● Al-Mashat emphasizes the importance of enhancing the efficiency of the global financial architecture to drive financing for development.

● The “Summit of the Future” aims to achieve an international agreement on urgent issues, particularly regarding economic development challenges.

● Activating IMF & World Bank reform efforts, along with integration among MDBs, is essential to meet global development goals. 

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, noted that reforming the global financial architecture is necessary to enhance efficiency. This has become an urgent necessity for supporting developing countries and emerging economies to meet the SDGs.

This comes in light of the upcoming 79th session of the United Nations General Assembly and the "Summit of the Future" in New York this coming week. The Minister will participate for the first time following the new cabinet formation in high-level events during the 2024 UNGA Week. H.E. Minister Al-Mashat will also engage in the Summit of the Future, as well as serve as a keynote speaker in several discussion sessions with the World Economic Forum (WEF) and other international institutions. Additionally, Al-Mashat will hold bilateral meetings with international development partners and representatives from governments and the private sector.

H.E. Minister Al-Mashat explained that this year’s UNGA is convening at a time when challenges are significantly escalating worldwide. These include challenges stemming from climate change affecting all aspects of life, leading to issues in food and water security, as well as geopolitical challenges and tensions in many regions. Moreover, the increasing debt levels among developing countries necessitate the importance of formulating global frameworks for restructuring sovereign debt, which gives considerable significance to the General Assembly and the Summit of the Future taking place alongside it. Both events are seen as crucial in efforts to build international consensus on the pressing issues facing humanity.

H.E. Dr. Al-Mashat added that activating reform efforts with the IMF and the World Bank, the two largest financial institutions in the world, along with integrating multilateral development banks—especially those including emerging nations like the New Development Bank associated with BRICS—would create a unified and comprehensive approach to address the challenges hindering the achievement of the SDGs. She emphasized the importance of equitable and just financing to ensure sustainable economic growth and “leave no one behind”.

H.E. Minister Al-Mashat further elaborated that Egypt is making concerted efforts to enhance the restructuring of the global financial system and promote the SDGs at all levels. In this context, the Ministry of Planning, Economic Development, and International Cooperation operates within a national framework to foster constructive partnerships among relevant stakeholders, based on national coordination and international cooperation, primarily aimed at driving sustainable economic growth through evidence-based and data-driven policies to identify and close development gaps, enhance macroeconomic stability, and implement structural reforms to increase competitiveness, in addition to mobilizing domestic and foreign financing to achieve sustainable development.

H.E. Minister Al-Mashat announced the completion of Egypt's Integrated National Strategy for Financing SDGs, which is set to be launched during the "Summit of the Future," as part of efforts to implement the UN objectives and support development efforts within the country.