UN Secretary General Says Africa Dramatically Underrepresented in Global Institutions
Addis AbabaUnited Nations (UN) Secretary-General Antonio Guterres has affirmed that Africa is dramatically underrepresented in global institutions, citing the financial institutions and the Security Council typical examples.
Addressing the 36th ordinary Session of the AU Assembly, Guterres said the African Union is taking inspiring steps to realize the enormous potential of this great continent.
“ In particular, I am pleased to see your strong focus on job creation and the enormous potential of the African Continental Free Trade Area (AfCFTA)” he affirms.
This represents a truly transformative pathway to job creation, prosperity for Africans especially for the youth, .
“I applaud the exciting progress that you have made so far. The UN is proud to be your partner and to work together. The ties between the AU and the UN have never been stronger.”
But, he added “I also recognize the enormous test that Africa and our world is facing virtually every front.”
Guterres mentioned climate chaos — that the people of Africa did very little to cause — that is whipping up floods and deadly droughts, putting communities and lives at risk and displacing millions.
“The message is clear, Africa needs action. Africa is rich in its potential but it is not rich in global support. Investing in Africa pathways to prosperity requires finance,” he pointed out.
For the UNSG, the global financial system routinely denies African countries of debt relief and concessional financing while charging extortionate interest rates.
The beating heart of this system — every decision, mechanism and process — should be centered on the needs of developing countries, he underlined.
“They should have a far greater voice in global institutions — including financial institutions. The Security Council, the Bretton Woods system are typical examples where Africa is dramatically underrepresented, ” the UN Secretary General pointed out.
He also underlined we need a new debt architecture that provides debt relief and restructuring to vulnerable countries — including middle-income countries — while providing immediate debt suspension and write-downs to countries in need.
Multilateral development banks should transform their business model and accept the new approach to support developing countries particularly in Africa, he further noted.
Source: Ethiopian News Agency