Youssef Boutros Ghali
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Youssef Boutros Ghali | |
---|---|
Mohamed Medhat Hassanein | |
Succeeded by | Samir Radwan |
Personal details | |
Born | Cairo, Egypt | 20 August 1952
Youssef Raouf Boutros-Ghali or YBG (
Education
Youssef Boutros-Ghali earned a Bachelor of Arts degree in economics at Cairo University in 1974. He then earned a Doctor of Philosophy in economics from Massachusetts Institute of Technology in 1981. He was also a lecturer and research assistant during his stay at MIT.
Career
Upon graduation, Boutros-Ghali joined the International Monetary Fund as an EP (Economist Program). He became Senior Economist. He worked in both area and functional departments: first in the Middle East Department (MED) and later in Policy and Development Review (PDR) on Asian, Latin American and Middle Eastern countries. He gained profound knowledge of the economic problems and policy challenges of countries as diverse as the Sudan, Ivory Coast, the Philippines, China, Brazil, the Dominican Republic, and Mexico. He also did background work on the Latin American debt crisis of the early 1980s.
After leaving the Fund in 1986, Boutros-Ghali was appointed as Economic Advisor to Egypt's Prime Minister and to the Governor of the Central Bank of Egypt (1986–1993), where he took a prominent role in negotiating the 1987 and 1991 stand-by arrangements with the Fund and the debt rescheduling agreements with the Paris Club. The reform programs initiated then ushered a turnaround in the Egyptian economy and laid the groundwork for economic reforms that are being pursued to this day. Thereafter, Boutros-Ghali was appointed Minister of State for the Council of Ministers and Minister for International Cooperation (1993–1996), where he continued to be active in overseeing program relationship between Egypt and the Fund. He was subsequently named Minister of State for Economic Affairs (1996–1997). Thereafter he assumed the position of Minister of Economy and Foreign Trade (1997–2001), and later Minister of Foreign Trade (2001–2004).
A firm advocate of trade liberalization, as Minister of Foreign Trade, Boutros-Ghali participated in the
As Minister of Finance, Boutros-Ghali headed the Ministerial Economic Committee in charge of overseeing the design and implementation of Egypt's economic reform programs. He is credited with implementing a series of reforms that helped modernize and reinvigorate the Egyptian economy and deepen its global integration. Chief among these is a major income tax and trade reforms, coupled with deregulation and liberalization in key areas of economic activity. The tax reform program was hailed as one of the most successful reforms among developing countries, which earned Egypt the position of top reformer among developing countries in 2007 by the World Bank.
Boutros-Ghali received the Emerging Markets Award for Finance Minister of the Year for the Middle East Region twice (2005 and 2006).
Boutros-Ghali also received an
On 6 October 2008, Boutros-Ghali was elected chair of the IMF's policy-setting committee the IMFC. He beat
In 2010 Boutros-Ghali enacted a far-reaching reform of the social security and pension systems in Egypt. He introduced modern concepts of pension systems notional accounting of accumulated benefits and enacted structural changes to account for the erosion of pension benefits and the burden of pension contributions on the national economy.
Boutros-Ghali resigned from his position as Minister of Finance on 29 January 2011. He declined President Mubarak's offer to join the next government headed by Ahmed Shafik.
Post-revolution exile
On 31 January 2011, as part of
On 11 February 2011, just prior to Mubarak's resignation, the VIP lounge at Cairo Airport opened to accommodate Boutros-Ghali and his wife before they flew to Lebanon[6] while other ex-regime officials, including Mubarak himself, were targeted with travel bans, asset freezes, and even arrests. During the chaotic three years that followed Boutros-Ghali along with many other ministers were subjected to legal proceedings. All, including Boutros-Ghali have been rehabilitated under the Sisi administration. With Boutros-Ghali residing abroad, the final steps are taking somewhat longer in winding their way through the legal system.[7] Boutros-Ghali and two of his three sons are now permanent residents of the United Kingdom.
Writings
Boutros-Ghali published texts on exchange rate and monetary policy, external debt problems and debt relief issues, IMF programs, fiscal discipline and exchange rate market reforms.[citation needed]
Personal life
Boutros-Ghali speaks fluent
References
- ^ a b "Gawdat el-Malt denies is new Egypt finmin-Arabiya". Reuters. 31 January 2011. Archived from the original on 1 February 2011. Retrieved 9 February 2011.
- ^ a b Shahine, Alaa (31 January 2011). "Egypt Names Radwan Finance Minister in New Cabinet, Replaces Boutros-Ghali". Bloomberg. Archived from the original on 9 February 2011. Retrieved 9 February 2011.
- ^ from the original on 8 June 2011. Retrieved 9 February 2011.
- ^ "Annual Review 2008: Principal's Review". www1.hw.ac.uk. Archived from the original on 12 April 2016. Retrieved 29 March 2016.
- ^ "Press Release: Youssef Boutros-Ghali Resigns from the Chairmanship of the IMFC". IMF. 4 February 2011. Retrieved 9 September 2012.
- ^ "Youssef Boutros Ghali leaves Egypt". Ahram. 11 February 2011. Retrieved 9 December 2012.
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(help) - ^ Egypt: Jail term for Ex-Minister Youseff Boutros Ghali BBC News. 4 June 2011