Africa: Reforming Global Financial Structures - Paving the Way for Financing for Sustainable Development in Africa

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Africa: Reforming Global Financial Structures - Paving the Way for Financing for Sustainable Development in Africa
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Leaders at the Africa Regional Forum on Sustainable Development (ARFSD-10) say this is the continent's message to the Summit of the Future to be held in September 2024 in New York

Leaders at the Africa Regional Forum on Sustainable Development say this is the continent's message to the Summit of the Future to be held in September 2024 in New York

In their declaration on the effective delivery of sustainable, resilient and innovative solutions to reinforce the 2030 Agenda and Agenda 2063 and to eradicate poverty in times of multiple crises released at the closing of ARFSD-10 in Addis Ababa, the ministers called upon 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 in Africa.

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.

"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; reform debt resolution mechanisms; and scale up affordable finance."

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