Al-Mashat: Developing & Least Developed Countries Bear Brunt of Global Debt Crisis
Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, delivered Egypt's speech at the multilateral roundtable titled 'Revitalizing international development cooperation', on behalf of H.E. Dr. Mostafa Madbouly, Prime Minister of Egypt, during the 4th International Conference on Financing for Development held in Spain from June 29 to July 3, 2025.
Dr. Rania Al-Mashat explained that the current period is witnessing a significant decline in progress toward achieving the Sustainable Development Goals, due to escalating geopolitical tensions and multiple ongoing crises, which has resulted in successive negative impacts, especially on developing and least developed countries, which bear the heaviest burden of the global debt crisis leading to a widening and deepening gap between developed and developing countries day by day.
H.E. added that the 4th International Conference on Financing for Development represents an important opportunity to reaffirm the existence of genuine political will to address the situation and to discuss effective proposals that would enhance concessional financing, support existing financial mechanisms, including Special Drawing Rights (SDRs), as well as develop new mechanisms to mobilize the required financing.
The Minister of Planning, Economic Development and International Cooperation pointed out that among these mechanisms, development-linked debt instruments are an example of financial instruments that can contribute to stimulate funding linked to development priorities, affirming the importance of donor countries' commitment to their pledges to developing countries, adding that the challenges faced by developing countries are also beginning to affect many middle-income countries, which face the risk of undermine the progress they have achieved due to the worsening global debt situation.
Al-Mashat emphasized the need to focus on priority sectors, such as health and education, while making concerted efforts to alleviate debt burdens, which can be achieved by implementing sustainable mechanisms that contribute to supporting developing countries in a integrated manner.
In conclusion of her speech, H.E. stated that the conversation should not be limited to increasing the volume of financing alone, but should also focus on capacity building of countries, so that they are able to work effectively to achieve their national priorities and implementing their development strategies independently and sustainably, expressing her hope that the conference would come out with concrete recommendations capable of making a real, positive impact in advancing the 2030 Sustainable Development Agenda.
Rania Al-Mashat
Rania Al-Mashat
Rania Al-Mashat
read more
Gold prices rise, 21 Karat at EGP 3685
NATO's Role in Israeli-Palestinian Conflict
US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria
Shoukry Meets Director-General of FAO
Lavrov: confrontation bet. nuclear powers must be avoided
News
Iran Summons French Ambassador over Foreign Minister Remarks
News
Aboul Gheit Condemns Israeli Escalation in West Bank
News
Greek PM: Athens Plays Key Role in Improving Energy Security in Region
News
One Person Injured in Explosion at Ukrainian Embassy in Madrid
News
China Launches Largest Ever Aircraft Carrier
Sports
Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer
Videos & Features
Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall
Lifestyle
Get to Know 2025 Eid Al Adha Prayer Times in Egypt
Business
Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War
News
Flights suspended at Port Sudan Airport after Drone Attacks
Videos & Features
Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
News
Shell Unveils Cost-Cutting, LNG Growth Plan
Technology
50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
News
"Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence"
Hashtags
- PoliticsBusinessFinanceEconomics#4thInternationalConferenceonFinancingforDevelopment#SustainableDevelopmentGoals#SpecialDrawingRights#2030SustainableDevelopmentAgenda#EGP#Planning#EconomicDevelopment#andInternationalCooperation#Planning#EconomicDevelopmentandInternationalCooperation#NATO#RaniaAl-Mashat#H.E.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
See - Sada Elbalad
an hour ago
- See - Sada Elbalad
Egypt Hikes Cigarette Prices as New VAT Law Takes Effect
Taarek Refaat In a bold fiscal move aimed at bolstering state revenues, Egypt has officially raised cigarette prices following parliamentary approval of amendments to the country's Value Added Tax (VAT) law. The price hikes, effective Wednesday, July 2, have pushed the cost of both local and imported cigarette brands to record highs, sparking widespread consumer and media attention. According to Ibrahim Imbaby, head of the Tobacco Division at the Federation of Egyptian Industries, the newly approved pricing structure aligns with three tax brackets, each impacting cigarette brands differently. Imbaby hailed the legislation as a "timely and strategic decision" that supports both government income and price stability for tobacco companies. Local Brands: Cleopatra Hits New Ceiling Cleopatra, Egypt's most widely consumed cigarette brand, saw its retail price surge from EGP 38.70 to EGP 48 per pack across all variants — including King Size, Super, Soft Queen, Box, Black Label, and others. Other domestically produced brands such as Boston, Bloment, Mondial (Red, Blue, Silver), and Matsuyan Super now also retail for EGP 48. Imported Brands: Marlboro and Merit Top EGP 100 Multinational tobacco products under Philip Morris have also experienced substantial increases: Marlboro: Jumped from EGP 89 to over EGP 100 in many kiosks and retailers. Merit: Rose from EGP 95 to above EGP 105, placing it firmly in the premium category. LM: Now priced at EGP 69, up from EGP 69 pre-tax change, solidifying its mid-tier classification. HEETS & TEREA (Heated Tobacco): Varieties such as Selections, Dimensions, and Capsules are now selling for EGP 74. New Pricing Brackets Introduced The updated tax framework organizes cigarette products into three main price brackets: Tier 1 (Economy): Max retail price raised from EGP 38.80 to EGP 48 Tier 2 (Mid-range): Capped at EGP 69 Tier 3 (Premium imports): Starting from EGP 96 and up Government Stance & Industry Reaction The VAT adjustment law, first debated in Parliament over the weekend, aims to rationalize consumption while boosting public funds. The government argues that the new structure balances public health concerns with economic realities. 