Egyptian Minister of Planning and International Cooperation Rania Al-Mashat has called for a greater voice for the Global South in the governance of international financial institutions and for a shift from short-term crisis response to long-term structural reforms that enhance sustainable development.
Speaking at a G30 panel discussion on the “Emerging Global Architecture” in Washington, Al-Mashat highlighted the escalating debt burdens in emerging economies, which limit the fiscal space available for development while inequality gaps widen.
“The international financial system continues to face challenges in providing sufficient, timely, just, and comprehensive support,” she said at the 40th Annual International Banking Seminar. The panel was attended by the heads of the International Monetary Fund (IMF), the European Central Bank (ECB), the World Trade Organisation (WTO), and the Inter-American Development Bank (IDB).
Al-Mashat stressed that “no one-size-fits-all model” exists for economic policy and that each country’s specific circumstances require tailored programmes. She also called for a redefinition of global public goods, arguing that when countries spend their resources to protect their people from climate change, they are contributing to the protection of the entire world, and this should be factored into debt sustainability analyses.
She also pointed to a positive shift in the relationship between countries and international financial institutions, which she said is evolving from a purely financing relationship to a participatory one in designing national development policies.
“In these annual meetings, terms like ‘growth and job creation’ resonate in every discussion, both within the IMF and the World Bank, reflecting a unified orientation towards linking financial stability with the developmental and social dimension,” she said.
Al-Mashat noted the World Bank’s evolution roadmap and its transformation into a “Knowledge Bank,” which enhances the quality of financing and supports the exchange of development expertise.
The minister underscored Egypt’s recently launched “Narrative for Economic Development,” which aims to transition toward a new economic model focused on higher-productivity sectors with greater access to export markets.
She stressed that while available financing may not be sufficient to meet all needs, there are always innovative mechanisms to consider for attracting more private investment through risk mitigation, and that international financial institutions have a responsibility to provide these.
