05 December 2023 08:13 PM

FM urges reforming global financial structure, developing int’l funding system

Sunday، 24 September 2023 - 10:52 AM

Foreign Minister Sameh Shoukry has called for taking constructive steps to reform the global financial structure and develop the existing international funding system.

Delivering Egypt’s speech at the UN General Assembly in New York, Shoukry said international financial institutions shall support developing countries in the face of the world’s current crises.

Spokesman for the Foreign Ministry Ahmed Abu Zeid said the foreign minister underlined the importance of joint action and the actual implementation of the principles of the United Nations Charter to address complex challenges.

Reviewing Egypt’s vision for activating multilateralism, Shoukry emphasized the significance of the radical and immediate reform to the mechanisms of international governance, including broadening the base of decision-making at the international level.

The foreign minister stressed that Egypt and the African countries adhere to the Ezulwini Consensus and the Sirte Declaration with regard to reforming and expanding the UN Security Council.

Shoukry highlighted the issue of climate change as one of the existential challenges facing the world today, citing Egypt’s success at the COP27 climate summit in Sharm El Sheikh in mobilziing international consensus to achieve climate justice and reach balanced decisions based on the principles and responsibilities agreed upon in the United Nations Framework Convention on Climate Change (UNFCCC) and the Paris Agreement.

The foreign minister welcomed the results of the historic United Nations Water Conference, held in March 2023.

In this regard, Shoukry emphasized Egypt’s firm position on rejecting any unilateral measures in the management of transboundary water resources, citing the Grand Ethiopian Renaissance Dam (GERD), whose construction began without consultation and adequate prior or subsequent studies of its effects on the riparian states.

Speaking on the conflict in Sudan, the foreign minister said Egypt supports reaching a permanent ceasefire agreement between the two Sudanese warring parties.

Furthermore, Shoukry reaffirmed Egypt’s complete rejection of the Israeli occupation’s practices in the Palestinian territories.

Moreover, the foreign minister stressed that Egypt supports the Palestinian right to establish a Palestinian state on the borders of 1967, with East Jerusalem as its capital.

He concluded that Egypt is working to achieve peace in Sudan, Libya, Syria, and Yemen “following the principles of international law and the resolutions of international legitimacy”.

Egyptian Gazette

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