Thursday 24/April/2025 – 10:47 AM
Dr. Mahmoud Mohy El -Din, the United Nations Special Envoy for Sustainable Development and Chairman of the Group of Experts from the Secretary -General of the United Nations to provide solutions to the debt crisis, moderated a high -level session on the sidelines of the Spring meetings of the International Monetary Fund and the World Bank, under the title of finding a way out of the debt crisis, at the Brookings Institute in Washington.
A number of prominent figures, including Rebecca Greenban, Secretary -General of the United Nations Trade and Development Conference, UNCTAD, Enderem Gil, World Bank chief economist, Trevor Manuel, former Finance Minister in South Africa, Vera Songwi, Head of Liquidity and Sustainability Facility, Paulo Gentiloni, former European Commissioner for Economy.
Dr. Mohy El -Din said that more than half of the 68 countries qualifying for the Fund for Growth and Poverty of Poverty of the International Monetary Fund suffers from sharp debts, in only 2023, developing countries spent $ 1.4 trillion on the service of religion, which represents about 4% of their total national income, which directly affected spending in the education, health and basic services sectors.
Reducing debt burdens
He affirmed the urgent need for innovative reforms in global financial governance, noting that the burden of debt is no longer just a financial crisis but a development crisis that undermines human welfare and investment in human capital.
He pointed to the appeals of the recent African leaders to reduce debt burdens and offer solutions such as the bodies of religion for development, increase the stimulation of private sector, and institutional reform.
He added that these discussions contribute to building a global consensus on new and innovative strategies for financing and development, and accelerating progress towards achieving sustainable development goals
