Ahmed Kamel – Egypt Daily News
Egypt has called for sweeping reforms to the global economic system, warning that developing countries are bearing the brunt of mounting geopolitical tensions and economic disruptions.
Foreign Minister Badr Abdelatty made the remarks during a meeting of finance ministers and central bank governors from the Group of 24, held on the sidelines of the Spring Meetings of the World Bank and the International Monetary Fund in Washington.
Call for a More Resilient Global System
Speaking in his capacity as Egypt’s governor to the World Bank, Abdelatty stressed the urgent need to overhaul global financial structures to better support developing economies and enhance resilience in the face of overlapping crises.
He highlighted the growing strain caused by geopolitical conflicts, particularly in the Middle East, linking instability directly to economic and humanitarian challenges that ripple across regions.
Developing Countries Hit Hardest
Abdelatty pointed to major shifts reshaping the global economy, including disruptions in energy markets, supply chains, and international trade.
He warned that developing nations especially middle-income countries like Egypt are disproportionately affected by these changes, facing rising costs, financial pressures, and increased vulnerability to external shocks.
Reforming Finance and Debt Systems
The Egyptian minister called for a comprehensive restructuring of the global financial system based on a shared international vision that mobilizes funding without placing additional burdens on developing countries.
He emphasized the need for innovative financial tools to boost short-term liquidity while maintaining long-term stability, alongside stronger support from global institutions such as the IMF and World Bank.
Abdelatty also highlighted the urgency of reforming the global debt architecture, urging the creation of sustainable mechanisms to address debt crises in low- and middle-income countries.
He pointed to the importance of expanding international cooperation on debt swap initiatives as part of a broader solution.
Egypt’s Economic Vision
Concluding his remarks, Abdelatty outlined Egypt’s ongoing economic reform agenda, which focuses on strengthening productive sectors, supporting the real economy, and expanding the role of the private sector.
He said these efforts form part of a wider national structural reform program aimed at boosting long-term growth and resilience.
Global Stakes
Egypt’s intervention at the G24 meeting underscores growing calls from developing nations for a fairer and more adaptable global economic system, as the world grapples with rising uncertainty and shifting economic dynamics.
