Egypt’s FinMin urges fairer global finance policies

Egypt’s Finance Minister Ahmed Kouchouk emphasised the need to reform the global financial structure to ensure a fair future for the next generation, citing the increasing financing costs burdening emerging and developing economies.

The minister made these remarks during a meeting with Guy Ryder, UN Under-Secretary-General for Policy, on the sidelines of the meetings of the the Preparatory Committee Session for the Fourth International Conference on Financing for Development (FfD4) in New York.

Kouchouk noted that the decline in foreign direct investment flows to emerging markets is hindering developing countries’ progress towards their development goals, according to the ministry’s statement.

He noted that protectionist trade policies in advanced economies hinder exports from developing nations. He also highlighted that blended financing models can improve partnerships between public and private sectors across borders.

Kouchouk expressed his desire for international financial institutions to adopt more balanced and supportive policies for emerging economies, while increasing the role of multilateral financing tools to advance development agendas.

The minister also highlighted the importance of expanding debt-for-investment swaps and using guarantees to reduce financing costs, describing these as effective tools for boosting economic growth rates.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama