Dr. Youssef Boutros Ghali the minister of finance assured in front of the Forum of Arab businessmen that the current financial crisis will continue for a period ranging between 18 and 24 months at most and then the financial markets will return to normal in the same strength.

He added that the global financial system will not change and market mechanisms usually altered by major crises such as the incident now and it's a corrective process because the open markets comes before the pre-control systems, explaining that we remember that the global crisis in 1929 was of its results of the appearance of the central banks in the world and programmes to control banks and financial instruments.

He added that the role of the International Monetary Fund currently disagreed for the period of the 1990s as rates of exchange and distribution of world savings are currently being through free-market mechanisms. He explained that the financial crisis have emerged since the late 1990s and early this century of the existence of financial surpluses in many countries and the financial institutions had to lend such surpluses  the expansion of real estate lending in America without sufficient guarantees and the real estate lending has been expanded in America Without sufficient guarantees, this policy was initiated by President Clinton by the expansion of ownership of the Americans home despite their inability to buy these houses and This has been done through a complex series of the financial procedures, which led to shares and bonds for real estate financing without ascertaining their true value or the borrowers' capacity to pay these debts, and that is the beginning of the current crisis.

Earlier, the Forum had honored, Dr. Youssef Boutros Ghali on his election as President of the Finance Committee in International Monetary Fund.

(source: Ministry of Finance)