Egyptian Finance Minister Ahmed Kouchouk urged BRICS nations to play a more “tangible and strategic” role in supporting emerging economies facing escalating global pressures, during the Special Session on Financial Issues at the BRICS Finance Ministers and Central Bank Governors meeting on Sunday.
The meeting, part of the broader BRICS summit held in Rio de Janeiro from July 6 to 7, comes at a time of growing global instability, debt distress, and climate vulnerability—particularly across the Global South.
Kouchouk, speaking on behalf of Egypt’s financial leadership, emphasized that unilateral economic measures threaten trust in the global financial system and severely impede access to development financing. He called on the BRICS bloc and international partners to strengthen multilateral frameworks that foster inclusive, resilient economic growth.
Prioritizing Debt Sustainability and Climate Financing
In his remarks, Kouchouk underscored the urgent need to ensure debt sustainability in emerging economies, advocating for innovative financial instruments such as debt-for-development swaps. These mechanisms, he argued, could help relieve fiscal pressure while advancing development and climate goals.
“Debt vulnerabilities have become systemic,” Kouchouk said, calling for coordinated action to develop fair and adequate climate financing tools. He reaffirmed Egypt’s commitment to climate resilience, noting that progress must be coupled with equitable access to global financial flows, particularly for nations most affected by climate shocks.
Advancing Global Tax Justice and Domestic Reform
The finance minister also renewed Egypt’s support for an equitable international tax framework, aligning with the United Nations Tax Convention, and highlighting the role of fair taxation in rebuilding trust in the global system.
On the domestic front, Kouchouk reported that Egypt has achieved strong fiscal performance and economic resilience, citing a 35% increase in tax revenues driven by targeted facilitation policies rather than increased burdens on citizens. He credited these gains to enhanced private sector engagement and rising investment inflows.
Positioning Egypt as a South-South Partner
Egypt, which joined the expanded BRICS bloc in 2024, is now positioning itself as a regional partner for development cooperation. Kouchouk outlined the country’s potential in agriculture, manufacturing, and healthcare, proposing deeper South-South collaboration to reinforce food and health security across developing nations.
He called for accelerated investment in infrastructure through the newly formed BRICS investment platform, and highlighted the importance of blended financing models that align public, private, and multilateral funding.
A Summit on Global Governance and Southern Solidarity
In a parallel statement, Egypt’s Cabinet announced that Prime Minister Mostafa Madbouly attended the summit’s opening session on behalf of President Abdel-Fattah El-Sisi. This year’s BRICS summit is held under the theme “Peace, Security, and Reform of Global Governance” — with leaders expected to push for structural reforms in international institutions like the UN, IMF, World Bank, and WTO.
Madbouly is scheduled to participate in several bilateral meetings with heads of state and government during the summit, strengthening Egypt’s diplomatic and economic ties within the BRICS framework.
