Egypt’s Finance Minister Ahmed Kouchok said debt levels across Africa are rising due to economic shocks and intensifying risks related to geopolitical tensions. He said a Debt Alliance for Sustainable Development could be part of the solution to Africa’s financing challenges, creating fiscal space to meet the development and climate aspirations of Africa and emerging countries. He emphasized that he aims to create
Kuchok’s remarks were made during a meeting with Claver Gatete, Executive Director of the United Nations Economic Commission for Africa, and Hanan Morsi, Deputy Executive Director of the Commission, on the sidelines of the annual meetings of the International Monetary Fund and the World Bank in Washington. It was done inside. .
He stressed that debt-for-investment exchange is one of the most innovative solutions to the debt crisis and will contribute to strengthening development paths across African countries. This approach will help African economies face global challenges that place significant pressure on public budgets. He asserted that strengthening cooperation between the continent across all sectors, especially the energy sector, will help reduce the debt burden on African economies.
Kouchok further pointed out that economic integration must be based on strong partnerships between the private sectors of all African countries. Such cooperation will help increase and diversify production and exports, localize technology, achieve sustainable growth and create more employment opportunities. He stressed that African countries’ economic policies should be more coherent and integrated, focusing on stability, investment, and attracting the private sector and international partnerships.
