Rania A. Al-Mashat

H.E. Dr. Rania A. Al-Mashat has been Egypt’s Minister of International Cooperation since December 2019, and has previously served as the first female Minister of Tourism (Jan 2018 -Dec 2019). Al-Mashat enjoys more than 20 years of international experience in central banking, financial systems, monetary policy frameworks, sustainable development, climate finance, and international cooperation policies and strategies.  

As a co-founder and a member of several advisory boards, international alliances and societies, Al-Mashat pushes forward partnerships and multilateralism as key enablers to accelerate sustainable development, climate action and gender equality. Managing the country’s partnerships with numerous bilateral and multilateral development institutions, she ensures the  alignment and synergies of development finance and activities across different economic sectors.  Her previous roles at the IMF, working with governments in the Middle East & Central Asia, Africa  and Asia, expanded her expertise of development systems and structural reforms in developing and  emerging economies. Al-Mashat has several publications in monetary policy, financial stability and  instructional reforms. In her capacity as Minister, she represents Egypt as Governor in several  international financial institutions, including the World Bank Group, European Bank for  Reconstruction and Development, Arab Fund for Economic and Social Development, and Arab  Bank for Economic Development; and as Alternate Governor of Egypt at the African Development  Bank, Asian Infrastructure Investment Bank, and Islamic Development Bank.  

Al-Mashat is a member of the United Nations International Children's Emergency Fund (UNICEF)  GenU Global Leadership Council, Founding Member of the Global Energy Alliance for People and  Planet (GEAPP), and Member of the World Economic Forum’s (WEF) Mission Possible for  Climate Action, Co-Chair of the MENA Stewardship Board (WEF); and Member of the New  Economy and Society Stewardship Board (WEF). There were several board affiliations, including  the Egyptian Stock Exchange, the Egyptian General Authority for Free Zones and Investment, the  Arab International Bank, the Arab Investment Bank, and the Middle East Economic Association. 

In June 2021, Al-Mashat launched a book titled “Stakeholder Engagement Through Economic  Diplomacy” for London School of Economics. She contributed several chapters to the International  Monetary Fund’s book, titled, “Advancing the Frontiers of Monetary Policy”, published in 2018  and edited by Maurice Obstfeld the Chief Economist at the time. Moreover, she pioneered an  international inclusive and consultative process to translate climate pledges into implementable  projects in developing countries and transition economies, producing the “Sharm El-Sheikh  Guidebook for Just Financing”, which presents an actionable agenda for all relevant stakeholder  listing their roles in achieving just financing outcomes, and maximizing the effectiveness and  efficiency of existing climate finance architecture. 

Al-Mashat received several international and domestic awards and recognitions; the “2022 Most  Visionary and Outstanding Minister of International Cooperation in Africa” Award by the Institute  for African Studies Elliott School of International Affairs George Washington University and the  GE7 Initiative; the “2019 Global Champion Award” from the World Tourism and Travel Council for  launching the Egypt—Tourism Reform Program that has created resilience to the sector; the “2019  Global Leader’s Award for Outstanding Contribution to the Industry”, as the Ministry of Tourism  has contributed the most to the global travel and tourism industry in 2018 and 2019 as Egypt’s  tourism revenues recorded a new historical high; the “2019 United Nations World Tourism  Organization Destination Marketing Award”, for best promotion video for a destination; and the  “2019 Leadership in Tourism Award” from the International Institute for Peace and Tourism. She  was selected among the top 50 most influential women in the Egyptian economy in 2015; the 2014  and 2015 “Choiseul Institute 100 Africa: Economic Leaders for Tomorrow”; the 2014 Young Global  Leaders (YGL) by the World Economic Forum (WEF); the 2014 top 10 most powerful women in  the Egyptian Banking Sector. She was also selected to the Government of France’s 2013  International Visitor Leadership Program; the 2013 Distinguished Alumni Award, School of  Business, American University in Cairo (AUC), and the 2004 Ibn Khaldoun prize for the best paper  on one or more Middle Eastern countries given by the Middle East Economic Association. The  paper titled “Monetary Policy and Public Debt Management: An Empirical Assessment of the  Egyptian Experience”.  

Al-Mashat received her PhD an MA in Economics from the University of Maryland, College Park,  USA, and BA in Economics from the American University in Cairo (AUC). She completed  Executive Education certificates in Leadership and Public Policy from the Kennedy School of  Government at Harvard University and Transformational Leadership from Said Business School at  Oxford University.

Publications & Research    

• Al-Mashat, R. (2022), “Beyond Pledges: Inclusive Partnerships to move Towards Climate  Resilience” World Economic Forum, World Economic Forum, Switzerland. 

• Al-Mashat, R. and Hamza, R. (2021), “Stakeholder Engagement through Economic Diplomacy:  Egypt Fostering Multilateralism & International Cooperation” Policy Reform in the Making,  London School of Economics. 

• Al-Mashat, R. Bejjani, A. and Dusek, M. (2020), “4 Ways Stakeholder Capitalism Can Create a  More Resilient Post-COVID MENA Region,” World Economic Forum, World Economic Forum,  Switzerland. 

• Al-Mashat, R., Clinton, K., Laxton, D. and Wang H. (2018) "First Principles", in Adrian, T., Laxton,  D., and Obstfeld, M, (eds), Advancing the Frontiers of Monetary Policy, International Monetary  Fund, USA. 

• Al-Mashat, R., Clinton, K., Laxton, D. and Wang H. (2018) "Managing Expectations", in Adrian, T.,  Laxton, D., and Obstfeld, M, (eds), Advancing the Frontiers of Monetary Policy, International  Monetary Fund, USA. 

• Al-Mashat, R., Clinton, K., Laxton, D. and Wang H. (2018) "Nuts and Bolts of a Forecasting and  Policy Analysis System", in Adrian, T., Laxton, D., and Obstfeld, M, (eds), Advancing the Frontiers  of Monetary Policy, International Monetary Fund, USA. 

• Al-Mashat, R., Clinton, K., Laxton, D. and Wang H. (2018) "Transparency and Communications",  in Adrian, T., Laxton, D., and Obstfeld, M, (eds), Advancing the Frontiers of Monetary Policy,  International Monetary Fund, USA. 

• Al-Mashat, R., Clinton, K., Laxton, D. and Wang H. (2018) "Canada: A Well-Established System",  in Adrian, T., Laxton, D., and Obstfeld, M, (eds), Advancing the Frontiers of Monetary Policy,  International Monetary Fund, USA. 

• Al-Mashat, R., Clinton, K., Laxton, D. and Wang H. (2018) "Czech Republic: Transition to the  Frontier", in Adrian, T., Laxton, D., and Obstfeld, M, (eds), Advancing the Frontiers of Monetary  Policy, International Monetary Fund, USA. 

• Al-Mashat, R., Clinton, K., Laxton, D. and Wang H. (2018) "India: Stabilizing Inflation", in Adrian,  T., Laxton, D., and Obstfeld, M, (eds), Advancing the Frontiers of Monetary Policy, International  Monetary Fund, USA. 

• Al-Mashat, R., Clinton, K., Laxton, D. and Wang H. (2018) "United States: Federal Reserve’s Dual  Mandate", in Adrian, T., Laxton, D., and Obstfeld, M, (eds), Advancing the Frontiers of Monetary  Policy, International Monetary Fund, USA. 

• Al-Mashat, R., Bulir, A., Dincer, N., et. Al, (2018) “An Index for Transparency for Inflation Targeting Central Banks: Application to the Czech National Bank”, IMF Working Paper,  International Monetary Fund, WP/18/210.

• Aichi, A., Al-Mashat, R., et. Al, (2018) “Estimates of Potential Output and the Neutral Rate for the  US Economy”, IMF Working Paper, International Monetary Fund, WP/18/152. 

• Dimian, Hany, and Al-Mashat, R. (June 2014) "Helping Advance the Economic Policy Making and  Management Process in Egypt: Initial Institutional Aspects for the Executive Branch", Rockefeller  Brothers and Japan International Cooperation Agency. 

