Ethiopia suggests Int’l institutions’ policy reform
ADDIS ABABA – United Nations’ first session of the Preparatory Committee (PrepCom) for the Fourth International Conference on Financing for Development (FfD4) concluded yesterday.
The hosting Country, Ethiopia and many Countries represented in the Conference suggested international organizations’ policy reform.
In press briefing following the conclusion of the session, Finance Minister Ahmed Shide said that the conference has underscored the urgency of common global challenges such as climate change, instabilities and geopolitical crisis.
Reforms accommodating innovative and inclusive solutions have been suggested by participants of the conference, he highlighted.
There has been commitment from all countries to accelerate progress to achieve the sustainable development goals by leveraging effective financing mechanisms. On the other note, sustainable debt was one major issue raised during the conference. Responsible borrowing and lending, and debt restructuring have been suggested to manage the debt crisis, according to him.
Ahmed also said that the financial architecture needs reforms as many countries suggest on the conference. Critical issues like reforming global financial institutions were thoroughly discussed. The reform on institutions should consider the volatility of the global financial issues.
Multilateralism has been a central theme of Ethiopia and developing countries. Delegates participated in the preparatory conference also reaffirmed for new cooperation mechanisms, solidarity for the achievement of the Sustainable Development Goals, he added.
The FfD4 Executive Secretary Li Junhua, on his part indicated that financial institutions and CSOs, they all came here for the same goal. “Almost 1,000 participants, including over 40 ministers, were participated in the conference.”
Fighting poverty and hunger, climate change, inequality and injustice are still major questions in financial issues, he highlighted.
Only some portion of the SDG are on track to be achieved by 2030, financing for SDGs is needed to be revised and the preoperational conference was fruitful in proposing some major agendas to be presented in the Financing for Development Conference, he remarked.
Executive Secretary of the United Nations Economic Commission for Africa, Clever Gatete praised Ethiopia for hosting the conference with hospitable manner.
He also suggested Public-Private Partnership and new financial policies are critically needed for developing countries. Governments should tap the resource accumulated on private sectors so s to finance developmental projects. A document that will help countries to enhance financing for development will be unveiled in the final conference of the fourth financing for Development conference, he added.
Borrower countries are facing financial challenges to return the debt because of shortage of foreign currencies, he noted.
BY YESUF ENDRIS
THE ETHIOPIAN HERALD SATURDAY 27 JULY 2024
