Egypt’s Finance Minister, Ahmed Kouchouk, highlighted the urgent need to accelerate Africa’s economic transformation, urging for stronger collaboration with international partners and increased private sector engagement. Kouchouk emphasized the importance of integrated, stable economic policies across African nations, geared toward attracting investment and fostering partnerships.
In a discussion with representatives, including Mavis Owusu-Gyampfi of the African Center for Economic Transformation, at the IMF and World Bank annual meetings in Washington, he advocated for reforms within multilateral institutions to increase representation of African and emerging economies. This, he noted, would ensure these organizations better serve the unique needs of these regions. Kouchouk also promoted innovative financial tools, such as debt-for-investment swaps, to reduce debt and expand affordable financing options essential for sustainable growth.
Kouchouk further stressed the critical role of the private sector in diversifying production, exports, and technology localization within Africa. He pointed out that high debt levels impede investment in vital areas like health, education, and infrastructure, limiting economic progress. The Debt Alliance for Sustainable Development aims to create fiscal space to meet Africa’s developmental and climate goals.
Additionally, Kouchouk highlighted the need for deeper regional integration and the expansion of local currency settlements to unlock Africa’s economic potential. Prioritizing investment in sectors such as agriculture, renewable energy, and technology will drive sustainable growth across the continent. He concluded by calling for enhanced global financial resilience against shocks, emphasizing the importance of robust early warning systems.
