2024/08/08

El-Mashat meets with IMF to enhance National Accounts System

Dr. Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, held a virtual meeting with Ms. Elrigita Bibai, Regional Advisor on National Accounts at the Middle East Technical Assistance Centre of the International Monetary Fund (IMF), in the presence of Dr. Ahmed Ashour, the supervisor of national accounts, within the framework of the fruitful cooperation between the Ministry of Planning and the Centre to develop the Egyptian national accounts system.

This aligns with the Ministry's role in strengthening partnerships with development partners and international institutions. By leveraging diverse technical support, we aim to bolster Egypt's development efforts and refine the national accounts system. This will enhance the accuracy and utility of economic indicators at both regional and governorate levels.

The meeting focused on exploring avenues for enhanced cooperation and outlining priorities for the next phase of developing Egypt's national accounts system. Key areas of discussion included: auditing the quality of national accounts data, evaluating and updating the methodologies for annual and quarterly GDP estimates to align with international standards, accelerating the provision of monthly and quarterly questionnaires, data, and indicators to support timely economic monitoring. The importance of these elements in effectively tracking economic progress at both regional and national levels was emphasized.

Al-Mashat emphasized the importance of strengthening cooperation with the IMF to secure essential technical support for achieving these goals. A primary focus is enhancing data quality and accuracy to generate reliable information for informed economic decision-making. These efforts align with Egypt's Vision 2030, aiming for comprehensive and sustainable development across all sectors.

She emphasized that high-quality economic data is fundamental to realizing Egypt's Vision 2030, as it underpins strategic decision-making and progress towards development goals.

The meeting also explored the possibility of Egypt hosting the 20th anniversary celebration of the Regional Center for Technical Assistance in the Middle East. Ms. Elrigita Bibai commended Egypt's pivotal role in the Fund's regional initiatives, making it an ideal location for this significant event.

The Middle East Regional Technical Assistance Center (METAC) was established in October 2004 as a collaborative effort between the IMF, member countries, and multilateral and bilateral development partners. METAC supports member states in strengthening public policies and institutions to foster inclusive and sustainable growth through capacity development, public financial management, and national accounts.