Mashat in talks with EU over timeline of completing procedures related to 2nd phase of MFA program
The meeting addressed the timeline for completing procedures related to the second phase of the Macro-Financial Assistance (MFA) program, valued at €4 billion, as well as the Ministry's efforts in coordinating with national entities to implement structural reforms within this phase, in alignment with the government's national structural reform program.
The meeting comes as part of Mashat's ongoing participation in the Spring Meetings of the International Monetary Fund and the World Bank held in Washington and the series of her meetings with various multilateral and bilateral development partners and government representatives.
The meeting came within the context of the Ministry's role in implementing the economic pillar of the European financial package announced last year, which coincided with the upgrade of Egypt-EU relations to the level of a strategic partnership.
During the meeting, Mashat highlighted the significant progress in Egypt-EU relations since the joint summit last March, which elevated the relationship to a strategic partnership. She also commended the full coordination between national and European stakeholders toward implementing the main pillars of the comprehensive partnership between Egypt and the EU.
Mashat emphasized that the economic pillar is of paramount importance, reflecting the Egyptian government's strong commitment to deepening economic ties with international partners to meet national development goals and advance the implementation of the national structural reform agenda to improve the business climate and encourage investment.
The Ministry of Planning, Economic Development and International Cooperation is responsible for executing the economic component of Egypt-EU relations—particularly regarding the Macro-Financial Assistance (MFA) mechanism and investment guarantee mechanisms. A series of technical meetings are currently underway at both the national level and in partnership with the European Union to implement the proposed reforms for Phase II. These reforms fall under three main pillars: enhancing macroeconomic stability and resilience, improving the business environment and empowering the private sector, and supporting the transition to a green economy.
Mashat previously announced in December that the European Commission had approved the disbursement of €1 billion to Egypt as part of the first phase of the Macro-Financial Assistance (MFA) program. This comes within the framework of a total financing package of €5 billion to be made available through 2027.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al-Ahram Weekly
7 hours ago
- Al-Ahram Weekly
Iran says Europe has no right to extend deadline for snapback sanctions - Region
Iran's Foreign Minister Abbas Araghchi on Wednesday said European powers had no right to trigger snapback sanctions under a moribund 2015 nuclear deal or extend the October deadline to trigger them. His remarks came after Iranian diplomats met in July with counterparts from Germany, France, and Britain -- the first such talks since Israel's attack on Iran the previous month. The 12-day war between the two regional foes derailed Tehran's nuclear negotiations with the United States and prompted Iran to suspend cooperation with the UN nuclear watchdog. The European trio had threatened to trigger the so-called "snapback mechanism" by the end of August, a move that would reimpose sweeping UN sanctions lifted under the 2015 accord, unless Tehran agreed to curb uranium enrichment and restore cooperation with inspectors. According to the Financial Times, the European parties to the deal also offered to extend the October snapback deadline if Iran resumed nuclear talks with Washington and re-engaged with the International Atomic Energy Agency (IAEA). It added in its report last week that the offer "remained unanswered by Iran". But on Wednesday, Araghchi dismissed the European parties' right to offer an extension. "When we believe that they do not have the right to implement snapback, it is natural that they do not have the right to extend its deadline either," he told the state news agency IRNA. "We have not yet reached a basis for negotiations with the Europeans," he added. Iran has repeatedly called reimposing sanctions "illegal" and warned of consequences should the European powers opt to activate the mechanism. 'A new form' Araghchi also said Iran "cannot completely cut cooperation" with the UN nuclear watchdog, but added that the return of its inspectors was up to the country's top security body, the Supreme National Security Council. In July, Iran suspended cooperation with the IAEA in the wake of its war with Israel, citing the agency's failure to condemn Israeli and US strikes on its nuclear facilities. The agency's inspectors have since left Iran, and Tehran later said cooperation with the IAEA would take "a new form". Earlier this month the agency's deputy head visited Tehran for talks. At the time, deputy foreign minister Kazem Gharibabadi said Iran and the agency had agreed to "continue consultations". Israel's unprecedented attack on Iran in mid-June saw it targeting Iranian nuclear and military sites, as well as residential areas, killing over 1,000 people, including senior commanders and nuclear scientists. Iran retaliated with missile and drone attacks that killed dozens in Israel. The United States briefly joined the conflict, striking Iranian nuclear facilities at Fordo, Isfahan and Natanz. A ceasefire between Iran and Israel has been in place since June 24. The war took place two days before a sixth round of talks between Tehran and Washington aimed at reaching a nuclear deal to replace the one abandoned by President Donald Trump in 2018 during his first term. On the possibility of the resumption of talks with the US, Araghchi said they had not yet reached the point where negotiations could take place. Follow us on: Facebook Instagram Whatsapp Short link:
