FM, UN Envoy Discuss Debt Relief, Global Financial Reform

Badr Abdelatty, Minister of Foreign Affairs, International Cooperation, and Egyptians Abroad, received today, Thursday, Dr. Mahmoud Mohieldin, the UN Special Envoy on Financing the 2030 Agenda, to discuss economic development and the financing of developmental and climate projects.

During the meeting, FM reviewed the escalating challenges facing the region and their impact on developmental capacity, most notably the decline in concessional financing flows to developing countries.

He detailed the Egyptian position calling for a more equitable approach to address the global debt crisis, including the strengthening of debt restructuring mechanisms, expanding debt relief tools, and linking these efforts to investment in development and climate action, especially in light of the intensifying regional crises.

​The meeting also highlighted the importance of multilateral development banks playing a more effective role in bridging the development financing gap by providing concessional financing on appropriate terms for developing nations.

Both sides discussed developing innovative financing instruments to enhance the ability of states to implement developmental programs and achieve sustainable economic transformation.

Furthermore, the two officials stressed the necessity of reforming the international financial architecture and financial institutions to be more responsive to current global challenges, reflecting the priorities and needs of developing countries while enhancing their effectiveness in facing successive international crises.

Finally, the meeting touched upon the efforts exerted by the United Nations to advance the development financing reform agenda and the importance of building upon current international initiatives to increase the scale of financing available to developing nations and support their resilience against economic and developmental hurdles.