Burkina Faso has deemed the ‘in-depth reform’ of the international financial architecture a ‘priority’ and called for greater representation of developing countries within international financial institutions to overcome the obstacles that hinder the achievement of the Sustainable Development Goals (MDGs).
During the meeting of the Foreign Ministers of the Group of 77 and China, on the sidelines of the 79th UN National Assembly, the Burkinabe Minister of Foreign Affairs, Karamoko Jean Marie Traoré, spoke on the challenges of financing sustainable development in a world marked by multiple crises.
“It would be beneficial to strengthen the representation of developing countries within international financial institutions. This development is essential to restore confidence in the multilateral system.
‘At the same time, the mobilization of resources for sustainable development should be intensified. In this sense, multilateral banks must increase their capacity to offer favorable financing to developing countr
ies,’ declared Minister Traoré.
He added that the strategic use of Special Drawing Rights could also strengthen global financial stability while calling for aligning the solutions chosen with the 2030 sustainable development agenda.
For the head of Burkinabe diplomacy, financing for climate action should also be increased and for developing countries which are most vulnerable to climate change.
He further called for optimized debt management that involves consolidating international mechanisms to prevent debt crises, facilitate debt restructuring and provide relief when needed.
In addition, added Minister Traoré, the fight against illicit financial flows must be intensified. In this perspective, it is imperative to strengthen international cooperation to combat tax evasion and corruption.
“Burkina Faso is convinced that a reform of global governance is essential to allow developing countries to benefit from globalization. The G77 must intensify its cooperation to promote a more equitable world order, so
as to leave no one behind,” stressed the head of Burkinabe diplomacy.
Established in 1964, the Group of 77 is a coalition of countries that today includes 134 states, mostly from the Global South, committed to promoting the common economic and political interests of members at the United Nations.
Group 77 is led this year 2024 by Uganda, to whom Burkina Faso wished to express its gratitude for the exemplary nature of its leadership.
Source: Burkina Information Agency