FM asserts importance of reforming global governance to address geopolitics crises

CAIRO – 22 February 2024: Foreign Minister Sameh Shoukry asserted the importance of reforming the international governance to address geopolitics crises and priorities of sustainable development.

The foreign minister's remarks were made while participating in a session themed, "Reforming Global Governance" on the sidelines of G20 Foreign Ministers' Meeting in Rio de Janeiro city in Brazil on Thursday.

Spokesman for the Foreign Ministry Ahmed Abu Zeid said that Shoukry pointed out to challenges facing developing countries that would require reform of global governance to deal with geopolitics crises and priorities of sustainable development, topped by poverty.

Shoukry said the world financial system must be reformed in a perspective that is addressing climate change issues as being a complementary part and not replacing the achievement of sustainable development.

The reform should aim to scale up finance and easily get it and rely on grants and soft funding tools, he mentioned.

Developing countries should deal with debt burden through the establishment of comprehensive and active mechanisms, he said.

He pointed out to the possibility of boosting international cooperation in debt-for-nature swaps.

Shoukry highlighted a number of worrying indexes at the level of climate change and pointed out to a growing gap in climate financing for adaptation and expansion in exploration and fossil fuel production, especially coal.