Most countries in Africa are facing financial difficulties. A summit that is hoped to lead to a new global financial pact takes place in Paris on June 22 and 23. By yara_rizkk.
Africa is at the frontline of climate change. According to the Loss and Damage Collaboration – a group working to ensure vulnerable developing countries receive the support they need in relation to climate change losses and damages – some 97% of people affected by extreme events live in developing countries, even though these countries contribute the least to CO2 emissions.At the same time, most countries on the continent are facing financial difficulties.
“We are going to push for a reform agenda of the International Monetary Fund [IMF] and the World Bank [WB] to provide more funding to countries that need it the most,” he said, branding this project as a “financial shock” that would lay the foundations of a new global architecture combining several major themes: climate, development, and debt. At the Élysée, the event is even presented as a continuation of the summit on financing African economies of May 2021.
Some reforms have already been announced. Among these are honoring the commitments of developed countries to allocate 0.7% of their wealth to developing countries, the payment of $100 billion for climate, and the redistribution of $24 billion of the $100 billion in Special Drawing Rights promised in 2021 by G20 countries. Additionally, the implementation of effective reforms within multilateral development banks .
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