French President, Emmanuel Macron, says African countries have been at the receiving end of major global challenges, with debt hangovers that hamper growth and development.
Macron said this at a summit which has Nigeria’s President, Bola Tinubu, in attendance in Paris, France on Thursday.
According to a statement issued by the Special Adviser to the President on Special Duties, Communication and Strategy, Dele Alake, the French President the summit would focus on drawing up a new financial order that will scale up finances and support developing countries for energy transition, poverty reduction, while respecting the sovereignty of each nation.
“Covid-19 pandemic brought lots of difficulties and now we are faced with the war in Ukraine that has been draining resources that should be channeled into human development,” he said.
Macron told the leaders from 50 countries, multilateral institutions, and the private sector that justice and fairness must be imperative in redesigning the new world financial architecture, with more focus on the most vulnerable.
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The French President listed four elements for consideration by the leaders, starting with an acknowledgement that reducing poverty would require collective efforts, with a more diverse and comprehensive framework.
“We must admit that no country can succeed alone in reducing poverty and protecting the planet,” he added.
Macron said the framework should be relevant to each country, and subregional roles included, with clear responsibilities and benefits, while multilateral institutions like the International Monetary Fund and World Bank must be re-engineered to be more people and solutions driven.
He noted that the private sector must be carried along in the new pact that seeks to harmonise growth, as they control most of the financial instruments that need to be liquified for more even development, especially on health, education, and food security.
Speaking on behalf of the African countries, the President of Niger Republic, Mohammed Bazoum, said the new pact must be urgent and essential to Africa, adding that the framework should be “just and robust” in reflecting the reality of developing countries as partners.
Bazoum said the challenges of impoverishment and desertification had stimulated unrest in most countries, affecting peace and stability in sub-regions and the continent.
“In Africa, we need support for infrastructure, health, food security, and education,” he stated.
On his part, the UN Secretary-General, Antonio Guterres, said the summit would need more mobilisation and political will for redesign and implementation.
The UN scribe said many countries were still struggling from effects of Covid-19 and climate change, and the war in Ukraine had heightened sufferings.
Guterres said some African countries had been unable to service their debts, with indications that generations might be affected.
“African countries were not properly captured in the global order,” he added.
He said the new global financial pact must address fragmentations and frustrations, and enable the kind of change that encourages debt relief, suspension of repayments, change of business models, and more commitment from development banks, with guarantees.
Guterres said leaders must look beyond reforms and accept the need for transformation.
President Tinubu will on Friday participate at the summit, which will unveil a “New Global Financing Pact” and mechanism for implementation.
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