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Macroeconomic Implications of Global Supply Chain Bottlenecks for the Egyptian Economy
Details
The COVID-19 pandemic has significantly impacted the global economy, including disruptions to worldwide trade and a decline in FDIs. It has also resulted in employment losses, pushed millions into extreme poverty, and increased the world's debt-to-GDP ratio. Following the impact of COVID-19 on the global economy, the presentation covers the global outlook on growth, employment and inflation, and risks to it, followed by supply chain disruptions and the reasons and implications thereof. This will be followed by an overview of countries' fiscal and monetary policies' response to combat the negative economic consequences of the pandemic and how monetary and fiscal measures during the pandemic and the earlier implemented homegrown reforms have helped Egypt maintain its solid macroeconomic indicators.
Speakers
Rami Aboul Naga
Deputy Governor
Central Bank of Egypt
Rami Aboul Naga was appointed to the position of deputy governor for monetary stability at the Central Bank of Egypt (CBE) in November 2019. Aboul Naga oversees the Markets Sector, Foreign Relations Sector, monetary policy, economic research, banking operations, information technology, and payment systems in this appointed position. In his previous capacity as sub-governor of the Markets Sector, Aboul Naga headed the Reserves Management division, the Treasury division, the Monetary Policy Implementation division, and the Quantitative Modelling and Risk Analytics, division. In April 2018, his scope was widened to include overseeing the Foreign Relations and Investment Sector, including the External Debt division, the Back Office and Settlement division, and the Strategic Contributions division.
During that period, he oversaw the prudent management of the CBE's foreign reserves in a way that ensured compliance with the stringent investment guidelines, which provided the highest level of liquidity and the maximization of return given the set risk parameters. Additionally, he spearheaded negotiations with financial institutions and other central banks to attract foreign investments into the Egyptian market. Aboul Naga led the discussions with credit rating agencies in their quest to determine Egypt's credit profile. He was entrusted with the Egyptian Foreign Exchange Market management to monitor its activities and further its development and enhancement. Additionally, he was responsible for supervising the local money and capital markets and developing their infrastructure to further their effectiveness and efficiency. As head of the Monetary Policy Implementation Unit, he managed the implementation of the monetary policy mainly through modeling and forecasting future liquidity conditions in the Egyptian banking sector.
Aboul Naga's position has allowed him to play a pivotal role in the discussions with the IMF and in implementing the homegrown reform program. Additionally, his years of managing the Domestic Foreign Exchange market armed him with the expertise to revamp the foreign exchange framework and successfully liberalize the foreign exchange regime.
Aboul Naga joined the Central Bank of Egypt in 2005 as head portfolio manager of the short-term investment portfolio, responsible for managing the liquidity portion of the foreign reserves, and as head of the Domestic Market Unit. In 2014, he was granted the position of head of the Foreign Reserves Management Unit. In 2016, Aboul Naga became assistant sub-governor of the Markets Sector.
Aboul Naga is a board member of several institutions such as the Egyptian Banking Institute, Egypt Post, the Arab International Bank, Egyptian Central Securities Depositories, and Egyptian Banks Co. For Technological Advancement (EBC), and CI Capital. He was also formerly a board member of the Egyptian Stock Exchange, E-Finance and United Bank.
Additionally, he has taught several courses at the Egyptian Banking Institute in cooperation with the COMESA and Misr International University (MIU).
Aboul Naga has almost 20 years of experience in the banking sector. Before his time at the CBE, he worked in the Treasury Department of the Commercial International Bank. He is a graduate of the American University in Cairo, with a Bachelor's degree in Business Administration and a minor in Economics. He holds a Master's of Science degree in Finance from City University, UK. He has received numerous training courses and certificates from various international institutions such as the World Bank, Federal Reserve Bank, and German Bundesbank. He also attended the Leadership and Change Management Executive Program at Yale University and the Executive Leadership Program at Harvard Business School. Furthermore, Aboul Naga was selected in 2017, 2018, and 2019 for Choiseul 100 Africa, which, according to the independent think tank, "identifies young African leaders of 40 years old and below, who will play a major role in the continent's economic development in the near future".