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Egypt’s former Finance Minister, Mohamed Maait, has been elected as the executive director representing Arab countries and the Maldives at the International Monetary Fund (IMF). The Egyptian cabinet announced his appointment on Saturday, marking a transition as he succeeds Mahmoud Mohieldin, whose term concluded in October. Maait will begin a four-year term in this pivotal role.
In his new capacity, Maait focuses on promoting economic growth and enhancing support for Arab economies. He recognizes the pressing need for coherent international monetary policies that not only bolster financial stability but also address the challenges posed by escalating debt levels across the region. “Securing adequate financing for development and creating more job opportunities are at the forefront of my agenda,” Maait stated, emphasizing the necessity for increased private sector engagement in economic activities.
A key element of Maait’s strategy involves fostering a transparent and competitive business environment to draw in investments. He believes that expanding both international and private sector investments is essential for achieving development goals and satisfying the fundamental needs of nations. This approach is particularly vital for Arab economies, many of which face significant challenges in attracting foreign direct investment.
## A Proven Track Record
Before stepping into his role at the IMF, Maait served as Egypt’s finance minister from 2018 to 2024. Additionally, he previously held the position of vice minister of finance for public treasury affairs, where he played a crucial role in shaping fiscal policies. His academic background as an assistant professor in the Department of Insurance and Actuarial Science at Cairo University further underscores his expertise in finance and economics.
## Looking to the Future
As Maait embarks on this new chapter, all eyes are on Egypt’s upcoming fourth review of its Extended Fund Facility loan, expected in November. This review is particularly significant, as it will pave the way for Egypt to receive a crucial loan tranche of $1.3 billion, a lifeline for the country amid ongoing economic challenges.
In conclusion, Mohamed Maait’s election as executive director at the IMF is a promising development for Arab nations and the Maldives. His commitment to fostering economic growth, attracting investments, and enhancing financial stability will be pivotal as he navigates the complexities of international monetary policy in his new role.
