Egypt's FM Urges Reform of International Financial System

The Egyptian Minister of Foreign Affairs Badr Abdel Aaty participated Sunday, in the first interactive dialogue held on the sidelines of the "Future Summit" in New York, as part of the activities of the 79th session of the United Nations General Assembly.

The dialogue addressed issues related to the transformation of global governance and enhancing the implementation of the 2030 Sustainable Development Plan.

In his speech, Abdel Aaty reviewed the successive challenges faced by developing countries in recent years, such as the devastating effects of the pandemic, geopolitical tensions in different regions of the world, and the increasing repercussions of climate change.

He explained that the succession of these crises constitutes a major obstacle to achieving the 2030 Sustainable Development Goals (SDGs).

The Minister of Foreign Affairs stressed the urgent need to reform the international financial system urgently to enable developing countries to confront intertwined global crises and enhance their ability to adapt to future challenges.

He pointed to the prominent role that the United Nations must play in leading this reform, calling for the establishment of new and effective financing mechanisms to support this purpose.

Abdel Aaty also stressed the need to reform international financial institutions to keep pace with changes in the global landscape, enhance the representation of developing countries on their boards of directors, and increase lending capacities to support their development needs.

He stressed the importance of improving global debt management mechanisms, especially in low- and middle-income countries, to enhance inclusive growth.

The Minister pointed out the importance of reforming credit rating standards and accelerating the issuance of special drawing rights for developing countries, stressing that enhancing international tax cooperation is a prerequisite for achieving sustainable development goals.

He also expressed Egypt's aspiration for the success of international efforts to reach a framework agreement on international tax cooperation.

Finally, the Minister of Foreign Affairs stressed the need for collective action to achieve fundamental reforms in the global financial system to ensure the achievement of the 2030 Sustainable Development Agenda and support developing countries in facing future crises.