Launching a diverse range of finance instruments is key, especially debt exchange initiatives for all emerging countries

Minister of Finance, Ahmed Kouchouk, affirmed that it is essential for "BRICS" countries, together with all concerned parties, to support the efforts exerted to ensure sustainability of debts in favor of emerging countries, pointing out that launching a diverse range of finance instruments is key, especially debt exchange initiatives for all emerging countries. 

 

 In a session held to look into financial issues, attended by ministers of finance and governors of central banks of "BRICS" countries in Brazil, Kouchouk said that we look forward to witnessing a clear fingerprint for "BRICS" in supporting emerging economies in terms of facing global challenges. Kouchouk affirmed that the unilateral procedures weaken confidence in the global economy and hamper the developmental finance.

 

 Kouchouk added that providing access to appropriate finance for the developing countries is urgent, pointing out that we are committed to developing fair international tax system through UN Convention on Tax.

 

Kouchouk affirmed that the economic reform in Egypt is a model to be followed in terms of enhancing flexibility and achieving comprehensive and sustainable growth.

 

"We illustrated the success of Egyptian economy in achieving high growth rates, thanks to the strong growth of private sector and the notable growth of private investment flows. We succeeded to support the efforts of financial discipline through tax facilities, which resulted in growth of tax revenues by about 35% without imposing any new burdens," said Kouchouk.

 

 Kouchouk stated that we have great opportunities for cooperation in the fields of agriculture, manufacturing and health to ensure food security and appropriate healthcare services for the Global South, asserting the importance of finding inventive finance mechanisms through the new investment platform of BRICS to accelerate infrastructure projects.