Development finance, debt and the SDGs · at 6 min
As we forge ahead with the SDGs, reform of the United International Financial Architecture is critical to a more equitable and inclusive global economic order. Such reforms should create greater policy space and access to financing to enable countries to expand their economies through value addition to their natural resources, including critical minerals, for our people to have full benefit of our resources. This will accelerate sustainable development, address inequality, create jobs for our youth, and lift our population out of poverty. In this context, we welcome the creation of the African Credit Rating Agency to be launched in Mauritius in October this year. This development is a building block of Africa taking ownership of her development and prosperity agenda. It demonstrates progress in Africa's ambitions to drive impetus for the reform of the international financial architecture in order to ensure a level playing field. Middle-income countries continue to face high borrowing costs, limited fiscal space, debt vulnerabilities, climate-related shocks, and persistent inequality. Namibia reaffirms this severe commitment as an important step towards reforming the international financial architecture and strengthening the global partnership for sustainable development.
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