Algeria urges overhaul of global development financing system
Finance minister calls for fairer burden-sharing and stronger role for developing nations in international financial decision-making
NEW YORK (MNTV) — Algeria has called for a major reform of the global development financing system, arguing that current structures place an unfair burden on developing countries while delivering limited results.
Speaking at the United Nations Forum on Financing for Development, held in New York from April 20 to 24, Algerian Finance Minister Abdelkrim Bouzred said the international financial architecture must evolve to ensure greater fairness, efficiency, and accountability.
Bouzred said the central issue facing the global system is no longer the volume of funding available, but the effectiveness of how it is deployed.
He noted that many developing countries continue to struggle despite the existence of multiple financing mechanisms, describing the situation as structurally unbalanced.
He criticized what he described as an inequitable model in which developing states shoulder most of the financial risk even when projects fail to deliver expected outcomes, calling for a comprehensive revision of implementation frameworks within global financial institutions.
The minister also stressed the importance of increasing the participation of developing countries in decision-making processes, arguing that current governance structures do not adequately reflect global economic realities.
Outlining Algeria’s own contributions, Bouzred highlighted the country’s support for international solidarity initiatives, including debt relief for several nations and financial assistance to vulnerable economies.
He also referenced the creation of the Algerian Agency for International Cooperation for Development, which operates with an initial budget of around USD 1 billion to fund projects, particularly across Africa.
He concluded by calling for a shift in global development thinking—from a focus on financing inputs to measurable results, and from unilateral responsibility to shared accountability among all stakeholders in the international financial system.
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