COVID-19, geopolitical shocks affected Egypt’s debt management plan: Al-Sisi

COVID-19, geopolitical shocks affected Egypt’s debt management plan: Al-Sisi

Egypt’s President Abdel Fattah Al-Sisi has acknowledged that the COVID-19 pandemic and other geopolitical shocks over the past three years have affected the country’s debt management plan. Speaking at the Summit for New Global Financing Pact in Paris on June 22-23, 2023, Al-Sisi said that Egypt and other countries need their development partners to be understanding. He pointed out that Egypt believes green growth and sustainable development can be pursued simultaneously without conflicting with one another. In addition, the Egyptian President proposed reforming the global financial infrastructure to encourage sustainable development financing. This includes reallocating the International Monetary Fund’s (IMF) special drawing rights and suspending or canceling the fund’s additional fees during times of crisis. He also recommended more debt swaps. Al-Sisi’s comments were made during a High-Level Round Table discussion themed “new methods: green growth partnership.” The roundtable was moderated by France’s Minister for Europe and Foreign Affairs, Catherine Colonna, and included the leaders of Congo, South Africa, and Colombia, as well as the President of the European Commission. Al-Sisi emphasized that Egypt and other developing nations are financing economic development under new paradigms that aim to address the challenges of climate change and achieve green growth. “As developing