Sisi calls for developing global system, int'l economic, financial structure

CAIRO – 22Novamber 2023: President Abdel Fattah El Sisi underlined on Wednesday the need for developing global system and international economic and financial structure, introducing new effective finance tools and optimizing existing funding mechanisms.

Addressing the virtual G20 summit, the President underlined the importance of reforming practices and policies of multilateral development banks to enhance its financing capacity in accordance with priorities of developing nations.

He also necessitated finding a solution to growing sovereign debts of developing countries, including middle-income ones.

At the biggening of his speech, Sisi expressed his sincere gratitude to the Prime Minister of India, for organizing this summit, which is being held against the backdrop of a severe escalation of global geopolitical tensions.

He added that the summit also comes amid the ongoing repercussions of the successive global economic crises, the slowdown in the advancement of the Sustainable Development Goals, the aggravation of climate change challenges, in addition to the growing state of polarization and selectivity that is becoming more acute on the world stage.

“Perhaps the way the international community interacts with the ongoing war in the Palestinian territories is an embodiment of the selectivity that we are talking about. The war machine is still reaping more lives, leaving behind destruction and displacement, despite growing international warnings of the imperative need to protect civilians and respect international law, in addition to the vital importance for the Palestinian people to obtain their legitimate right to establish their state and live in peace and security side by side with Israel.” Sisi said.

Egypt’s President noted that the crises that we are living today, even though they have a political and military face, are intertwined with the profound economic imbalances that the world is witnessing. These imbalances substantially undermine the fulfillment of economic and social human rights, particularly in developing countries.

The need to develop and reform the World Order in a comprehensive manner has become imperative. On top of that comes the reform of the international economic and financial structure, including the creation of vigorous financing mechanisms and taking full advantage of the existing ones.

Added to this is reforming the policies and practices of multilateral development banks, in order to enhance their financing ability in accordance with the priorities of developing countries. In addition, it is of a crucial necessity to address the issue of growing sovereign debt of developing countries, including middle-income countries

Sisi said that silence is no longer an option in the face of the crises that have broken out. Waiting and anticipating are no longer a solution to the potential international scenarios, geopolitically and economically.

Let me tell you something:” We do not have the luxury of postponing action or confrontation. The challenges are imposing themselves: they are extending, expanding and becoming deeply intertwined. There is no substitute for a moment of honesty with oneself, in which we uphold human conscience, the values of justice, equity and objectivity and joint interests. This shall enable us to surmount the current momentous crises and unleash the efforts to bring about development and security for a better future for all humanity.