Egypt calls for stronger global financial reforms to support developing economies

Egypt is seeking a greater role in reforming the global financial structure. It is adopting a more comprehensive and flexible approach to addressing debt issues and international tax governance, Minister of Finance Ahmed Kouchouk said.

During a meeting with Bob Rae, President of the UN Economic and Social Council (ECOSOC), in New York on the sidelines of the Preparatory Committee Session for the Fourth International Conference on Financing for Development (FfD4), Kouchouk highlighted the heavy debt burden on emerging and African economies, which limits their ability to invest in key sectors such as health, education, and infrastructure.

Minister Kouchouk further underscored the need to intensify international efforts for sustainable economic, social, and environmental development to help developing countries navigate global challenges. He also called for greater engagement from international institutions to encourage private sector participation in economic activities through concessional financing.

Additionally, Kouchouk stressed the importance of coordinated efforts to enhance developing countries’ ability to increase tax revenues effectively and fairly, enabling them to attract more local and foreign investments.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama