Facing economic challenges requires activating a role for the stock exchange
The Egyptian state has taken more sophisticated measures than the countries of the world, implementing the largest financial inclusion program that the state has adopted for years.
Ashraf Hagar - • General Topics
Hajar: Facing economic challenges requires activating a role for the stock exchange
CopyAshraf Hajar, director of the Egypt and Middle East Center for Financial and Economic Studies, said that the Egyptian state has taken more sophisticated measures than other countries in the world, implementing the largest financial inclusion program that the state has adopted for years.
He added that the success of Egypt's experience in applying financial inclusion is bearing economic fruits from facilitating the transfer of funds through banks and the flexibility of government agencies in providing services through the Digital Egypt page in all aspects of life such as taxes, supply, real estate, judicial and customs records, investment and the business environment for the private sector.
He pointed out that such measures shorten the time of performance of the transaction and push the wheel of production very quickly, as they work to enhance societal transparency, lead to justice in all its aspects and eliminate corruption, which is reflected in the sense of societal satisfaction with government performance and also the high added value achieved within society.
Hajar stressed that the decline in the value of the Egyptian currency represents an opportunity to increase the competitiveness of products in export markets compared to competing countries, as it reduces the prices of all our local products in light of the rationalization of the import of the foreign component, but it is necessary to work on the availability of locally made raw materials and production requirements to exploit opportunities to increase exports and achieve the highest added value for the Egyptian product in the national income.
Hajar pointed to the importance of the role of research centers that always have solutions outside the traditional frameworks, which reflects the need to raise the value of resorting to specialized consultants to address such obstacles that exist everywhere in life.
He explained that addressing the current economic challenges requires activating the role of the Egyptian Exchange in performing its role in financing projects, removing huge procedural obstacles in obtaining financing, opening the door for imports of all production requirements and non-recreational consumer goods, removing procedural obstacles to existing Egyptian projects of customs, tax and administrative procedures, and leaving the foreign exchange market free, to the forces of supply and demand.
The Director of the Egypt and Middle East Center for Financial and Economic Studies stressed that in light of the results of the first phase, a vision must be developed for the plan to repay international debts through the surplus of the Egyptian trade balance and not through borrowing, in addition to upholding the word Made in Egypt, in addition to upholding societal values that praise the opportunities provided by the political leadership of the Egyptian state to those who are serious about infrastructure that does not exist in many countries.