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Mahmoud Mohieldin participates in the United Nations Sustainable Development Financing Session

 Dr. Mahmoud Mohieldin, Executive Director of the International Monetary Fund and the United Nations Envoy to Financing Sustainable Development, participated today in the Development Financing Forum for the year 2021 in its sixth edition, organized by the United Nations Economic and Social Council, in the session organized by the Egyptian Ministry of Planning and Economic Development with the League of Arab States With the participation of Dr. Hala El-Said, Egyptian Minister of Planning and Economic Development, Elena Bonova, United Nations Resident Coordinator in Egypt, and Dr. Tony Addison, Professor at the University of Copenhagen, Ambassador Nada Al-Ajizi, Director of Sustainable Development and International Cooperation at the League of Arab States, and Dr. Dalia Abdel Qader, Head of the Sustainable Finance Sector at the Commercial International Bank, moderated the session, Dr. Ahmed Kamali, Deputy Minister of the Ministry of Planning and Economic Development.

 

Dr. Muhyiddin said that even before the pandemic, some countries of the world were struggling to fund efforts to achieve the sustainable development goals, and he mentioned that the Africa Sustainable Development Goals Center in Rwanda reported the possibility that no African country would achieve all the sustainable development goals except for some countries and some goals that witnessed improvement, such as the goal of eradicating poverty. Extreme poverty, which deteriorated after the Corona crisis, with estimates of about 100 million additional people falling into extreme poverty globally.

- Dr. Muhyiddin said that the world must work in five axes to ensure recovery from the crisis and achieve the sustainable development goals by 2030. The first is fair access to the vaccine to all countries of the world, as so far, about 75% of the number of vaccinations has been carried out in only 10 countries. The second axis is to ensure that the recovery is comprehensive and not only limited to some countries, which will have a negative impact on poverty and unemployment. The third axis is facing the fourth wave of debt and preventing it from turning into a global debt crisis. The fourth axis is to strengthen global efforts to recover within the framework of sustainable development, including without limiting the concept of sustainability to dealing with climate change, which must be placed within the framework of the sustainable development goals that include dimensions related to human, social and economic development and governance, stressing the importance of investing in human capital. The fifth axis is to support middle-income countries to escape from the "middle income trap" because of their ability to obtain adequate financing for development from global financial markets, such as developed countries, and their lack of access to adequate development financing from international financial institutions as well.

- Dr. added. Mahmoud Mohieldin said that economic reforms in Egypt establish efforts to achieve sustainable development goals if they are built upon to achieve the goals of the announced initiatives on 1) increasing exports 2) digital transformation 3) localizing development. Dr. Muhyiddin These initiatives require support through three important investments in human capital (education, health and social security) and infrastructure (roads, utilities, public utility projects, energy and electricity as well as the utmost importance of investment in digital transformation) and finally, investment in sustainability (areas of financing). Support for achieving sustainable development goals, addressing climate change, and building a green economy). These investments require the collection of the necessary financing from all available sources, whether it is public or private financing, internal or external financing, with the importance of attracting foreign investments as an important source of financing, knowledge and developing efficiency.

 

And concluded d. Mohieldin gave his speech announcing the ongoing work of issuing an Egyptian report on financing for development at the national level, which is the first of its kind globally and is based on the methodology used in the global report on financing for development issued by the United Nations, which will be issued within weeks.

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