Africa is rooting for a financial model which shall ensure that developing countries have fair and significant access to affordable and long-term concessional resources Prime Cabinet Secretary Musalia Mudavadi has said.<\/p>\n
This he said will help close the financing gap and realize the envisaged social and economic transformation to uplift the developing countries.<\/p>\n
Mudavadi said the global financial architecture as currently structured is not adequately aligned to deliver on the required resources to transform the continent as the envisaged economic transformation in the continent requires substantial resources to be achieved.<\/p>\n
\u201cThe financial architecture we advocate today for Africa should strongly integrate the most challenging development issues of debt sustainability and climate vulnerabilities while enabling the continent to achieve the Sustainable Development Goals (SDGs) and Agenda 2063 commitments.\u201d<\/p>\n
Mudavadi who spoke when he officially closed the 59th annual meeting of the African Development Bank Group emphasized on the urgency of reforming the global financial architecture to be responsive to the needs of developing countries.<\/p>\n
He said the theme of this year\u2019s Annual meeting \u201cAfrica\u2019s Transformation, the African Development Bank Group, and the Reform of the Global Financial Architecture\u201d has provided a unique platform to address Africa\u2019s challenges and opportunities at the highest decision-making levels.<\/p>\n
\u201cThe escalating debt burden compounded by effects of climate change and the pressure to unwind these effects in readiness for economic transformation is critical to provide affordable and concessional long-term financing for developing countries.\u201d he noted.<\/p>\n
\u201cThe engagement of the Heads of State and Government in the Presidential Dialogues, High-level plenary sessions for the launch of the Bank\u2019s flagship publication \u2013 the 2024 African Economic Outlook (AEO), and thematic knowledge events, underscores the critical role of both technical and political goodwill in the transformation of our economies.\u201d he added.<\/p>\n
Mudavadi applauded the Development Partners for enabling capacity to tackle the multiple development challenges facing many developing countries that include food insecurity, the effects of climate change, fragility, rising debts, and economic vulnerabilities.<\/p>\n
\u201cThe imperative of a strong replenishment of the 17th cycle of the African Development Fund of USD25 billion cannot be overstated. This will complement support from International Development Association (IDA), the World Bank\u2019s concessional window in supporting the low- income countries. To support this call, the Government of Kenya has committed to contribute USD20million to the African Development Fund.\u201d said Mudavadi.<\/p>\n
Mudavadi pledged for a strong support for putting in place the enablers necessary to leverage the equity of African Development Fund in the international capital markets.<\/p>\n
This he said will go in tandem with the continuing discussions on options to ensure the Fund\u2019s long-term financial sustainability, including the retention of best practices for financial and risk management.<\/p>\n
\u201cTo address the pressing development challenges of African economies we must pull together. With the exemplary leadership demonstrated by the President of the Africa Development Bank, Akinwumi Adesina, and his unwavering dedication and transformation of the Bank, African leaders should emulate the same for us to make positive strides.\u201d acknowledged Mudavadi.<\/p>\n
The week long AfDB group meeting was attended by over 10,000 delegates and Heads of State and Government which is a testament of commitment towards the Bank\u2019s vision and agenda.<\/p>\n
The post There is need to reform the global financial architecture-Mudavadi<\/a> first appeared on KBC<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Africa is rooting for a financial model which shall ensure that developing countries have fair and significant access to affordable and long-term concessional resources Prime Cabinet Secretary Musalia Mudavadi has said. This he said will help close the financing gap and realize the envisaged social and economic transformation to uplift the developing countries. Mudavadi said […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-47209","post","type-post","status-publish","format-standard","hentry","category-uncategorized","entry"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts\/47209","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/comments?post=47209"}],"version-history":[{"count":0,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/posts\/47209\/revisions"}],"wp:attachment":[{"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/media?parent=47209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/categories?post=47209"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/chezaspin.com\/blog\/wp-json\/wp\/v2\/tags?post=47209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}