Low- and Middle-income countries in the Middle East and North Africa (MENA) have been facing serious debt sustainability challenges as a result of deeply embedded structural weaknesses as well as adverse external shocks that have hit the global economy. These include the COVID-19 pandemic, the Ukraine war, and the rise in global interest rates. The impact of high debt burdens goes well beyond fiscal adjustment and sustainability, affecting patterns of economic growth and development, social inclusion, and the capacity of countries to address food and energy insecurity and climate change challenges.
Over the past decade, several MENA nations have repeatedly engaged with the International Monetary Fund (IMF) in pursuit of economic stability, climate action, Sustainable Development Goals investments, and the fulfillment of their citizens’ aspirations. However, progress has proven elusive. In fact, the IMF and countries in debt distress, notably Tunisia, Egypt, and Lebanon, find themselves at an impasse.
To delve deeper into these crucial issues, the Malcolm H. Kerr Carnegie Middle East Center is organizing an event on October 4th, at 5:00 pm Beirut Time. The speakers will be Ziad Bahaa-El Din, Rym Ayadi and Niranjan Sarangi. This panel discussion will underscore the urgency of reevaluating debt frameworks to ensure social and environmental sustainability, navigating the intricate political economy of reforms to expand fiscal capacity and stimulate growth, and exploring the potential of Climate/SDGs debt swaps and Special Drawing Rights (SDR) reallocation to accelerate investments in climate action and inclusive development.
The discussion will be held in English and moderated by Yezid Sayegh, Senior fellow at the Malcolm H. Kerr Carnegie Middle East Center. Viewers may submit their questions to the panelists using the live chat feature on Facebook and YouTube.
For more information, please contact Najwa Yassine at najwa.yassine@carnegie-mec.org.
