Deputy Minister of Planning Engages in High-Level Conference on Middle-Income Countries in Rabat

Dr. Ahmed Kamali, Deputy Minister of Planning and Economic Development, participated in the high-level ministerial conference on middle-income countries themed "Addressing Development Challenges in Middle-Income Countries Amidst a Changing World." The conference convened on February 5th and 6th in Rabat, Morocco, drawing representatives from around 32 countries, 23 UN-affiliated development agencies, and various international and regional institutions.

During his address, Dr. Kamali highlighted the establishment of the High-Level Ministerial Committee for Monitoring External Debt in 2018, chaired by the Prime Minister and organized by the Ministry of Planning and Economic Development. This initiative aimed to enhance governance in obtaining external loans, responding to a significant rise in external debt from $34.7 billion in 2011 to $93.1 billion in 2018.

Kamali outlined the committee's transparent criteria for loan approval, including the postponement of debt requests totaling $8.8 billion and the rejection of requests amounting to $89.2 billion.

He emphasized the need to investigate the reasons behind substantial variations in financing interest rates, urging international institutions and development banks to address factors impacting debt sustainability in middle and low-income countries. Kamali stressed the importance of diversifying development financing beyond debt, advocating for risk-sharing financing methods.

Kamali also underscored the importance of monitoring debt utilization, ensuring investments in infrastructure and enhancing the state's productive capacities through public investment, while improving the efficiency of public investment spending.

Furthermore, he reiterated Egypt's support for the UN Secretary-General's calls for sustainable development goal incentives and advocated for a new financial system to assist middle and low-income countries in achieving UN Sustainable Development Agenda goals, minimizing budget pressures, extending debt maturity, and reducing interest rates.