By Ayman Okeil
Talks about reducing Egypt’s debt have now become an issue that requires the international community to respond to the calls and recommendations put forward by the Egyptian government in international forums related to addressing the debt crisis. This is because both the debtor and the creditors need to cooperate. Egypt and its creditors should have a clear interest in addressing the debt crisis, removing its causes and its impacts. Of course, these words do not mean that I expect a “miracle solution” to a problem of this nature and complexity, but finding urgent solutions to this crisis must be a priority.
The Egyptian government has explicitly stated, in its submissions to the UN Human Rights Council, that countries spend more on servicing debt than they do on sectors such as health and education, leading to a decline in attention to economic and social rights. In the 61st session of the Human Rights Council, during the interactive dialogue with the independent expert on the effects of external debt on human rights, Egypt called for the establishment of a platform for borrowing states based on the understandings contained in the Seville Commitments, adopted at the Fourth International Conference on Financing for Development (FFD4). Egypt also considered that cooperation in addressing the debt issue is the foundation for ensuring that the debt problem does not become a continuing obstacle to advancing core human rights.
Therefore, we believe that the international community, foremost the European countries, the United States, and international financial institutions, should recognize the seriousness of the continued debt problem facing Egypt, and should reactivate international initiatives launched to address this crisis, such as the initiative to service debt, implemented starting in May 2020 and suspended in December 2021; the G20 Common Framework for debt treatment; and the Multilateral Debt Relief Initiative (MDRI).
If we take a fair look at least the past ten years, we will find that Egypt has carried an immense burden resulting from hosting more than 10 million migrants, refugees, and asylum seekers, including 1,085,000 registered with the UN High Commissioner for Refugees, according to statistics from December 2025.
Egypt has also participated in peace negotiations and tried to put out the fires burning in the Middle East. It brought President Donald Trump to Sharm El-Sheikh to sign the Gaza ceasefire agreement in October 2025. Egypt is also, and continues to, make diplomatic efforts aimed at reaching a permanent ceasefire between the United States and Iran. Egypt further hopes that the Horn of Africa will remain stable despite Ethiopian ambitions and its alleged desire for access to a maritime outlet on the Red Sea. At the same time, Egypt is working to maintain calm in the eastern Mediterranean, as reflected in strengthening cooperation with Turkey, Cyprus, and other countries.
This is only a drop in the ocean of what Egypt is undertaking on behalf of the international community. Egypt is a key player in combating irregular migration to Europe. And, as acknowledged by the European Border and Coast Guard Agency, 2025 saw the lowest levels of irregular migration to Europe across the Mediterranean, evidence of the steps the Egyptian government has been taking to control its borders and prevent irregular migration at sea. I also recall what Dr. Tarek Massoud, Professor of Democracy and Governance at Harvard University, said in November 2023 during an interview on CNN: “If Egypt sneezes, the region will catch cancer.” And more than that, because Egypt is not a country whose decline can be treated as something ordinary.
That is why some economic experts argue that Egypt will overcome the debt crisis, and I agree with them. Yet for these expectations to remain real, the international community and financial institutions must contribute to solving the debt crisis. As those knowledgeable in this matter say, Egypt is too big to fail. A clear example is what James Harmon, President of the U.S.-Egyptian Projects Fund, also a former president of the U.S. Export-Import Bank, said when he noted: “Egypt is a society marked by resilience and composed of individuals with leadership. Egyptian policymakers carry out reforms efficiently.”
However, ongoing events and current wars, creating unexpected economic pressures outside Egypt’s control, despite my agreement with the economic experts that Egypt can surpass this crisis and its ability to withstand shocks, nevertheless mean that the reforms Egypt’s government is implementing remain invisible due to the succession of events.
Accordingly, the Egyptian government is required to intensify its efforts to persuade the international community to reduce Egypt’s debt. What happened in previous decades through the Paris Club, and the rescheduling of debts under bilateral agreements should happen again. Egypt must also lead deeper discussions with international financial institutions, and should encourage the independent expert on the effects of external debt on the enjoyment of human rights to take up this issue. I encourage the Egyptian government to renew its invitation to the independent expert to visit Egypt. In addition, the international community must take seriously Egypt’s recommendations calling for reform of the international financial structure.
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