Al-Mashat: Developing & Least Developed Countries Bear Brunt of Global Debt Crisis
Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, delivered Egypt's speech at the multilateral roundtable titled 'Revitalizing international development cooperation', on behalf of H.E. Dr. Mostafa Madbouly, Prime Minister of Egypt, during the 4th International Conference on Financing for Development held in Spain from June 29 to July 3, 2025.
Dr. Rania Al-Mashat explained that the current period is witnessing a significant decline in progress toward achieving the Sustainable Development Goals, due to escalating geopolitical tensions and multiple ongoing crises, which has resulted in successive negative impacts, especially on developing and least developed countries, which bear the heaviest burden of the global debt crisis leading to a widening and deepening gap between developed and developing countries day by day.
H.E. added that the 4th International Conference on Financing for Development represents an important opportunity to reaffirm the existence of genuine political will to address the situation and to discuss effective proposals that would enhance concessional financing, support existing financial mechanisms, including Special Drawing Rights (SDRs), as well as develop new mechanisms to mobilize the required financing.
The Minister of Planning, Economic Development and International Cooperation pointed out that among these mechanisms, development-linked debt instruments are an example of financial instruments that can contribute to stimulate funding linked to development priorities, affirming the importance of donor countries' commitment to their pledges to developing countries, adding that the challenges faced by developing countries are also beginning to affect many middle-income countries, which face the risk of undermine the progress they have achieved due to the worsening global debt situation.
Al-Mashat emphasized the need to focus on priority sectors, such as health and education, while making concerted efforts to alleviate debt burdens, which can be achieved by implementing sustainable mechanisms that contribute to supporting developing countries in a integrated manner.
In conclusion of her speech, H.E. stated that the conversation should not be limited to increasing the volume of financing alone, but should also focus on capacity building of countries, so that they are able to work effectively to achieve their national priorities and implementing their development strategies independently and sustainably, expressing her hope that the conference would come out with concrete recommendations capable of making a real, positive impact in advancing the 2030 Sustainable Development Agenda.
Rania Al-Mashat
Rania Al-Mashat
Rania Al-Mashat
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