Washington, D.C. — During the annual meetings of the International Monetary Fund and World Bank, Egypt’s Finance Minister Ahmed Kouchouk underscored the urgent need for innovative financing solutions to alleviate the debt burden facing African nations. Meeting with representatives, including Mavis Owusu-Gyampfi from the African Center for Economic Transformation, Kouchouk emphasized that strengthening Africa’s economic transformation requires collaboration with international partners and the private sector.
Kouchouk highlighted the necessity for African countries to implement more integrated economic policies aimed at stability and investment. He advocated for reforms within multilateral institutions to enhance the representation and influence of African and emerging countries, ensuring these organizations are better equipped to address their specific needs.
The Minister pointed out that high debt levels are hindering investments in vital sectors such as health, education, and infrastructure. He called for debt-for-investment swaps and other innovative financing mechanisms to ease financial burdens and expand access to affordable funding for sustainable development.
Kouchouk stressed the critical role of the private sector in diversifying production and exports and promoting local technology adoption across Africa. He also noted that regional integration and local currency settlements are essential for unlocking the continent’s economic potential.
With the Debt Alliance for Sustainable Development aiming to create fiscal space for developmental and climate goals, Kouchouk reiterated the need to prioritize investments in agriculture, renewable energy, and technology to drive growth.
Furthermore, he called for international initiatives to strengthen the global financial system against economic shocks, emphasizing the importance of early warning systems to better prepare for potential crises.
