Ahmed Kouchouk, Egypt’s Finance Minister, stated that debt levels across Africa are rising due to escalating economic shocks and risks linked to geopolitical tensions. He emphasized that the “Debt Alliance for Sustainable Development” could be part of the solution to Africa’s financing challenges, aiming to create fiscal space that meets the developmental and climate aspirations of African and emerging nations.
Kouchouk’s remarks came during a meeting with Claver Gatete, Executive Secretary of the United Nations Economic Commission for Africa, and Hanan Morsi, Deputy Executive Secretary of the commission, on the sidelines of the annual meetings of the International Monetary Fund and the World Bank in Washington.
He highlighted that debt-for-investment swaps represent one of the most innovative solutions to the debt crisis, contributing to the enhancement of developmental pathways across African nations. This approach supports African economies in facing global challenges, which impose significant pressures on public budgets. He affirmed that strengthening continental cooperation across all sectors, especially energy, can help ease the debt burden on African economies.
Kouchouk further noted that economic integration must be grounded in robust partnerships between the private sectors of all African countries. Such collaboration would help increase and diversify production and exports, localize technology, achieve sustainable growth, and create more job opportunities. He stressed that economic policies in African nations should be more coherent, integrated, and focused on stability, investment, and attracting private sector and international partnerships.