Africa
AFRICAN ministers and senior officials have called for timely reform of global financial institutions and architecture for sustainable development and financing for development in Africa.
The officials said this in a statement issued on the Economic Comission for Africa’s (ECA) website on Friday.
They spoke during the tenth session of the Africa Regional Forum on Sustainable Development (ARFSD-10) in Addis-Ababa, Ethiopia.
The officials said:”this is the unified African message to the Summit of the Future to be held in September in New York.
“The message, which comprises commitments aligns with Africa’s priorities, is to be delivered as part of the planned pact of the future to be delivered at the Summit.
The ministers called on the participants at the Summit of the Future to consider and adopt as part of the planned pact of the future the reforms for sustainable development and financing for development of Africa.
“The summit should ensure the timely reform of the global financial institutions and architecture to make them fit for purpose and able to serve the interests of Africa.
“And developing countries elsewhere in the world,” they said.
According to them, the declaration is agreed against the backdrop of the serious challenges being faced by African countries.
“It includes threats to inclusive, sustainable, and resilient growth posed by conflict and instability, inadequate sustainable financing, debt stress, and illicit financial flows.
“It also includes profit shifting, climate change, the loss of biodiversity, land degradation and pollution, and human rights violations.
“The declaration calls for the need to ensure the existence of global financing mechanisms that give African and other developing countries access to adequate and equitable concessional financing.
“And to affordable market-based resources to accelerate sustainable development. In addition, there is a need to reform international tax governance,” they said.
The officials expressed displeasure at how the continent was off track in meeting most targets of the SDGs.
The ministers also expressed their concern at the serious challenges that African countries faced in accessing climate finance and at the high cost that they pay to mobilise capital from the private sector.
They decried the multiplicity of climate-related funds to finance climate projects in emerging economies and developing countries by 2030 to achieve the SDGs by 2030.
They urged the ECA and other entities of the UN system, the African Union Commission, the African Development Bank, and their partners to redouble efforts to revitalise institutions, policies, plans, and programmes.
“And channel finance to rescue the SDGs and accelerate the integrated implementation of the 2030 Agenda and the second 10-year implementation plan of Agenda 2063,”they said.
Delivering her remarks, Hanan Morsy, the Deputy Executive-Secretary, ECA, said Africa had an opportunity to reverse trends and accelerate action towards realising the SDGs and the Africa we want.
Morsy, ECA’s Chief Economist, said this could be done by ensuring access to basic social services, generating job creation, and putting in place social protection and safety nets to reduce vulnerabilities and inequalities.
According to her, Africa cannot achieve the SDGs and Agenda 2063 without finances.
“Africa needs investments of 1.3 trillion dollars a year to achieve the SDGs by 2030.
“It needs Iand investments of over three trillion dollars in mitigation and adaption alone in order to implement its Nationally Determined Contributions.
“The international community must also do its part and deliver on promises made as well as take deliberate actions to reform the international financial architecture.
“ They should reform debt resolution mechanisms and scale up affordable finance,” she said.
Morsy said that Africa must take its rightful leadership position in finding solutions to its development challenges.
The Resident and Humanitarian Coordinator, Ethiopia, Ramiz Alakbarov, said a more tangible commitment was required from all partners in achieving SDGs.
Alakbarov said emphasis should also be put on domestic resources for peace and development for the future of the continent.
He said: “sound African solutions are needed to drive the change, and more emphasis is needed on global and private partnerships.”(NAN)
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-April 27, 2024 @ 09:44 GMT|
Tags: Ramiz Alakbarov
