African debt: New UN call for global financial reform

(Ecofin Agency) – The call comes as Africa re-enters global debt markets and initiatives aimed at reducing costs for its countries struggle to gain momentum.

During a press conference on the sidelines of the 2024 United Nations High-Level Political Forum on Monday, July 22, 2024, Economic Commission for Africa (ECA) Executive Secretary Claver Gheit (pictured) called on countries to explore reforms to the common debt relief framework to better address Africa’s high and growing debt.

In his argument, the former Rwanda finance minister before joining the UN highlighted the challenges the continent faces in accessing resources to finance its development priorities, especially long-term and cheap concessional finance. He said that “reform of the global financial system is urgent as it can reduce access to critical resources needed to implement the Sustainable Development Goals.”