At the beginning of the annual summit of African Union leaders, UN Secretary General António Guterres stated that the global financial system is “dysfunctional and unfair” and “failing developing countries.”
He lectured his audience in Ethiopia, saying that nations are being “left in the lurch” because they are refused debt relief and are paying “extortionate interest rates.”
As a result, crucial systems are underfunded.
He demanded that the “global financial architecture,” which made decisions based on the “needs of poor countries,” be completely rethought.
Also, Mr. Guterres expressed his grave concern over an uptick in violence in the Democratic Republic of the Congo’s east.
In addition, he discussed the effects of crises that Africa had not caused, such as climate change and the conflict in Ukraine.
Similar sentiments were expressed by Ethiopian Prime Minister Abiy Ahmed during his opening remarks at the meeting in Addis Abeba.
He is quoted by the Reuters news agency as saying, “Almost all of us want to put our economies back on a growth trajectory, but this will not happen without substantial restructuring to make our foreign debt manageable.”