In his meeting with Christina Duarte, the UN Secretary-General’s Special Advisor for African Affairs, Egypt’s Finance Minister Ahmed Kouchouk stressed that resolving Africa’s debt crisis is critical to reforming the global financial system and significantly improving the continent’s development indicators. Speaking on the sidelines of the preparatory meetings for the Fourth International Conference on Financing for Development in New York, Kouchouk underscored the increasing debt service burdens faced by African nations and the widening financing gaps that are hindering the region’s development trajectory.
“The debt service burden in African countries continues to rise, financing gaps are widening, and the development path is becoming more difficult. These challenges require collective global efforts to address,” Kouchouk stated. He emphasized the importance of international institutions taking strong, impactful actions to ensure that Africa receives accessible developmental funding without exacerbating the region’s already fragile debt situation.
The Finance Minister outlined Egypt’s call for international cooperation, urging countries, financial institutions, and the private sector to join the “Debt Alliance for Sustainable Development Initiative.” This initiative aims to foster collaborative efforts to ease Africa’s debt burden while promoting long-term development. He also highlighted Egypt’s commitment to improving government debt management by adopting comprehensive strategies that focus on enhancing debt indicators, increasing public sector spending on education, healthcare, and social protection.
Additionally, Kouchouk highlighted the potential benefits of debt-for-investment swaps, particularly in the context of global economic risks. Such initiatives could contribute to strengthening the economic stability of African nations while simultaneously fostering sustainable development.
“We see debt-for-investment swaps as a powerful mechanism to bolster the economic stability of African nations, especially in light of increasing global risks. This approach could be crucial in ensuring long-term development, boosting resilience, and securing essential investments in key sectors such as education, healthcare, and infrastructure,” he remarked.
