Egypt's Finance Minister, Ahmed Kouchouk, emphasized the necessity of intensified efforts to boost Africa's economic transformation, supported by international partners and the private sector. He highlighted the need for African countries to adopt more consistent, integrated economic policies focused on stability, investment, and attracting private sector involvement and international partnerships. During a meeting with representatives and Mavis Owusu-Gyampfi, head of the African Center for Economic Transformation, on the sidelines of the annual meetings of the International Monetary Fund and the World Bank in Washington, Kouchouk called for reforms in multilateral international institutions to enhance the representation and role of African and emerging countries, ensuring these organizations better meet their needs. He underscored the importance of innovative financing solutions and debt-for-investment swaps to reduce debt and debt service costs, noting that easing debt burdens and expanding access to affordable financing are crucial for sustainable development.
Kouchouk also stressed the significant role the private sector must play in increasing and diversifying production and exports, as well as localising technology within African countries. He added that African economies are "weighed down" by high levels of debt, which stifles their ability to invest in health, education, and infrastructure. The Debt Alliance for Sustainable Development aims to create fiscal space to meet the developmental and climate ambitions of African and emerging nations. The Finance Minister stressed the importance of reinforcing regional integration and expanding local currency settlements to make the most of Africa's economic potential. Priority should be given to investment in agriculture, renewable energy, and technology to drive growth and sustainable development across the continent. He also called for international efforts to fortify the global financial system against shocks by improving early warning systems.