Al-Ahram Weekly
8 hours ago
- Al-Ahram Weekly
Egypt FM discusses with Witkoff capitalising on Hamas ceasefire approval to end Gaza war - Foreign Affairs
Minister of Foreign Affairs Badr Abdelatty stressed in a phone call with US Special Envoy to the Middle East Steve Witkoff on Wednesday, capitalising on Hamas' acceptance of the Gaza ceasefire proposal to bring an end to Israel's brutal and unjust two-year war on Gaza. According to the Egyptian foreign ministry, Abdelatty and Witkoff addressed the latest regional developments, particularly the grave situation in the Gaza Strip. During the call, Abdelatty emphasised the need, following Hamas' approval of the 60-day truce, to negotiate an end to the war and a just settlement of the Palestinian cause. He stressed that Israel must accept the proposal and implement it to resolve the crisis and protect the lives of captives, and to alleviate the suffering of Palestinians and ensure sufficient aid reaches Gaza, which has suffered too long from Israel's deliberate starvation policy. On Monday, Hamas approved Egypt and Qatar's new 60-day ceasefire proposal after intensive negotiations in Cairo. The proposal has been subsequently submitted to Israel to determine its response. Based on an initiative by Witkoff, the ceasefire proposal envisions a partial truce and a phased release of Israeli captives in exchange for Palestinian prisoners. Since October 2023, Egypt, Qatar, and the US have led mediation efforts to end Israel's genocidal war on Gaza. This war has killed more than 62,000 Palestinians and left over 153,000 wounded, most of them women and children. Iran's nuclear programme Abdelatty reiterated to Witkoff Egypt's call for de-escalation in the Middle East and its rejection of any military solutions in dealing with Iran's nuclear programme. Furthermore, he noted Cairo's ongoing efforts to bring all relevant parties back to the negotiating table to enhance regional and international security and stability. According to the Egyptian foreign ministry, Abdelatty also told Witkoff that joint Egypt-US efforts must continue to achieve peace, security, and stability in the Middle East. He pointed out US President Donald Trump's vision for establishing regional and global peace and ending decades of prolonged conflict between Palestinians and Israelis. Follow us on: Facebook Instagram Whatsapp Short link:
Al-Ahram Weekly
9 hours ago
- Al-Ahram Weekly
US targets more ICC judges including over Israel - International
The United States on Wednesday imposed sanctions on four more International Criminal Court judges or prosecutors, including from allies France and Canada, in a new effort to hobble the tribunal particularly over actions against Israel. "The Court is a national security threat that has been an instrument for lawfare against the United States and our close ally Israel," Secretary of State Marco Rubio said in a statement, using a term popular with President Donald Trump's supporters. Rubio said that the four people targeted from the tribunal based in The Hague had sought to investigate or prosecute nationals from the United States or Israel "without the consent of either nation." The four include Judge Nicolas Guillou of France, who is presiding over a case in which an arrest warrant was issued for Israeli Prime Minister Benjamin Netanyahu. The case was brought forward by the State of Palestine, which is not recognized by Washington but, unlike Israel or the United States, has acceded to the statute that set up the tribunal in The Hague. Guillou, a veteran jurist, had worked for several years in the United States assisting the Justice Department with judicial cooperation during Barack Obama's presidency. Also targeted in the latest US sanctions was a Canadian judge, Kimberly Prost, who was involved in a case that authorized an investigation into alleged crimes committed during the war in Afghanistan, including by US forces. Under the sanctions, the United States will bar entry of the ICC judges to the United States and block any property they have in the world's largest economy -- measures more often taken against US adversaries than individuals from close allies. Rubio also slapped sanctions on two deputy prosecutors -- Nazhat Shameem Khan of Fiji and Mame Mandiaye Niang of Senegal. The State Department said the two were punished by the United States for supporting "illegitimate ICC actions against Israel," including by supporting the arrest warrants against Netanyahu and former defense minister Yoav Gallant. The Trump administration has roundly rejected the authority of the court, which is backed by almost all European democracies and was set up as a court of last resort when national systems do not allow for justice. Trump on Friday welcomed Russian President Vladimir Putin to Alaska even though Putin faces an ICC arrest warrant, a factor that has stopped him from traveling more widely since he ordered the invasion of Ukraine. Rubio slapped sanctions on four other ICC judges in June. Follow us on: Facebook Instagram Whatsapp Short link:
