Bouzred Calls for Fairer Global Financial System, Stronger Voice for Developing Countries
By Dr. Hana Saada
Abdelkrim Bouzred, Minister of Finance, has called for a more equitable and effective international financial system, arguing that developing countries continue to shoulder disproportionate risk under the current architecture.
Speaking in New York at the UN Forum on Financing for Development, Mr Bouzred said international financial institutions must take greater responsibility to correct a system in which states bear the bulk of financial risk even when outcomes are weak. He described this as “unjust and inequitable”.
He said the central problem is no longer the scale of financing but its effectiveness, noting that developing countries remain constrained by the same structural bottlenecks despite the proliferation of funding mechanisms. This, he argued, points to the need for a fundamental overhaul of the global financial framework.
Mr Bouzred added that any reform must secure stronger representation for developing countries in decision-making processes, to better reflect current global economic realities. He also highlighted Algeria’s record in international solidarity, citing debt relief for partner countries and financial grants to vulnerable states.
He pointed to the establishment of a national development cooperation agency with an initial budget of $1bn, primarily directed towards projects in Africa.
He concluded by urging a shift from a “financing logic” to a “results logic”, and from unilateral burden-sharing to shared responsibility, to improve both the fairness and effectiveness of the global financial system.
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