{"id":589309,"date":"2023-06-25T00:00:00","date_gmt":"2023-06-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/25\/el-sisi-calls-for-global-financing-reform-at-paris-summit\/"},"modified":"2023-06-25T00:00:00","modified_gmt":"2023-06-25T00:00:00","slug":"el-sisi-calls-for-global-financing-reform-at-paris-summit","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/25\/el-sisi-calls-for-global-financing-reform-at-paris-summit\/","title":{"rendered":"El Sisi calls for global financing reform at Paris summit"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">El Sisi calls on int\u2019l lenders to be more understanding: <\/span><span style=\"\">During his participation in the <\/span><span>Paris <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/nouveaupactefinancier.org\/en.php\" style=\"\">Summit for a New Global Financing Pact<\/a><\/span><span>, President Abdel Fattah El Sisi called on development partners and international lenders \u2014 namely the IMF \u2014 to be more understanding of Egypt\u2019s circumstances as well as those of other nations facing similar economic headwinds (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=L9Dt76nGXhE&t=1593s\" style=\"\">watch, runtime: 1:14:19<\/a><\/span><span>). <\/span><span>El Sisi suggested moves including reallocating the IMF's special drawing rights, suspending additional fees during times of crisis<\/span><span>, and increasing debt swaps. <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/world\/africa\/sisi-asks-lenders-understanding-economic-pressures-facing-egypt-2023-06-22\/\" style=\"\">Reuters<\/a><\/span><span style=\"font-weight:400;\"> also had the story. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REMEMBER- <\/span><span style=\"font-weight:400;\">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.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Tunisia echoed the statements: <\/span><span>Tunisia\u2019s Kais Saied told the IMF\u2019s managing director that the IMF\u2019s terms for supporting the country could trigger social unrest, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/world\/africa\/tunisia-tells-imf-conditions-financial-support-risk-unrest-2023-06-22\/\" style=\"\">Reuters<\/a><\/span><span style=\"font-weight:400;\"> reported, citing a statement from the Tunisian presidency. Saied said that reducing energy or food subsidies could have serious consequences. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Where\u2019s the climate finance promised to the developing world? <\/span><span>El Sisi also<\/span><span> emphasized<\/span><span> the need for developed countries to fulfill their USD 100 bn climate finance pledge during the closing session of the summit, according to the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/sis.gov.eg\/Story\/183328\/Sisi-thanks-Macron-for-his-constant-support-for-Egypt\/?lang=en-us\" style=\"\">State Information Service (SIS)<\/a><\/span><span>.El Sisi highlighted the high cost of implementing the renewables, water desalination, road improvements, and electric vehicle projects needed for green development. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">El Sisi x Macron:<\/span><span> El Sisi met with President Emmanuel Macron during the summit for bilateral talks, according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid034VDA2FQ1rY6Eh8KjvujnujELZpkeW3eqNizMEJiAPm8gugFBqJcmHjPPeyF9wKfTl\" style=\"\">statement<\/a><\/span><span>. 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 <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid02EsHcL1noEGExn1tYhCRgpUXJJxiojxacmfhnnChSF2f97ex3MYwPX4TRpyBasgMjl\" style=\"\">discuss<\/a><\/span><span style=\"font-weight:400;\"> French investments in our development projects as well as reforms to global finance. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">El Sisi also met with MENA + African leaders:<\/span><span> The president also met with <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid02GFSssY8Gp2g75E61ds2poErqN8Ph7gDhFxvpxWJStesSyj8M4KiqAS7PdyeYxEkFl\" style=\"\">Saudi Prince Mohammed bin Salman<\/a><\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid0wsZDhVuuvZezDfpbvH64Y5sNdUdSxPgfRr9uasSu9pKfHuNdgk8CjawwWEWwcJzUl\" style=\"\">Tunisian President Kais Saied<\/a><\/span><span>,<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid0dnp44WqGdYQy2BDWFj4CUnMdNybJawp9FeBsamzms3otiVJHgccqtLFBjzHT4118l\" style=\"\">South African President Cyril Ramaphosa<\/a><\/span><span>, and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid024QjYEPzX4f1NiECgDBjjYXtenJucQfvMqmudSFc86ufKknyRJLN1vfKkycJaHpnQl\" style=\"\">Kenyan President William Ruto<\/a><\/span><span style=\"font-weight:400;\"> on the sidelines of the summit. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>El Sisi called on lenders including the IMF to be more understanding<\/p>\n","protected":false},"author":1,"featured_media":589310,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7262],"tags":[96,88,101,168,898,72,272],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-589309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-diplomacy","tag-abdel-fattah-el-sisi","tag-debt-watch","tag-development-finance","tag-diplomacy","tag-emmanuel-macron","tag-enterpriseam","tag-imf","wpautop","entry"],"acf":{"mongo_id":"b830c254-a0f9-4b88-a1d6-42293fc416b1","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/1209.jpg","photo_position":"above","homepage_title":"","full_issue_title":"El Sisi calls for global financing reform at Paris summit","related_issue":[589284],"teaser":"El Sisi called on lenders including the IMF to be more understanding","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.09490690-1a02-4ffa-ace3-2ae8602b6cdb.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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