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El Sisi calls on int’l lenders to be more understanding: During his participation in the Paris Summit for a New Global Financing Pact, President Abdel Fattah El Sisi called on development partners and international lenders — namely the IMF — to be more understanding of Egypt’s circumstances as well as those of other nations facing similar economic headwinds (watch, runtime: 1:14:19). El Sisi suggested moves including reallocating the IMF's special drawing rights, suspending additional fees during times of crisis, and increasing debt swaps. Reuters also had the story.
REMEMBER- The IMF was due to carry out the first review for its USD 3 bn loan in mid-March but has postponed it amid a lack of progress in meeting several of its key commitments, namely a full float of the currency and raising bns of USD via sales of state-owned assets.
Tunisia echoed the statements: Tunisia’s Kais Saied told the IMF’s managing director that the IMF’s terms for supporting the country could trigger social unrest, Reuters reported, citing a statement from the Tunisian presidency. Saied said that reducing energy or food subsidies could have serious consequences.
Where’s the climate finance promised to the developing world? El Sisi also emphasized the need for developed countries to fulfill their USD 100 bn climate finance pledge during the closing session of the summit, according to the State Information Service (SIS).El Sisi highlighted the high cost of implementing the renewables, water desalination, road improvements, and electric vehicle projects needed for green development.
El Sisi x Macron: El Sisi met with President Emmanuel Macron during the summit for bilateral talks, according to a statement. The pair discussed cooperation on counterterrorism and combating illegal migration, along with encouraging French companies to invest in Egypt. El Sisi also met with French Finance Minister Bruno Le Maire to discuss French investments in our development projects as well as reforms to global finance.
El Sisi also met with MENA + African leaders: The president also met with Saudi Prince Mohammed bin Salman, Tunisian President Kais Saied,South African President Cyril Ramaphosa, and Kenyan President William Ruto on the sidelines of the summit.
