Arab Finance: Confirm Ahmed KjoukThe Minister of Finance said that the BRICS group can play an influential role in reshaping the global economic structure in favor of emerging and developing countries, explaining that we are looking forward to reforming the international monetary system and creating a more balanced, comprehensive and equitable economic framework for emerging markets.
The minister said, in his first participation at the ministerial level in the BRICS meetings in Moscow during the “Improving the Global Monetary and Financial System” session, that we aim for a stronger voice and greater representation of emerging economies in managing global issues through developing international financial institutions, pointing out that BRICS brings together an important platform. For regional integration between Africa, the Middle East and Asia and the creation of new investment, development and trade opportunities, and that we seek stronger cooperation with all our partners in the BRICS to achieve economic stability, growth and development for our countries and peoples.
The Minister indicated that we aim to gradually reduce the size and indicators of government external debt and work to convert part of the debt into investments. We are keen to diversify the sources, tools, markets and currencies of financing to reduce the ratio and burden of debt to the domestic product, and we seek to increase the volume and percentage of soft multilateral financing from development banks. International institutions and bilateral partners, and we also seek to make optimal use of available sustainable financing tools.
The Minister called for strengthening “mixed financing” models to advance cross-border partnership efforts between the public and private sectors, pointing out that we seek to direct development funds to develop infrastructure and meet social needs, especially in health and education.
Related news
