By NATION REPORTER
THE Global Financing Pact Summit has opened in the French capital Paris, with a call for the world’s rich countries to help create a fair financial system that will give relief to least developed countries.
United Nations Secretary General, Antonio Guterres said there is an urgent need for a fair financial system that spoke to the development needs of least developed countries who are largely found in Africa.
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Mr Gueterres noted that debt was choking development efforts of many African countries and other least developed countries.
He observed that hunger, and poverty are creeping back in many African countries after decades of profound progress.
Mr Gueterres said about 750 million people were facing hunger while tens of millions of people had fallen into extreme poverty.
He said the current financial system had failed to give security to social development of many countries.
“The financial international system is not impressive… Deadlines for sustainable development goals are ever slipping away,”said Mr Gueterres.
Mr Gueterres praised President Macron for organising the summit which he described as critical to addressing the global debt crisis and climate change.
He observed that Covid-19 and the Russia Ukraine war impacted negatively on the global economy.
Mr Gueteres pointed out that rich countries got their economies back on their feet while African and other least developed countries failed due to lack of capacity.
The UN Secretary General, disclosed that over 52 countries have defaulted on their debt servicing due to challenging debt situations.
He said African countries and other least developed countries are facing the challenge of servicing their debt or meeting the socio-economic needs of their people.
Mr Gueteres said countries with debt must be assisted so that they can spend more on health care for citizens than servicing debt as it can potentially affect future generations.
And campaigners for environment and climate change want more actionable commitment from corporations to support the climate agenda.
UN Goodwill Ambassador, Vanessa Nakate challenged governments and global corporations not to tow double standards but be faithful and ensure that their actions support human survival.
“The call oil and gas companies are pushing an agenda that is incompatible with human survival. Government and Business leaders who are acknowledging the climate emergency are simultaneously pushing for more fossil fuel development are clearly saying one thing but are doing another” said Ms Nakate.
Amar Bhattacharya, Director of the Secretariat of the Intergovernmental Group of Twenty -Four on International Monetary Affairs and Development urged rich countries to show great commitment in making available billions of dollars needed for the US$100 global financing framework needed for the climate change action agenda.
The Global Financing Pact Summit has attracted several world leaders, financiers and philanthropists among others to explore possibilities of easing debt among low income countries and avail billions of dollars for climate change action.
President Hakainde Hichilema is among the global leaders attending the summit in the French Capital, Paris to galvanise support for Zambia’s debt restructuring programme and trade and investment consolidation agenda.
President Hichilema is expected to participate in a panel debate on poverty and climate change at the ongoing Global Financing Pact Summit in Paris.
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