Seville: As part of her ongoing participation in the Fourth International Conference on Financing for Development in Seville, Spain, within the Egyptian delegation headed by Prime Minister Dr. Mostafa Madbouly, on behalf of President Abdel Fattah El-Sisi, President of the Arab Republic of Egypt, Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, participated in several events concerning expanding fiscal space for developing countries, national frameworks and platforms, aligning capital flows with Sustainable Development Goals (SDGs), and a new vision for debt.
According to State Information Service Egypt, Dr. Rania Al-Mashat participated in a panel titled “Expanding Fiscal Space: A New Vision for Debt and Development Finance,” alongside prominent figures such as Dr. Mahmoud Mohieldin, Chair of the UN Expert Group on Debt and the UN Special Envoy on Financing the 2030 Sustainable Development Agenda; Ms. Rola Dashti, Executive Secretary of the Economic and Social
Commission for Western Asia (ESCWA); and Ms. Zuzana Brixiova, Director of Macroeconomics, Finance and Governance Division at the UN Economic Commission for Africa (UNECA).
The Minister emphasized the conference’s significance as a pivotal moment for fulfilling international commitments to achieve SDGs, particularly in the wake of successive global crises undermining the capacity of developing and emerging countries to maintain their development trajectories. She highlighted the importance of implementing the UN expert group’s recommendations on solving the debt problem in Global South countries, encompassing 11 key suggestions to enhance liquidity and ease debt burdens.
Dr. Al-Mashat expressed optimism that the conference would lead to concrete steps in restructuring the global financial system, which she described as inadequate for addressing the challenges faced by developing countries. She underscored the need to overcome global challenges and return to a multilateral development cooperation system, refe
rencing Egypt’s innovative financing mechanisms, such as debt swap programs and agreements with international partners.
In another high-level session, “Reforming the International Financial Architecture: Aligning Capital Flows with Development and Climate Goals,” Dr. Al-Mashat addressed the need for a balanced approach to financing in the African continent, integrating both domestic and international resources. She stated that the current international financial system exacerbates disparities in capital flows and limits financing opportunities for Global South nations.
Minister Al-Mashat pointed out that capital is flowing away from countries with the greatest needs, despite their high-return investment opportunities, due to global fluctuations and increased risks. She concluded with a call for urgent reforms in the international financial system to address these disparities and support sustainable development in developing regions.