President stresses importance of reforming int’l financial system

Sisi highlights need to break “vicious cycle” of sovereign debt

President Abdel Fattah El Sisi stressed that reforming the international financial system has become an imperative necessity to achieve peace and development. He called for a more equitable global economic order that takes into account the concerns of developing nations and supports their aspirations for sustainable growth.

Speaking during the Africa–France Summit held on Tuesday in the Kenyan capital of Nairobi, President Sisi said the escalating geopolitical tensions, particularly in the Middle East, undermine global supply chains and negatively affect energy and food security, with African countries bearing the brunt as they strive to achieve development goals while maintaining fiscal discipline and containing debt levels.

President Sisi added that “there can be no development without peace, and no peace without development,” warning that the unstable global economic landscape, declining development aid flows, mounting conditionalities, and the repercussions of climate change all reinforce the urgent need to overhaul the international financial system,” Presidency Spokesman Ambassador Mohamed el-Shennawy said.

The president called for adopting a comprehensive vision to address development financing challenges through enhancing the effectiveness of financing mechanisms and introducing innovative tools such as debt swaps for development projects and expanding green bond issuance to finance environmentally friendly initiatives. He also stressed the importance of reforming multilateral development banks and mobilising financing from both public and private sources.

President Sisi further highlighted the need to break what he described as the “vicious cycle” of sovereign debt, particularly in African countries where debt servicing costs in many cases exceed combined spending on health and education.

The president also emphasised the importance of supporting exports from developing countries, fostering the growth of emerging industries across Africa, and advancing the implementation of the African Continental Free Trade Area through stronger intra-African supply chains and enhanced skills development for African youth.

Despite successive regional and international crises, President Sisi said Egypt has continued to implement its ambitious economic reform programme through a comprehensive package of fiscal and monetary measures, legislative reforms, and investment incentives, alongside major infrastructure development in roads, telecommunications, transport, and logistics.

He added that these efforts position Egypt as a gateway to the African continent and reaffirmed Cairo’s commitment to strengthening co-operation with France and international and regional partners to advance economic and social development programmes in both Egypt and African countries.

Concluding his address, President Sisi stressed that addressing global economic instability requires collective efforts to strengthen global economic governance and modernise international institutions in a way that delivers fair and balanced solutions capable of meeting the aspirations of peoples worldwide for sustainable development.

The president arrived earlier in the day at the Kenyatta International Conventions Centre, where he was received by Kenyan President William Ruto and French President Emmanuel Macron.

President Sisi attended the summit’s opening session, which featured remarks by the Kenyan and French presidents, as well as UN Secretary-General António Guterres and African Union Commission Chairperson Mahmoud Ali Youssouf. The president also took part in the official group photograph of participating leaders and heads of delegations.

Presidency Spokesman Ambassador el-Shennawy stated that President Sisi participated in a working session dedicated to reforming the international financial architecture and enhancing African countries’ access to sustainable financing, during which he delivered Egypt’s address outlining Egyptian and African priorities regarding global financial reform.