Mashat Renews Calls for Establishing African Credit Rating AgencySource: www.export-egypt.com 10/26/2024, Location: Africa |
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Minister of Planning, Economic Development and International Cooperation Rania Al-Mashat said that international reports on increasing debt burdens on countries in the African continent prove the importance of reforming the existing global credit rating system through the establishment of an African credit rating agency.
Mashat's renewed call for setting up such an agency came during the continued participation of the minister, who is also the Governor of Egypt at the World Bank, in the events of the World Bank Group Annual Meetings in Washington. These meetings are being held at a vital time when the world is witnessing successive crises, as the international community discusses addressing emerging challenges in climate action, debt challenges, and the structuring of the global financial system. According to her, establishing a regional rating agency will allow for more accurate assessments based on regional economic conditions, social dynamics, and political factors. She added that the unique challenges and opportunities facing African economies are often not adequately assessed by international agencies, and a regional agency would provide better insight, adding that it is vital that African nations provide audited and updated data to the African credit rating agency, which will help integrate it with international agencies and improve financing prospects across the continent. Mashat explained that the creation of the agency would boost investment appeal, as a reliable African credit rating agency could enable African nations to negotiate better terms in international financial dealings. Also, the minister spoke about the importance of restructuring debts for middle- and low-income countries and using the debt swap mechanism for development as an innovative financing tool, as well as adopting economic development policies that support growth, employment and increasing productivity, while providing a favorable investment environment to attract international and local private capital, and multilateral cooperation to implement an EU Carbon Border Adjustment Mechanism (CBAM) works efficiently and effectively, especially in developing countries. Minister Mashat underlined the need for taking effective steps towards structuring the global financial system and making development financing more fair and equitable, noting that the African continent has a unique opportunity to accelerate its transformation into a single market to become a major player in global value chains and a major destination for investment. |
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