The United Nations envoy: The world’s cooperation to provide a Coronavirus vaccine achieves guarantees to control the epidemic … Dialogue

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اخبار مصر30 أبريل 2021آخر تحديث : منذ 3 أشهر
The United Nations envoy: The world’s cooperation to provide a Coronavirus vaccine achieves guarantees to control the epidemic … Dialogue

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Dr. Mahmoud Mohieldin, Executive Director of the International Monetary Fund and the United Nations envoy to finance sustainable development, that there are a number of important topics that were raised in the Spring Meetings of the International Monetary Fund, and said that there are 5 important main topics that were raised, the first topic, of course, is related to dealing with the global health crisis And the issue of the availability of the Corona vaccine, that until this moment there is a great disparity in the availability of the vaccine, as it was mentioned during the meetings that 10 countries are responsible for making the vaccine available by 70% in the world, while there are a number of developing countries we did not get any vaccine until the time of a decade The meetings of the International Monetary Fund and the World Bank, and this type of disparity must be dealt with, because there are financial obstacles, including what is needed by the mechanism of the International Alliance “Kovacs” supervised by the World Health Organization, and there are logistical obstacles, and there are also problems related to production and distribution operations. The vaccine requires that the issue be addressed in terms of intellectual property rights related to the trade of medicine and medical supplies, noting that last October, developing countries submitted a request to allow a temporary period for exemption from restrictions related to the Intellectual property rights, but her request was rejected, and there is a reopening of this topic again.

It is estimated that within 3 to 5 years central banks will issue digital currencies

Focus on renewable energy investments

The world’s interest in climate change has increased interest in renewable energy investments, as we see in Egypt

Dr. said. Mahmoud Mohieldin said that the matter needs a huge international cooperation in this regard that is not only about talking, but needs effective measures, and understanding in this regard must also be on the side of developed countries, because the issue is not only a matter of international cooperation and activating it in a simple field, But the issue of providing the vaccine leads to achieving sufficient guarantees that the whole world, including developed and developing countries, regardless of geography – controls the epidemic, and without providing the vaccine, there will be problems for countries that have secured themselves vaccines that exceed in some cases their population numbers several times.

Dr. added. Muhyiddin: As for the second issue that received attention, the issue of recovery measures and the capabilities of different countries to inject funding from their public spending and from monetary easing that helps the recovery process, as the percentage of financial packages supporting the economic recovery in economically advanced countries exceeded 12% of the GDP in them. While the capabilities of emerging market countries made them spend in the range of less than 4% of the gross domestic product, while the lower-income countries, the developing countries, spent less than 2% of the gross domestic product, which will affect the possibility of a rapid recovery, and the possibility of resuming activities The economic and productive movement to support vital economic projects to get out of the crisis.

He said: And also the objective of responsible spending, along with controlling the epidemic, is on the expectations of the rates of economic growth, and the expected growth for this year 2021 within the range of 6% after a negative growth contraction, which amounted to about 3.3% last year 2020, and it is expected that the US economy will grow by about 6.4%. % And China “the second largest economy in the world” by more than 8%, which is the same expected growth for neighboring countries in Asia from developing countries and emerging markets. As for countries in the Middle East and Africa, they are expected to achieve a growth of 3 to 4% on average. Europe is expected to achieve a growth of about 4.4%, which means that Europe will not compensate for what it lost last year, as it witnessed a contraction of 6.6% last year, while Latin American countries are expected to achieve growth of about 4.6% after they witnessed a contraction last year. By 7%, and the clear message from that is that there is disparity in economic growth, which is an indication of the ability to control the pandemic and recover and the ability to support public spending, and the second thing is that there is a great disparity between countries, and the third thing is that even within countries there will be a disparity in recovery. Between different sectors, mouth Third, it is expected that the conditions of the tourism sector will improve only in connection with the possibility of complete control over the pandemic, and the same thing with regard to the entertainment sectors, and other services that depend on the interaction and presence of people in places where the service is available and consumed, which leads us to consider the possibilities of support, and to identify the first sectors to support work and employment during the period Coming.

