Egypt urges BRICS action on global debt and finance reform
Egypt’s Foreign Minister Badr Abdelatty has urged BRICS to step up efforts to reform global debt and financial systems, warning that developing nations face widening financing gaps that threaten sustainable development.
Speaking at a BRICS foreign ministers’ meeting in New York on the sidelines of the 80th UN General Assembly, Abdelatty called for stronger representation of the Global South in international financial governance and the creation of mechanisms to help countries manage mounting debt burdens.
He emphasised the need for greater use of local currencies in cross-border trade, expanded lending from the New Development Bank (NDB), and joint investments in energy, infrastructure, and emerging technologies, including artificial intelligence.
“BRICS can and must play a central role in shaping a fairer, more inclusive global economic order,” Abdelatty said, according to Egypt’s Foreign Ministry.
The appeal comes as global debt levels hit $315 trillion in 2025, according to the Institute of International Finance, with emerging markets accounting for nearly a third. Many African and Asian countries face rising debt-servicing costs as U.S. interest rates remain high and access to concessional financing tightens.
Abdelatty also used the platform to denounce Israel’s war in Gaza, calling it an “unprecedented humanitarian catastrophe,” and reiterated Egypt’s opposition to any forced displacement of Palestinians. He welcomed this week’s UN General Assembly resolution reaffirming international support for a two-state solution.
BRICS, founded in 2009 as a counterweight to Western-led financial institutions, expanded in 2024 to include Saudi Arabia, Egypt, the UAE, Ethiopia, Iran, and Indonesia, alongside original members Brazil, Russia, India, China, and South Africa.
The bloc says its goal is to amplify the voice of the Global South in institutions such as the IMF, World Bank, and WTO.
This story is written and edited by the Global South World team, you can contact us here.
