Ramsco's Women Empowerment Initiative Recognized Among Top BRICS Businesswomen Practices for 2025    Egypt, Elsewedy review progress on Ain Sokhna phosphate complex    Gold prices end July with modest gains    Pakistan says successfully concluded 'landmark trade deal' with US    Egypt's FM, US envoy discuss Gaza ceasefire, Iran nuclear talks    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Federal Reserve maintains interest rates    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Rafah Crossing 'never been closed for one day' from Egypt: PM    I won't trade my identity to please market: Douzi    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt's EHA, Huawei discuss enhanced digital health    Egypt, Oman discuss environmental cooperation    Egypt's EDA explores pharma cooperation with Belarus    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



ONE ON ONE: ECES director on the new financial order
Published in Daily News Egypt on 27 - 07 - 2009

CAIRO: How will the economic crisis reshape the global economic order? That's been the question to mull over in the past months as the financial fallout sent world markets tumbling.Hanaa Kheir El-Din, executive director of the Egyptian Center for Economic Studies (ECES), told Daily News Egypt in an interview that when the dust clears, the first thing the world will notice is a decline in the United States' economic supremacy. The financial turmoil began with the US credit crisis and went on to affect the rest of world, she said, so in the future, every country will want to have a say. This will mean a more active role for countries such as China, Japan, Germany and France, who will demand a greater role in monitoring the global financial sector. One lesson to be learned is how little supervision there was over the global financial system, she added, which is the first thing that needs to be addressed by strengthening governance, transparency and accountability - otherwise, the current crisis will be replicated in the future.
A deeper lookThe ECES was established in 1992 as an independent non-profit think tank with the mission of promoting economic development in Egypt. The center was ranked in 2008 as the second top think tank in Egypt and 13th in the Middle East by US magazine Foreign Affairs.Executive Director Kheir El-Din sat down with Daily News Egypt to describe her vision of a new order for the financial world. The role of institutions such as the World Bank, the International Monetary Fund and the International Finance Corporation has to be revised. Their projections regarding the current crisis were not accurate, particularly the IMF, Kheir El-Din said, and their solutions for getting out of the crisis did not work, which shows their weakness.One noticeable trend in the new financial order taking shape is an increase in protectionism, particularly in the West. "This affects the role of the World Trade Organization, which [promotes] free trade, but now has to revise its position in this new [financial order], Kheir El-Din said."There is a saying that goes: 'The West tells the developing world do as we say, not as we do,' she said, "they give us instructions and then do something else.
Closer to homeIn Egypt, a different crisis began when inflation rates skyrocketed in early 2008 after a Presidential decree to raise public sector wages by 30 percent, which sent food prices soaring and resulted in bread riots."This was funded by real resources, which means the government started to impose taxes, remove tax exemptions on free zones and impose taxes on treasury bills, which affected the stock market and sent it declining well before the [global economic] crisis in May 2008, Kheir El-Din said.She stressed that before talking about external shocks, Egypt has to work on its internal financial system. Egypt should direct its attention to other African and Arab countries, she said, "We should look on all fronts, including opening up with the US, and we should not depend on only one block of countries. This will require increased competitiveness and improved production. Enhancing the education system is a prerequisite to improving productivity, she said, but "very little has been done to this end - "a lot of talk and very little action.
Local think tanks Egypt does not have enough think thanks, Kheir El-Din said, but what worries her more is "the quality of research. "Economic research in Egypt is below global standards, she said, pointing to Israel as the top in the region.Foreign Affair's survey results show that among the Middle East's top 25 think tanks, eight are Israeli, three are Turkish, two are Egyptian, two are Palestinian, and two are Emirati, in addition to one in Morocco, Lebanon and Jordan. Al-Ahram Center for Political and Strategic Studies topped the list, followed by the ECES. The center currently has five senior and five junior researchers, and while there are vacancies, "it's difficult to find the right caliber.


Clic here to read the story from its source.