Egypt Proposes Debt Reform to Address African Crisis
The Egyptian government has presented a proposal for debt reform to tackle the debt crisis on the African continent.
Minister of Finance Ahmed Kouchouk emphasized that overcoming this crisis is essential for deeply reforming the global financial system, which could significantly improve development indicators in Africa. During a meeting in New York with Cristina Duarte, Special Adviser to the UN Secretary-General for African Affairs, the minister stressed the need for international institutions to ensure Africa's access to concessional financing without further burdening its debt.
In the face of the continuous rise in debt servicing, which hinders development, Kouchouk called on states, financial institutions, and the private sector to support the initiative of the Alliance against Debt for Sustainable Development. This initiative aims to coordinate efforts for more sustainable debt management. He also highlighted the need to develop an integrated strategy that would optimize public debt management while increasing spending in essential sectors such as health, education, and social protection.
The minister also proposed converting debt into productive investments to stabilize the economies of African countries, an approach particularly crucial in the face of an uncertain global environment.
Thus, Egypt reaffirms its commitment to reforming international financial mechanisms for a more balanced and inclusive development of Africa.