• Al-Mashat, R., and Billmeier, A. (2012) "Push or Pull? The Determinants of Remittances to Egypt",  Review of Middle East Economics and Finance, 8 (2), article 2. 

• Al-Mashat, R. (2011). "Assessing inflation and output variability using a New Keynesian model: an  application to Egypt", in D. Cobham and G. Dibeh (eds), Money in the Middle East and North  Africa: Monetary Policy Frameworks and Strategies, London: Routledge. 

• Al-Mashat, R. (2011). "The Evolution of Monetary Policy in Egypt and Steps towards Inflation  Targeting", in D. Cobham and Mongi Boughzala (eds), Inflation Targeting in MENA Countries: An  Unfinished Journey, Palgrave Macmillan. 

• Al-Mashat, R, (2011), "Egypt: Monetary Policy & the Pass-through from Relative Price Shocks",  paper presented at the II Workshop on the Economics of the Mediterranean and the Euro Mediterranean Process, CREMed, Barcelona, Spain, June. 

• Al-Mashat, R. (2009). ‘Monetary policy in Egypt: a retrospective and preparedness for inflation  targeting,’ In H. Kheir-El-Din (ed.), What Drives Prices in Egypt?, Cairo: American University in  Cairo Press for the Egyptian Center for Economic Studies Publication. 

• Al-Mashat, R., and Billmeier, A. (2008). ‘The monetary transmission mechanism in Egypt,’ Review  of Middle East Economics and Finance, 4 (3), article 2. 

• Al-Mashat, Rania, (2008) “The Exchange Rate Pass-through in Egypt,” The Central Bank of Egypt  Working Paper Series, forthcoming. 

• Al-Mashat, Rania, (2008) “Modelling and Forecasting Inflation in Egypt: Do Monetary Aggregates  Matter?”, The Central Bank of Egypt Working Paper Series. 

• Al-Mashat, Rania and Andreas Billmeier (2007), “The Monetary Transmission Mechanism in  Egypt”, IMF.Working Paper, International Monetary Fund, WP/07/285. 

• Al-Mashat, Rania, (2006) “The Central Bank of Egypt’s Core (Underlying) Measures of Inflation,”  The Central Bank of Egypt Working Paper Series. 

• Al-Mashat, Rania, (2006) “Estimating the Nominal and Real Money Gaps in Egypt,” The Central  Bank of Egypt Working Paper Series.  

• Al-Mashat, R., “Vietnam’s Experience with Rapid Money Growth and Low Inflation”, Selected  Issues Paper, Country Report, SM/04/379, International Monetary Fund, 2004.

• Al-Mashat, R., “The Evolving Role of the State”, Selected Issues Paper for Vietnam, Country  Report 03/381, International Monetary Fund, 2003. 

• Al-Mashat, R., and Amine Mati, “Currency Crises in the Middle East and North Africa (MENA):  What are the Early Warning Signs,” Proceedings of the Conference on Rising to the Challenge:  International Crisis and Economic Management in Egypt, June 2003. 

• Al-Mashat, R., “Monetary Policy Transmission in India”, Selected Issues Paper, Country Report  03/232, International Monetary Fund, 2003. 

• Al-Mashat, R., “Financial Sector Development and Economic Growth in Egypt 1960-1999,” Global  Development Network and Economic Research Forum for Arab Countries, Iran and Turkey, 2002. 

• Al-Mashat, R., “Economic Trends in the MENA Region, 2002”, contributed to Chapter 2 on  Financial Markets in MENA, ERF for Arab Countries, Iran and Turkey Publication, 2002. 

• Al-Mashat, R., “Membership Overlaps in Regional Trade Arrangements in Eastern and Southern  Africa: Potentials, Limitations and Policy Recommendations”, Mimeo, Policy Development and  Review Department, International Monetary Fund, January 2002. 

• Al-Mashat, R., “Monetary Policy and Public Debt Management: An Empirical Assessment of the  Egyptian Experience”, Proceedings of the Economic Research Forum Seventh Annual Conference,  January 2002. 

• Al-Mashat, R. and Grigorian, D., “Economic Reforms in Egypt: Emerging Patterns and Their  Possible Implications”, The World Bank Policy Research Paper No. 1977.