nurettin Topçu on 50th Anniv. of His Passing
Nada Mustafa In a reflective message shared on social media, the Turkish Ambassador to Egypt commemorated the 50th anniversary of the passing of prominent Turkish thinker Nurettin Topçu, a leading figure in contemporary Turkish intellectual history. Quoting Topçu's philosophical vision, the ambassador wrote: 'Can you, Turkish children, transform the bones of unnamed ancestors beneath the ground into monuments? If so, it means you have become a person of national culture. Otherwise, your fortress-like apartment buildings—wealth vaults buzzing with countless rough-voiced cars—will not save our national culture.' The ambassador noted that he first encountered Topçu's ideas during his university years through Dergâh Publishing, expressing gratitude and respect for the philosopher's enduring legacy. He concluded his message by saying: 'May he be remembered with mercy.' Topçu, known for his advocacy of spiritual nationalism, moral integrity, and cultural consciousness, remains a towering figure in Turkish intellectual discourse. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
See - Sada Elbalad
2 days ago
- See - Sada Elbalad
Representatives of BRICS+ Countries Put Forward Proposals to Strengthen Multilateralism
Nada Mustafa Representatives of BRICS countries and partner states took part in the 17th summit session of the association, entitled "Strengthening Multilateralism, Economic-Financial Affairs, and Artificial Intelligence". At the meeting, they presented ideas on strengthening multilateralism, trade, and the development of AI, according to TV BRICS. Indonesia participated in the summit for the first time as a full member of BRICS. President Prabowo Subianto called on the countries of the group to deepen economic partnership and expand the role of the New Development Bank (NDB) of BRICS. Russia was represented by Foreign Minister Sergey Lavrov. He emphasised that the countries of the Global South and East are becoming the driving force behind economic growth and the formation of a new architecture of the world economy based on the principles of equality. According to him, BRICS is the driving force behind this transformation. The issue of artificial intelligence (AI) management took a special place on the meeting agenda, with the leaders of the group countries adopting a corresponding statement. At the session, Iranian Foreign Minister Abbas Araghchi proposed the creation of a BRICS Centre for AI and New Technologies for knowledge sharing, joint development and support for innovative projects. In turn, Indian Prime Minister Narendra Modi invited the group's countries to participate in the "AI Impact Summit", which will be held in the republic next year. In addition, the Indian Prime Minister proposed the creation of a BRICS Science and Research Repository, a database for the exchange of academic materials common to the countries of the Global South. Delegates from BRICS partner countries also presented their ideas. Vietnamese Prime Minister Pham Minh Chinh called on the group's member states to lead the reform of global institutions, promote trade liberalisation and jointly develop a fair AI governance system in cooperation with other multilateral institutions. Bolivian President Luis Arce expressed a similar position. In his opinion, the NDB should become an alternative to traditional financial mechanisms. He stated that BRICS countries need to launch joint scientific and technical projects, especially on the use of AI in the fields of healthcare, climate, agriculture and infrastructure. In turn, Belarusian Foreign Minister Maksim Ryzhenkov proposed integrating the digital currency platforms of the group's central banks. In addition, he announced the republic's readiness to become a platform for the creation of modern logistics hubs. According to him, Belarus sees BRICS not just as an association, but as a strategic platform for the future. Nigerian President Bola Tinubu stressed that BRICS countries need to give priority to the fight against infectious diseases. In addition to representatives of BRICS member countries and partners, the summit was attended by leaders of international organisations, including United Nations (UN) Secretary-General Antonio Guterres. He noted that a multipolar world requires multilateral governance. On the eve of the summit, the leaders of the BRICS countries adopted the final declaration of the summit in Rio de Janeiro. It sets out the views of the group's countries on issues such as reforming the global governance system, deepening trade cooperation, combating the effects of climate change, and cultural development. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language
