Egypt Calls for Increasing Response to Food Security Challenges in Developing Countries

Egypt's Minister of International Cooperation, Rania al-Mashat, at the Investing in Net Zero: Leading the Way conference (Ministry of International Cooperation)
Egypt's Minister of International Cooperation, Rania al-Mashat, at the Investing in Net Zero: Leading the Way conference (Ministry of International Cooperation)
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Egypt Calls for Increasing Response to Food Security Challenges in Developing Countries

Egypt's Minister of International Cooperation, Rania al-Mashat, at the Investing in Net Zero: Leading the Way conference (Ministry of International Cooperation)
Egypt's Minister of International Cooperation, Rania al-Mashat, at the Investing in Net Zero: Leading the Way conference (Ministry of International Cooperation)

Egypt has called for boosting the response to the food security challenges in developing countries.

The Foreign Ministry said Egypt submitted a draft resolution to the World Trade Organization (WTO) on enhancing the organization's response to food security challenges in developing, net food-importing countries, and least developed countries.

The draft resolution will be discussed at WTO's 12th Ministerial Conference (M12), held in Geneva between June 12 and 15.

Egypt's Permanent Representative to the UN, Ahmed Ihab Gamaleddin, said Egypt submitted the resolution on behalf of the Arab and African groups and the least developed countries after intensive consultations with member states.

The draft resolution is part of the Egyptian government's efforts to deal with the global economic crisis and its impact on food security in developing countries, in general, and Egypt.

The resolution aims at securing practical solutions for farmers and food producers and boosting grain production in these countries during the crisis, following the relevant rules of the WTO.

It also calls for spreading awareness about the severe harm caused to developing countries' economies by the record rise in food and energy prices.

Gamaleddin said the current global food crisis is part of a more significant crisis the world economy has been facing since the COVID-19 pandemic caused a decline in economic growth, high inflation rates, disruption of global supply chains, and huge debts.

The diplomat said it requires enhancing international solidarity through the relevant international organizations, chief among which is the WTO.

He added that solidarity should grant the net food-importing developing countries and LDCs the flexibility to deal with exceptional circumstances that impact their food security.

Meanwhile, the Minister of International Cooperation, Rania al-Mashat, said that strengthening climate action, combating the negative repercussions of climate change, and reducing harmful emissions, will only come through constructive partnerships between relevant parties.

Mashat was speaking at a forum organized by the European Investment Bank (EIB) and the European University Institute (EUI) on Investing in Net Zero: Leading the Way to discuss investments needed to attain net zero emissions and the European Union's global leadership in mobilizing the necessary climate finance.

Mashat explained that, through its presidency of COP27, Egypt seeks to build on what has been achieved in Glasgow, reiterate the importance of achieving the principles of the Paris Climate Agreement and other climate agreements, and push global efforts aimed at reaching the transition to a green economy.



IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage

The International Monetary Fund (IMF) approved the third review of Sri Lanka's $2.9 billion bailout on Saturday but warned that the economy remains vulnerable.
In a statement, the global lender said it would release about $333 million, bringing total funding to around $1.3 billion, to the crisis-hit South Asian nation. It said signs of an economic recovery were emerging, Reuters reported.
In a note of caution, it said "the critical next steps are to complete the commercial debt restructuring, finalize bilateral agreements with official creditors along the lines of the accord with the Official Creditor Committee and implement the terms of the other agreements. This will help restore Sri Lanka's debt sustainability."
Cash-strapped Sri Lanka plunged into its worst financial crisis in more than seven decades in 2022 with a severe dollar shortage sending inflation soaring to 70%, its currency to record lows and its economy contracting by 7.3% during the worst of the fallout and by 2.3% last year.
"Maintaining macroeconomic stability and restoring debt sustainability are key to securing Sri Lanka's prosperity and require persevering with responsible fiscal policy," the IMF said.
The IMF bailout secured in March last year helped stabilize economic conditions. The rupee has risen 11.3% in recent months and inflation disappeared, with prices falling 0.8% last month.
The island nation's economy is expected to grow 4.4% this year, the first increase in three years, according to the World Bank.
However, Sri Lanka still needs to complete a $12.5 billion debt restructuring with bondholders, which President Anura Kumara Dissanayake aims to finalize in December.
Sri Lanka will enter into individual agreements with bilateral creditors including Japan, China and India needed to complete a $10 billion debt restructuring, Dissanayake said.
He won the presidency in September, and his leftist coalition won a record 159 seats in the 225-member parliament in a general election last week.