Boutros-Ghali in key post
For the first time a finance minister from an emerging economy is chairing the IMF’s policy-steering committee, marking a historic shift from years of European dominance. Youssef Boutros-Ghali’s election comes days before global finance ministers gather in Washington for the twice-yearly meetings of the World Bank and IMF, where the IMFC will focus on a global response to the worst financial crises in advanced economies since the 1930s. The crisis has emphasised the need for stability and growth in emerging economies that are in danger of being affected by the spreading credit crisis. Egypt’s geographic location makes it a key player not only in Africa, but also in the Middle East.
Youssef Boutros-Ghali, the nephew of former UN Secretary-General Boutros Boutros-Ghali, is fluent in Arabic, English, French, Spanish and Italian. He worked at the IMF during the Mexico debt crisis before resigning in 1986. Later, as economic advisor to the Egyptian Finance Minister, he was a prominent figure in negotiating Egypt’s 1987 standby arrangement with the IMF and the 1991 debt rescheduling accords with the Paris Club of credit nations.
Mega fertilisers complex
A mega complex for producing phosphate fertilisers will be established in the Upper Egyptian town of Edfu. Earlier this month an agreement on the $2 billion project was signed between Egypt’s Abu-Qir Fertilisers and Greek and American firms. The project will be implemented in two stages, the first in 2011-2012 and the second in 2012-2013. “The fertiliser behemoth is vital in view of increasing global needs for fertilisers to face rising food prices, Trade and Industry Minister Rasheed M. Rasheed said.
Safe poultry
The World Health Organisation (WHO) has chosen Egypt to host an international conference on fighting bird flu, to be held next month. Health Minister Hatem al-Gabali said that his ministry’s efforts at combating bird flu have finally borne fruit; while 580 poultry farms were infected with the virus in 2006 only 15 were discovered in 2008. The total of human infections since the outbreak of the disease in Egypt numbered 50, he said. Meanwhile the Ministry of Local Development has signed an agreement with the Food and Agriculture Organisation (FAO) according to which the ministry will fund through soft loans safe poultry breeding projects as an alternative to the haphazard domestic breeding of poultry which made the birds easy victims to the virus. Domestic-bred poultry represents an affordable source of animal protein and eggs to countless Egyptian underprivileged families.
World heritage
Egypt is submitting documents on 26 Egyptian sites of unique natural and geological wealth to UNESCO in order for them to be added to the World Heritage List. Culture Minister Farouq Hosny said the sites include Siwa Oasis, Farafra’s White Desert and the Qatrani Mountain in Fayoum.