BRICS summit convening in Rio de Janeiro, Brazil to address global crises. Photo courtesy of Ministry of Finance.
Kouchouk made these remarks during the Special Session on Financial Issues at the BRICS Finance Ministers and Central Bank Governors meeting (FMCBG) on Sunday.
The session is part of the BRICS summit convening in Rio de Janeiro, Brazil, from 6 to 7 July, to address global crises.
According to a statement by the Ministry of Finance, Kouchouk stated that unilateral measures undermine trust in the global economic system and obstruct development financing.
He emphasised the importance of BRICS countries and all stakeholders working together to ensure debt sustainability for emerging economies. He also emphasised the importance of promoting diverse financing tools, particularly debt swap initiatives.
Furthermore, Kouchouk highlighted the urgency of enabling developing countries to access fair and adequate climate financing, describing it as a pressing priority.
In this context, he reiterated Egypt's commitment to supporting a fairer international tax system in line with the United Nations Tax Convention.
Kouchouk noted Egypt's success in achieving high growth rates through substantial private sector expansion and the return of robust private investment inflows.
He also highlighted Egypt's progress in fiscal discipline, citing a 35 percent increase in tax revenues without imposing new burdens through targeted tax facilitation measures.
In addition, Kouchouk emphasised Egypt's significant potential for cooperation in agriculture, manufacturing, and health to support food and health security across the Global South. He called for innovative financing mechanisms through the new BRICS investment platform to help accelerate infrastructure projects in developing regions.
BRICS Summit
Prime Minister Mostafa Madbouly attending the opening session of the BRICS Summit. Photo courtsey of cabinet Facebook page.
According to a separate statement by the cabinet, Prime Minister Mostafa Madbouly attended the opening session of the BRICS Summit on behalf of President Abdel-Fattah El-Sisi. The Summit is held under the theme "Peace, Security, and Reform of Global Governance."
Madbouly will participate in sessions dedicated to BRICS member states and hold bilateral meetings with several participating heads of state and government leaders, read the statement.
BRICS is a bloc of eleven countries — Brazil, Russia, India, China, South Africa, Saudi Arabia, Egypt, the UAE, Ethiopia, Indonesia, and Iran — serving as a political and economic coordination forum for the Global South.
Formed in 2009 as a counter-balance to leading Western economies, the group expanded in 2024 with the addition of Saudi Arabia, Egypt, the UAE, Ethiopia, Iran, and Indonesia.
Its goals include strengthening cooperation among members, enhancing the role of emerging economies in global governance, and promoting equitable reform of institutions like the UN, IMF, World Bank, and WTO.
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