tl;dr:

Egypt’s development partners should show understanding of the economic pressures it is under, as it pursues development plans and tries to manage a growing debt burden, Egyptian President, Abdel Fattah Al-Sisi, said on Thursday, Reuters reports. Sisi called for reforming the global financial infrastructure to promote sustainable development financing, including re-allocation of the International Monetary Fund’s special drawing rights and suspending or cancelling the Fund’s additional fees in times of crisis. The Egyptian President also appealed for more debt swaps, saying the Paris summit highlighted the importance of taking quick international decisions that prevent the outbreak of a major debt crisis. Egypt faces an increasingly tough task raising cash for foreign debt repayments after external borrowing quadrupled over the past eight years. Unless otherwise stated in the article above, this work by Middle East Monitor is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.

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