Egypt is calling on Washington to consider overhauling the debt system inimical to the fortunes of developing econmies which are reeling from incessant pressures.
Speaking at a meeting of ministers and governors of the Group of 24 (G24), on the sidelines of the Spring Meetings of the World Bank and the IMF, Egypt’s Foreign Minister Badr Abdelatty stressed the “urgency” of reforming the global debt system.
An official statement quoted him advocating for the establishment of sustainable mechanisms capable of addressing debt crises affecting low- and middle-income countries.
This stance comes amid a global accumulation of economic vulnerabilities.
The minister emphasised the need to “restructure the global financial system” to mobilise resources without further burdening developing countries, calling for “innovative” financial tools to strengthen short-term liquidity while preserving long-term stability.
Mr. Abdelatty highlighted Egypt’s economic strategy, focussing on pursuing structural reforms and
supporting productive sectors.
He also emphasised the role of the private sector in reviving the real economy, in line with the objectives of the national reform program undertaken by the authorities.
This approach comes at a time when several emerging economies are facing imbalances exacerbated by disruptions in energy markets, supply chains, and international trade.
Mr. Abdelatty believes that these developments are redefining the balance of the global economy, with a more pronounced impact on developing countries.
Finally, the minister stressed the importance of continued support from the International Monetary Fund and the World Bank Group to “preserve macroeconomic stability” and support national reforms.
He also commended the G24’s role in coordinating the positions of developing countries, while calling for more structured action to address international financial imbalances.
MK/ak/te/fss/as/APA