Egyptian President Hosni Mubarak said on Sunday that developing countries should have more rights in the ongoing efforts to deal with the current international financial crisis that is spreading in the world.

Mubarak made his call at a joint session of the Egyptian People's Assembly (lower house of the parliament) and Shura Council (upper house) at the start of a new parliamentary round, the Egyptian MENA news agency reported.

"Developing countries have the right to take part in efforts to be taken to develop international finance institutions," Mubarak said.

Mubarak said the first priority of Egypt at present is to maintain the high investment and growth rates to avoid negative impact of the global crisis.

Egyptian economy registered a 7.2 percent growth in the fiscal year of 2007-2008 (as of June 2008) and a 7.1 percent increase in the fiscal year of 2006-2007.

It is estimated that the current global financial turmoil may slow down Egypt's economic growth rate from more than 7 percent to 6 percent.

Earlier this month at the fifth annual conference of the ruling National Democratic Party (NDP), Mubarak said the Egyptian government has to take measures to preserve its high growth rates.

(Xinhua News Agency November 24, 2008)