Egypt urges global action on Africa’s debt crisis

Egypt’s Minister of Finance Ahmed Kouchouk has stressed the need for decisive international action to resolve Africa’s debt crisis, saying that addressing the issue is essential for genuine reform of the global financial system and for improving development indicators across the continent.

Speaking during a meeting with Cristina Duarte, the UN Secretary-General’s Special Adviser on African Affairs, in New York on the sidelines of the Preparatory Committee Session for the Fourth International Conference on Financing for Development (FfD4), Kouchouk highlighted the rising debt servicing costs faced by African nations, the widening financing gaps, and the challenges hindering development progress.

Minister Kouchouk further called for stronger cooperation among countries, financial institutions, and the private sector to mitigate the debt burden, urging them to join the Debt Alliance for Sustainable Development Initiative.

He stressed the importance of implementing a comprehensive and coordinated strategy to improve government debt indicators while increasing spending on essential sectors such as health, education, and social protection.

The minister also pointed to the role of debt-for-investment swaps in enhancing economic stability in African countries, particularly amid escalating global risks.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama