The vicious circle of debt can be particularly detrimental for countries like Egypt, where efforts to stimulate growth often rely on accumulating loans. As these nations seek to invest in economic projects and social programs, they turn to international lenders for financial support. However, the changing financial conditions, including fluctuating interest rates and external economic pressures, can exacerbate the situation. As debt mounts, countries may find themselves trapped, where the cost of servicing existing loans limits their ability to invest in growth initiatives or comply with climate objectives. This accumulation of debt not only stifles economic progress but can also affect the welfare of the people.
To break free from this cycle, collaboration among various stakeholders is essential. Traditional debtor organizations like the IMF and World Bank, along with emerging debtor countries such as China, must work together to develop sustainable solutions. The involvement of the indebted countries themselves is equally crucial. Addressing the debt issue requires a collective effort to acknowledge the unique challenges faced by nations like Egypt. This session aims to explore pragmatic, effective, and fair ways for indebted countries to regain financial sovereignty, enabling them to overcome debt constraints and build a more equitable future.
SPEAKERS
Alex Segura-Ubiergo
Senior Resident Representative Middle East and Central Asia Department, International Monetary Fund (IMF)
Franco Bruni
President, the Italian Institute for International Political Studies (ISPI)
Mahmoud Mohieldin
UN Special Envoy on Financing Sustainable Development
Ahmed Kouchouck
Egyptian Minister of Finance
MODERATOR
Ahmed Galal
Former Egyptian Minister of Finance