The Secretary General of the United Nations Organisation, Mr. Antonio Guterres, has advocated reform to address the annual development financing gap of up to $1.6 trillion facing Africa.
Delivering a video message to the 12th session of Africa Regional Forum on Sustainable Development, taking place in Adidas Ababa, with the theme: “Turning the Tide: Transformative and Coordinated Actions for the 2030 Agenda and Agenda 2063”, Guterres said that the annual development financing gap of up to 1.6 trillion dollars was aggravated by the debt crisis.
“Some African countries must pay interest rates up to three times more than benchmark rates, leaving limited fiscal space to invest in sustainable development.
“This is yet another clear example of the need to reform the international financial architecture, a call reinforced by Member States in the Sevilla Commitment.
“Your theme reminds us that we can “turn the tide.”
“By investing in integrated solutions, where clean energy drives industry, infrastructure enables trade and technology powers jobs,’’ he said.
This, he noted, can be by building global solidarity to finance development and ensure Africa’s strongest possible participation across global financial institutions corresponding to the realities of today’s economy.
“Also, by summoning massive investment in Africa’s electrification and a just transition to renewable energy.
“Together, let’s turn the tide for Africa and our world.’’
Guterres noted that the Forum is coming at a moment of opportunity and urgency for Africa.
According to him, the African Continental Free Trade Area, AfCFTA, will rapidly expand renewable energy potential, grow digital connectivity, and young and skilled workforce.
The UN chief also stated that across Africa, countries are facing numerous obstacles to development as hundreds of millions still lack access to safe water and electricity, Infrastructure gaps, rapid urbanization and rising trade barriers that are constraining productivity, while conflicts and climate chaos are blocking progress across all sectors,
The Forum, which brought together ministers, senior government officials and regional institutions, United Nations entities, civil society, the private sector and development partners is expected to review Africa’s progress and shape the continent’s common position ahead of global sustainable development processes, including the High-Level Political Forum.
GIK/APA