The Working Group on Governance of Public Finance, which is chaired by Dr. Youssef Boutros Ghali, Egypt's Minister of Finance, has helped to exchange best practices among the different OECD and non-OECD countries and discuss the challenges faced by practitioners around the globe. It also created a Regional Financial Management Training Center in Cairo that trains middle-level managers and professionals in the MENA region in implementation techniques and practical skills in financial management.

The first meeting of MENA senior budget officials, which took place in 24-25 November 2008 in Egypt, put the region's main public expenditure concerns on the table and showcased the latest in budget practice regulations from different countries around the world.

Egypt recently established a Financial Supervisory Authority that is responsible for supervising non-bank financial markets and instruments, including the capital market, the stock exchange, all activities related to insurance services, mortgage finance, financial leasing, with the aim of ensuring market stability, regulating these activities, and maximising their competitiveness to attract more local and foreign investments.

© OECD Observer November 2009