Mohamed Maait elected as IMF Executive Director for Arab Group, Maldives

Updated 10/27/2024 4:40:00 AM

Arab Finance: Egypt’s former Minister of Finance Mohamed Maait has been elected to serve as Executive Director and member of the International Monetary Fund’s (IMF) Board of Executive Directors, representing the Arab Group and the Maldives, as per a statement.

Maait, who was nominated by Egypt and endorsed by the Arab Group, will hold this influential position for a four-year term, succeeding Mahmoud Mohieldin.

He outlined his aim to foster sustainable growth in developing countries, particularly those with low to middle incomes, by advocating for balanced international financial and monetary policies.

His priorities include enhancing financial stability, managing public finances, and supporting diversified economic foundations that can foster steady and sustainable growth.

Reflecting on his tenure as Egypt’s finance minister from 2018 to 2024, Maait acknowledged the considerable challenges Egypt faced during his service, including the COVID-19 pandemic, the economic impacts of the Russia-Ukraine conflict, foreign currency shortages, inflation, and, more recently, the regional turmoil involving Gaza and Lebanon.

Maait emphasized that his new role at the IMF will involve addressing rising debt burdens and finding development-oriented financing solutions that promote job creation.

He underscored the need for increased private sector engagement in economic activity, as well as an investment climate characterized by transparency and fair competition.

Additionally, he plans to support policies that respond flexibly to challenges such as debt, inflation, unemployment, and the funding requirements of climate change.