Prime Minister Mostafa Madbouli has stressed that the developing and least developed countries now face a critical economic situation due to the coronavirus outbreak.

The premier on Monday delivered Egypt's speech, on behalf of President Abdel Fattah El Sisi, before the United Nations at a virtual videoconferencing meeting at the level of heads of states and governments to discuss the crisis of global debts and liquidity during and after the coronavirus spread.

He welcomed all parties participating in the meeting, including his Canadian and Jamaican counterparts and the UN Secretary General.

Madbouli pointed out that the Covid-19 outbreak has limited exports of such countries, led to declining tourism returns, expats' remittances and foreign currency and undermining these countries' capabilities to repay debts.

The premier stressed that the national program of economic reform has enabled Egypt to overcome such crises, reaffirming that Cairo supports all relevant international initiatives to face the debts and liquidity-related challenges.