The global financial system is “dysfunctional and unfair” and has “failed developing countries,” UN Secretary-General Antonio Guterres said at the opening ceremony of the annual African Union leaders’ summit.
Countries are being “left on the march” as they are being denied debt relief and being charged “extortionate interest rates,” he said in a stinging rebuke, he told his audience in Ethiopia.
“As a result, key systems are being starved of investment.”
He called for a complete rethinking of the “global financial architecture” where decisions were made that reflected the “needs of developing countries”.
Mr. Guterres expressed deep concern about the escalation of violence in the east of the Democratic Republic of Congo.
In addition, he spoke about climate change and the war in Ukraine, saying that Africa is suffering the consequences of crises it did not create.
Speaking at the opening of the summit in Addis Ababa, Ethiopian Prime Minister Abiy Ahmed had a similar message.
“We all want to put our economy back on the growth path but this will not happen without sufficient restructuring to make our external debt sustainable,” Reuters news agency quotes.
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