CAIRO- President Abdel Fattah El Sisi underlined on Wednesday the need for developing global system and international economic and financial structure, introducing new effective finance tools and optimizing existing funding mechanisms.
Addressing the virtual G20 summit, the President underlined the importance of reforming practices and policies of multilateral development banks to enhance its financing capacity in accordance with priorities of developing nations.
He also necessitated finding a solution to growing sovereign debts of developing countries, including middle-income ones.
President Sisi expressed appreciation to the Indian premier for his successful organization of the summit that takes place at a time international geopolitical tensions are on the rise not to mention the continued repercussions of successive economic crises worldwide, low-paced achievement of sustainable development goals, growing climate change challenges and the selectivity policy adopted by the international community.
Sisi made clear, via video-conference, that the way the international community deals with the current war in the Palestinian territories embodies the selectivity policy adopted by the international community.
War machine is still killing more and more people in Gaza and leaving many others displaced despite international warnings of the importance of protecting civilians and respecting the international law, he warned.
The President underlined the importance of ensuring Palestinians’ legitimate right of setting up their own state and living in peace and security side by side with Israel.
The current crises, either political or economic, that are taking place worldwide at the present time in addition to the deep economic turbulences at the international level undermine efforts to meet human beings’ economic and social rights, especially in the developing nations.
Silence is no more an option towards the current crises and waiting is no more a solution to face possible global scenarios, Sisi said.
At the end, the President said we do not have the luxury of postponing confrontation because challenges are now intertwining and expanding and there is no other alternative than to advocate human consciousness and values of justice, objectivity and common interests to overcome the current crises and move ahead with development process.
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