'Tobacco prices in Egypt have remained artificially low for years,' said a parliamentary source involved in the discussions. 'This step aligns prices more closely with global standards.' Meanwhile, tobacco companies have publicly supported the tax change, emphasizing its role in reducing pricing disparities and encouraging regulatory clarity. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence"
Mid East Info
7 hours ago
- Mid East Info
UAE and India explore avenues for enhancing economic and industrial collaboration during the upcoming stage
22,415 new Indian companies enter UAE market in first half of 2025, reflecting 10 per cent growth H.E. Abdulla bin Touq: Both countries share deep-rooted and strategic relations across various fields. The UAE has an adaptable and competitive legislative and economic environment that stimulates industrial investments. Abu Dhabi, July 2025: H.E. Abdulla bin Touq Al Marri, Minister of Economy and Tourism, today held a high-level meeting with H.E. H. D. Kumaraswamy, Indian Minister of Steel and Heavy Industries, and his accompanying delegation at the Ministry of Economy headquarters in Dubai. The meeting focused on strengthening bilateral collaboration across key economic and industrial sectors, with a particular emphasis on the new economy, logistic transportation, advanced technology, manufacturing and food industries. H.E. Bin Touq underscored deep-rooted and strategic partnership between the UAE and India, noting the shared commitment of the leadership to expanding cooperation in new economy sectors. 'The two nations enjoy a decades-long history of economic collaboration built on shared interests, and a common vision for sustainable growth,' H.E. said. H.E. further highlighted significant areas of alignment in both countries' development strategies, including the circular economy, advanced manufacturing, tourism, healthcare, entrepreneurship, innovation, and technology. H.E. Bin Touq said, 'Economic collaboration between the UAE and India continues to strengthen, with notable growth in business activities. In the first half of 2025 alone, 22,415 new Indian companies entered the UAE market, an increase of over 10 per cent compared to the same period in 2024. By the end of June 2025, the total number of Indian companies operating in the UAE reached 264,687. During the meeting, we discussed strategies to enhance communication between business communities of the two countries and to encourage the establishment of diverse ventures across vital economic sectors.' H.E. noted that the UAE has an adaptable and competitive legislative and economic environment that stimulates industrial investments across the world. The manufacturing sector contributed 13.5 per cent to the UAE's non-oil GDP in 2024, ranking as the second on the list of economic activities contributing most to the non-oil GDP of the national economy. Additionally, the foreign direct investment (FDI) in this vital sector reached approximately AED 40 billion (USD 10.9 billion) by the end of 2022, representing 7 per cent of the country's total FDI inflows. The meeting also explored the key enablers and competitive advantages of the UAE's business environment for Indian companies, along with strategies to maximize these benefits. Among the highlighted strengths were the UAE's strategic location connecting East with West, its comprehensive economic partnerships, advanced infrastructure, diverse logistics services, and tax incentives that encourage the establishment of diverse economic and investment activities. Both sides emphasized the importance of enhancing collaboration between the public and private sectors to facilitate the exchange of expertise and best practices, aimed at adopting latest technologies across sectors related to the new economy. This supports the building of a knowledge-based, technology-driven economy and fosters sustainable economic development.
Middle East
11 hours ago
- Middle East
OPEN// Egypt, Netherlands discuss cooperation over migration file
CAIRO, July 2 (MENA) - Deputy Minister of Foreign Affairs, Emigration and Expatriates Nabil Habashi held on Wednesday a meeting with Dutch Foreign Ministry Envoy for Migration Affairs Pieter Schuurmano to discuss ways of boosting cooperation on migration files within the framework of the Declaration of Intent signed between the two countries in 2021. Habashi reviewed national efforts exerted by the Egyptian State to fight illegal migration based on Egypt's vision that covers both security and development aspects of migration and addresses its root causes by supporting local communities and offering safe alternatives. The two sides discussed economic support provided by the Dutch side to support Egypt's efforts to fight illegal migration. They also underscored the importance of developing programs that create job opportunities and foster social stability in communities most vulnerable to migration pressures. The meeting also tackled boosting the Egyptian State's capacity to host refugees and migrants, in line with the principle of burden- and responsibility-sharing to ensure the resilience of host communities. They reiterated their commitment to maintain efforts to address migration challenges through linking development and humanitarian dimensions in a way that contributes to the achievement of the Sustainable Development Goals (SDGs) and supports regional security and stability. (MENA) S R E/R E E
