IN a strong call to stakeholders at the opening of the tenth Africa Regional Forum on Sustainable Development, ARFSD-10, in Addis Ababa, Ethiopia, Amina Mohammed, UN Deputy Secretary-General said urgent action is needed to increase capital flows into developing countries, particularly in Africa to make the SDGs stimulus a reality. She also urged the international community to support Africa in its efforts to deliver its vision for development through the SDGs 2030 agenda and Agenda 2063. Mohammed told the multi-stakeholder forum of member states representatives, youth, civil society and private sector actors that African countries are facing significant challenges, including debt servicing, rising interest rates and limited fiscal space. “Debt servicing in Africa is at an all-time high due to external shocks, leaving very little fiscal space or nothing to invest in sustainable development.” Furthermore, debt servicing “accounted for a staggering 47.5% of government revenue in Sub Saharan Africa last year. This is the primary expenditure on essential services, as well as investments in the continent’s future in areas of education and health,” she said. According to Mohammed, at least $500 billion a year is needed to scale up affordable long-term financing for development, alongside structural reforms within the very institutions and rules that make up the international financial architecture. Echoing the Deputy Secretary-General, Robinah Nabbanja, Prime Minister of Uganda, stressed the need for reform of the global financial architecture to ensure favorable financing terms, stressing the need for long-term financing for developing countries to trigger sustainable economies. She said...
Strong calls for innovative financing, reform of international financial system to achieve SDG in Africa
Posted on: April 26, 2024
Posted on: April 26, 2024