Egypt calls for reforming international financial organizations

CAIRO – 22 September 2024: Egyptian Minister of Foreign Affairs and Immigration Badr Abdelatty on Sunday participated in the first interactive dialogue at the "Future Summit," which focused on transforming global governance and enhancing the implementation of the 2030 Sustainable Development Plan, coinciding with the 79th session of the United Nations General Assembly in New York (UNGA 79).

In his speech, Dr. Abdelatty highlighted the challenges faced by developing countries in recent years, including the devastating effects of the COVID-19 pandemic, geopolitical tensions, and the increasing impact of climate change. He noted that these challenges hinder progress toward the 2030 Sustainable Development Agenda.

The Minister emphasized the urgent need for reforming the international financial organizations to empower developing countries to respond effectively to interconnected global crises and adapt to future challenges. He called for new financing mechanisms and reform of international financial institutions to enhance the representation of developing countries and increase lending capacities to meet their development needs.

Abdelatty also underscored the necessity of reforming the global debt institutions to promote comprehensive growth and improve debt management in low- and middle-income countries.

He advocated for better credit rating standards and the accelerated issuance of special withdrawal rights for developing nations. Finally, he stressed that enhancing international tax cooperation is essential for achieving the Sustainable Development Goals and expressed Egypt's hope for a successful international framework agreement on this issue.