“Programs for renewable energy, water treatment, improving the road network, and using electric transportation were programs that cost Egypt huge sums of money,” Sisi said at a finance summit in Paris.
He added that a debt management plan is being implemented, but Egypt and other countries have become “as a result of the circumstances that occurred during the past three years” that need “understanding on the part of our development partners,” referring to the period when Egypt suffered from the shocks of the Covid-19 epidemic and the war in Ukraine.
The Egyptian president called for “reforming the global financial structure to enhance financing for sustainable development, including reallocating the International Monetary Fund’s special drawing rights and suspending or canceling additional fees for the fund in times of crisis.”
He also called for more debt swaps, saying the Paris summit highlighted the importance of making quick international decisions to prevent a major debt crisis.
Egypt faces an increasingly difficult task in terms of collecting the necessary liquidity to pay off foreign debts, after external borrowing quadrupled over the past eight years.
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