Egypt’s FinMin calls for equitable global economic system

Egypt’s Minister of Finance Ahmed Kouchouk has stressed the importance of substantial budgets and collective efforts in achieving sustainable development, according to a Cabinet statement on Tuesday.

Speaking to the intergovernmental group of finance experts at the UNCTAD headquarters in Geneva, he called for a just world order that responds to the challenges faced by African countries in securing adequate financing for sustainable development initiatives.

The minister also called for a more flexible global framework for innovative financing to provide significant financial resources at lower costs and easier terms for emerging economies.

Kouchouk recognised the urgent challenges posed by global issues and climate change. He suggested using innovative financing methods like debt-to-investment conversions to ease the burden on developing nations.

Additionally, he stressed the importance of expanding the use of guarantees and other tools to lower the costs of developmental financing for these countries, according to the Cabinet’s statement.

The minister emphasised Egypt’s commitment to diversifying financing sources and markets to attract more investors and lower debt levels. The successful Panda and Samurai bond offerings in Asian markets have been a positive experience.

He stressed Egypt’s commitment to fostering a relationship of “trust and partnership” with the business community to enhance the tax base and services for taxpayers. The initial tax relief measures are designed to assist in easing financial burdens on investors and support the state’s objectives, he added.

Attribution: The Cabinet’s statement

Subediting: M. S. Salama