Dr. Youssef Boutros Ghali  Minister of Finance and the President of International Monetary and Financial Committee in the International Monetary Fund received an invitation from Gordon Brown, British Prime Minister for consultation meeting on Monday on the impact of the global financial crisis on African economies and policies to be taken into account to reduce the impact of this crisis on developing countries, especially as they have already started to suffer of the marked slowdown in economic activity and the scarcity of capital flow, which increases the complexity of the problem, especially for African countries that recently suffered sharp declines in export earnings side of the devaluation of their currencies by a large percent.

The Minister of Finance, emphases  in press statements before leaving Cairo to London on the importance of this meeting, which will be preceded by meetings of the Group of 20 summit which will be held in London on next April 2, where the meeting will discuss the policies and actions required to address the global crisis to be taken into account during the summit meetings in the preparation of economic policy Group to address the effects of global crisis on the countries of the world and also to the economies of Africa to avoid the effects of the crisis.

Dr. Ghali declared that the data published recently by the IMF and World Bank show a sharp decline in private capital for investment in emerging markets in general, which slump from about $ 530 billion in 2007 to about 460 billion dollars in 2008, and expected no more than 165 billion dollars in this year, which will inevitably affect the development plans of many countries, and even some other countries the ability to meet external debt-servicing obligations.

On the other hand, Dr. Youssef Boutros Ghali, confirm that the Egyptian government's commitment is obligated to providing adequate resources for the public budget next fiscal year to strengthen domestic demand and boost investment and employment in vital sectors of value with a great social development and sustainable services such as drinking water and sanitation, roads, port development, as well as export subsidies. The Minister of Finance emphases that the major reforms and structural changes that have occurred in the Egyptian economy in recent years, the growing production and export base and its diversification will make the Egyptian economy is able to overcoming this crisis with the least damage, especially if the international efforts is success to shorten the duration of its continuity .

Source: Ministry of Finance))