Minister of Finance Mohamed Maait stressed the importance of developing the global financial structure to keep pace with international developments.
Maait believes the international community should further support developing countries and empower them, so that they could flexibly deal with global and local shocks. In addition, it is crucial to help emerging economies reach international financial markets through innovative tools and mechanisms that contribute to restructuring sovereign debts, and exchange them for environmentally friendly investments. This can be done through increasing the participation of the private sector in developmental and clean projects, which creates an economic and legislative climate that is more attractive to investors.
During his participation in the Global Financial Structure session, on the sidelines of the G20 meetings in India, Maait put emphasis on the need for concerted international efforts to modernize the policies and practices of global and multilateral development banks. This comes with the aim of providing additional innovative and concessional financial resources to targeted financing burdens. All of this could help developing countries and African countries combat the negative effects of climate change in developing countries, to maximize cooperation efforts between governments, financial institutions and development partners.
He stressed the need for more international efforts to stimulate development goals and understand the exceptional circumstances in the global economy, in which the negative repercussions of the Coronavirus crisis, the war in Europe, and climate change are intertwined. Together they imposed unprecedented challenges. This requires turning international pledges into commitments that are tangible in reality, in order to support a just transition to achieve green growth and reach the sustainable development goals in accordance with the national priorities of each country.