Dr. Muhyiddin said that the third topic that was of interest during the discussions was the size of global debt and international financial liquidity, and as is known before the pandemic in late 2019 there was talk that the world is facing a fourth wave of debt, and we know that the previous waves ended each of them in a crisis, and we hope Does not this fourth wave end with a crisis, as the accumulation of debt in Latin America in the eighties of the last century ended with a crisis, and the accumulation of debts in East Asian countries in the second half of the nineties of the last century ended with a crisis, and the global financial crisis in 2008 was also due to the accumulation of debts, What we hope is that the efforts to contain the repercussions of the debt increases do not result in a comprehensive global crisis, although there are many cases of defaults that require reconciliation of conditions that started in the majority of them prior to the pandemic, and therefore this issue is important, and I imagine that the availability of international financial liquidity amounting to 650 billion dollars from An increase in the issuance of special drawing rights units could provide a number of countries with possibilities that increase their liquidity and their financial fullness, because the numbers of the special drawing units are added as soon as they are issued in the future The foreign exchange has collapsed, and the $ 650 billion equals 95% of the member states ’shares in the fund. So, if we look at the countries of the Middle East, we will find an increase in their shares by about $ 36 billion, and the African countries about $ 28.6 billion, and we will find that there is an increase in Egypt’s share of about 2.2 billion. 8 billion dollars are added to the foreign exchange reserves so that it can be used by the state, but in general there is a need to address debt problems before they turn into debt crises around the world, and the measures taken by the initiatives of the G20 mainly targeted the lowest-income and poorest countries. Middle-income countries have any arrangements or facilities for them at all, and therefore this makes me say that we are in the process of what can be called the “new middle trap” in the sense that developed countries now borrow interest numbers close to zero in their cost, while lower-income countries get some subsidies, grants and facilities despite It is not sufficient, but it is necessary. As for middle-income countries, it has no chance of support, which makes me support the idea of ​​establishing a special fund for financial and technical cooperation within the International Monetary Fund, similar to the Fund for Reducing Poverty and Increasing Growth and the current provision. O for the lowest-income countries. Therefore, I suggest establishing a new fund to support middle-income countries and complete the resources required for them.

Dr. Muhyiddin said that the fourth important topic in discussions about digital transformation, and when there was interest in it several years ago, it was talked about as efforts that take place in a sectoral manner in the information and communication technology sector, but this digital transformation has implications for the overall economy and on communication between people. It has important economic and social impacts, and it also has important security dimensions, and its impact on financial inclusion is undeniable, and countries have made qualitative shifts in the extent to which financial services are extended to masses of people by taking advantage of information technology and digital transformation, and there is also an impact on the management of economic activity, and we have seen Countries that use databases and important follow-up networks to improve the provision of services to the masses, to governance, and to follow up on economic performance, as well as in the efficiency of the collection of state revenues, public spending, and its good targeting. Central, and here I differentiate a sharp and clear distinction between these digital currencies and what is known as encrypted financial assets such as Bitcoin, and others. We are talking about digital currencies issued by banks. Centralized, accredited and sovereign, and this currency is of exculpatory power, and if central banks do this and there are already several countries, as the Bank for International Settlements stated that approximately 60% of central banks around the world, through a survey conducted, have experimental programs for issuing these digital currencies. There are estimates that, within a period ranging from 3 to 5 years, we will see a number of these digital currencies issued by central banks, which will have an impact on many activities, including the new role of banks and banks, because one of the ways to issue these digital currencies is to issue them. The central bank, then these currencies expire after their issuance to switch to your digital wallet, and therefore you do not need in this case a banking service, because when you pay bills, it will turn into an electronic wallet corresponding to the providers of these goods and services, and therefore banks have to think from now about these new situations, The banks will perform important financial services. The service of banks within the framework of monetary payment systems will be direct. If the central bank issues money and then converts it into digital currencies, then the banks here will compete in providing financial services such as savings and credit. Even credit will have a new form from its current form, and the form of project financing services will change to become more sophisticated .. Therefore, the next five years will witness qualitative changes in the management of monetary policy in the banking business, and it will also have an impact on the economic activity as a whole, which is the subject that He had a lot of discussion during the Spring Meetings at the International Monetary Fund.

Dr. said. Muhyiddin said that the fifth and final topic is what I call sustainability, and I do not like to focus only on the topic of climate change, as it is part of the conversation about sustainability, which includes climate changes, various environmental dimensions, biodiversity, and its changes around the world, and also includes its link to the importance of sustainable development, the most important of which is Combating extreme poverty, providing education and health care, providing employment opportunities, gender justice, providing water and energy, developing cities according to considerations of sustainability and being smart cities, and governance considerations, and I see that there is now greater interest in climate change, especially with the return of the United States of America to an agreement. Paris 2015.

Dr. Mahmoud Mohi El-Din, in a previous interview with “Akhbar Al-Youm”, said that preserving the climate and preventing the overheating of the earth is important for water resources to preserve the environment and also on food and water. , As we see in Egypt at the Benban solar power plant in Aswan, the wind farm in Zafrana, or dependence on sources that do not have negative impacts on the environment such as green hydrogen … and the trend for electric cars … and developing countries must set the targets for climate change within the framework Its sustainable development policy.


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