Minister Al-Mashat's remarks came as international financial institutions commended Egypt’s leadership in advancing both economic recovery and conflict-resolution efforts.
The G-24 meeting was held on Tuesday on the sidelines of the World Bank Group (WBG) and International Monetary Fund (IMF) annual meetings, which began Monday in Washington, DC.
The meeting was attended by IMF Managing Director Kristalina Georgieva, World Bank Vice President Anna Bjerde, and senior representatives of member states.
During the session, Georgieva praised President Abdel-Fattah El-Sisi’s leadership in advancing peace efforts in the Middle East.
She highlighted the importance of the Global Summit for Peace, which brought together US President Donald Trump and world leaders to witness the end of the war in Gaza.
“There is no development without peace,” Georgieva affirmed, commending Egypt’s ongoing efforts to maintain macroeconomic stability and pursue comprehensive structural reforms.
Delivering Egypt's speech, Minister Al-Mashat said Egypt has launched its new Narrative for Economic Development to build on the country’s economic reform trajectory, with a focus on real-economy sectors, production, and private-sector empowerment.
“We are firmly convinced that stability is achieved through continued reform,” Al-Mashat stressed.
She added that Egypt’s economy has demonstrated resilience amid exceptional regional and global challenges, thanks to measures implemented since March 2024.
The minister also explained that the narrative is grounded in Egypt’s National Structural Reform Programme, which encompasses over 250 structural reforms.
These reforms are being implemented in coordination with national entities and international partners, including the European Union and the World Bank.
Moreover, Al-Mashat reaffirmed the government’s commitment to enabling the private sector, creating a competitive environment for both public and private enterprises, and enhancing governance of state-owned companies to maximize asset efficiency.
She noted that Egypt’s improved credit rating reflects the tangible outcomes of the reform agenda and the coherence between fiscal, monetary, and developmental policies.
The minister also welcomed the World Bank’s roadmap for institutional reform, aimed at scaling up the bank’s capacity to foster job creation and private-sector-led growth, in line with global efforts to reform the international financial architecture.
G-24 urges global action for peace and development
The G-24 ministerial communiqué, released following its meeting in Washington on the sidelines of the IMF/WBG annual meetings, voiced deep concern over the humanitarian toll of ongoing conflicts and global economic fragility.
The G-24 emphasized the vital link between peace and development, calling for an immediate end to hostilities worldwide and urging adherence to international law and the UN Charter’s principles of peaceful dispute settlement.
The group welcomed recent peace-building efforts in the Middle East, expressing hope for a comprehensive and just resolution that can pave the way for stability and growth.
Amid persistent global uncertainty, the communiqué noted that growth remains below pre-pandemic levels, constrained by rising fiscal and debt vulnerabilities, trade tensions, and inflationary pressures.
Emerging markets and developing economies (EMDEs), it warned, continue to face severe headwinds due to deteriorating trade conditions, reduced exports, and lower foreign-currency inflows.
The G-24 underscored the importance of maintaining independent central banks and advancing fiscal and structural reforms to boost private-sector-led growth.
It urged collective and coordinated solutions supported by multilateral institutions to address debt distress and limited policy space in developing economies.
On global financial governance, the group reiterated its support for completing the IMF’s 16th General Review of Quotas and for exploring mechanisms to regularly issue Special Drawing Rights (SDRs) to better support low- and middle-income countries.
It also welcomed the World Bank’s Evolution Roadmap, which focuses on creating jobs, promoting private-sector development, and mobilizing new financial instruments such as hybrid capital and guarantees to expand lending capacity.
The statement called for reforms in debt sustainability frameworks, quota representation, and multilateral development bank (MDB) operations to ensure a fairer voice and participation for developing nations.
It also urged accelerated action on climate finance, energy transition, and innovative tools like green bonds and debt-for-climate swaps to help countries pursue just and sustainable development.
The G-24 reaffirmed that multilateralism remains central to global prosperity. It called for renewed cooperation among the World Trade Organization, IMF, World Bank, and national governments to restore confidence in the international system, support crisis-affected economies, and promote inclusive, rules-based growth.
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