International donors' meeting reflects nation's prominent regional position

The meeting of the international donors, held recently in the Red Sea resort of Sharm el-Sheikh, reflects Egypt's prominent political position in the region and the vital role played by President Mubarak on the international level, Prime Minister Atef Ebeid said in a TV talk show broadcast on Wednesday.

Ebeid added that the meeting gave the impression that the world is satisfied with the serious governmental efforts to achieve stability in the money market, using its own funds as well as grants from other countries.

The PM stressed that the conference came at the right time to dismiss any question marks over the strength of the Egyptian economy.

The conference was also a good opportunity to discuss some 25 studies prepared by experts from the world's wealthiest countries and financial institutions, which all concluded that the Egyptian economy is strong enough to overcome any problems it might face.

On the same TV talk show, the head of the European Union and Spain's representatives at the conference said that the Egyptian economy is in transition, facing economic problems just like the rest of the world.

"Egypt is suffering problems now not only because of September 11 but also because of globalisation," the EU head stressed, adding that the difficulties will soon be ironed out, with the help of the agreement reached at the meeting to establish a free trade zone between Egypt and the United States by 2010, as well as suitable programs to ensure local economic reforms continue.

Minister of Foreign Affairs Fayza Abul Naga said in statements yesterday that the international donors' meeting was very successful, with its conclusions reflecting the international community's confidence in the Egyptian economy.