Egyptian Pres. calls for int'l calm to mitigate economic crisis

CAIRO, June 17 (KUNA) -- Egyptian President Abdelfattah Al-Sisi stressed the importance of restoring calm and stability on the international scale in alleviating the impacts of the global economic crisis.
As the world was emerging from the coronavirus (Covid-19) pandemic, a major economic crisis cropped up and put a brake on economic recovery and growth rates, he noted in a speech to the opening session of the 25th edition of St. Petersburg International Economic Forum (SPIEF) via videoconference on Friday.
"The economic crisis impacted negatively on the states' budgets, sending up the fuel prices and sending down the exchange rates of many national currencies.
"It wreaked havoc on vital sectors including the supply chains, the civil aviation, tourism and insurance, which, in turn, gave rise to food crisis," he said, noting that the Egyptian economy was not immune to such challenging situation.
Since the crisis has a global nature, it requires a global response and effective cooperation by all parties with a view to bringing the situation back to normal particularly in the areas of shipping, supply chains, and food security, Al-Sisi argued.
The Egyptian President praised as stable and historical the relationship between his country and Russia, noting that cooperation grew remarkably in the recent years in many vital sectors.
"Egypt and Russia are jointly carrying out ambitious mega projects that meet the aspirations of both nations," Al-Sisi said, citing as examples El-Dabaa Nuclear Power Plant and the Russian industrial zone in Suez Canal Economic Zone.
On the SPIEF-25, he said it coincides with unprecedented political and economic challenges that will have impacts on the world in the long run.
He expressed hope that the Forum will reach viable solutions that could contain the repercussions of the global economic crisis, and enable the developing economies to recover and resume growth in the wake of the Covid-19 pandemic.
Al-Sisi added that Egypt Vision 2030 reflects the state's commitment to realizing the Sustainable Development Goals (SDGs), notably those relating to socioeconomic development and environment. (end) asm.gb