…Macron, Guterres call for new world financial order
President Bola Ahmed Tinubu Thursday in Paris-France joined world leaders on the consensus for redesigning the global financial architecture, which will favour poverty reduction, debt restructuring or cancellation, and more consideration for vulnerable countries affected by climate change and Covid-19.
The President arrived at the venue of the event, Palais Brongniart, at 8.59 am (Local Time), for the opening ceremony of the High Level Summit for New Global Financing Pact and he was received by the French Minister of Europe and Foreign Affairs, Catherine Colonna.
Welcoming the world leaders to Paris, French President Emmanuel Macron, said the Summit would focus on drawing up a new financial order that will scale up finances and support developing countries for energy transition, poverty reduction, while respecting the sovereignty of each nation.
He said African countries had been at the receiving end of the major global challenges, with debt hangovers that hamper growth and development.
“Covid-19 pandemic brought lots of difficulties and now we are faced with the war in Ukraine that has been draining resources that should be channeled into human development,” he said.
Macron told the leaders from 50 countries, multilateral institutions and the private sector that justice and fairness must be imperative in redesigning the new world financial architecture, with more focus on the most vulnerable.
He listed four elements for consideration by the leaders, starting with an acknowledgement that reducing poverty would require collective efforts, with a more diverse and comprehensive framework.
“We must admit that no country can succeed alone in reducing poverty and protecting the planet,” he said.
He said the framework should be relevant to each country, and subregional roles included, with clear responsibilities and benefits, while multilateral institutions like the International Monetary Fund and World Bank must be re-engineered to be more people and solutions driven.
He said the private sector must be carried along in the new pact that seeks to harmonise growth, as they control most of the financial instruments that need to be liquified for more even development, especially on health, education and food security.
Speaking on behalf of the African countries, President Mohammed Bazoum of Niger Republic said the new pact must be “urgent” and “essential” to Africa, and the framework should be “just” and “robust” in reflecting the reality of developing countries as partners. He said the challenges of impoverishment and desertification had stimulated unrest in most countries, affecting peace and stability in sub-regions and the continent.
“In Africa, we need support for infrastructure, health, food security and education,” he said.
Also speaking, the UN Secretary General, Antonio Guterres, told the gathering of leaders that the high level summit would need more mobilisation and political will for redesign and implementation.
He said many countries were still struggling from effects of Covid-19 and climate change, and the war in Ukraine had heightened sufferings.
He said some African countries had been unable to service their debts, with indications that generations might be affected.