“Paving the Way for Sustainable Development Financing in Africa through Global Financial Structure Reform”

African Ministers Unite with Unified Message for Future Summit

In preparation for the Summit of the Future scheduled for September 2024 in New York, African ministers have crafted a unified message aimed at addressing the continent’s priorities. This message, set to be part of the planned pact of the future to be delivered at the Summit, aligns commitments with Africa’s goals for sustainable development.

At the recent ARFSD-10 in Addis Ababa, ministers released a declaration emphasizing the need for effective delivery of sustainable, resilient, and innovative solutions to reinforce the 2030 Agenda and Agenda 2063. The focus is on eradicating poverty amidst multiple crises affecting African countries.

One key aspect highlighted in the declaration is the call for reforms in sustainable development and financing for Africa. The ministers underline the importance of timely reform of global financial institutions to better serve the interests of Africa and other developing nations worldwide.

The declaration comes in light of serious challenges faced by African countries, including threats to inclusive growth, inadequate financing, debt stress, climate change, and human rights violations. There is a pressing need for global financing mechanisms that provide equitable access to financing for sustainable development in Africa while also addressing issues of tax governance.

Despite efforts, the continent remains off track for meeting most SDG targets and hosts a significant population living below the poverty line. To bridge these gaps, Africa requires substantial investments to achieve the SDGs by 2030 and implement Nationally Determined Contributions for climate action.

Hanan Morsy of the Economic Commission for Africa emphasized the crucial role of finances in achieving the SDGs and Agenda 2063, stressing the need for investments and international cooperation. African leadership is seen as vital in finding solutions to development challenges and accessing climate finance.

The ministers called on various entities, including the ECA, AU Commission, African Development Bank, and UN system, to intensify efforts in channeling finance towards achieving the SDGs and implementing Agenda 2063. Collaboration with partners for sustainable development and peace is essential for the continent’s future.

In conclusion, Resident and Humanitarian Coordinator Ramiz Alakbarov highlighted the necessity of tangible commitments from all stakeholders to achieve the SDGs. Emphasizing domestic resources and global partnerships, he underlined the importance of African-led solutions to drive meaningful change in the region.