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The United Nations (UN) says urgent action is needed to increase capital flows into developing countries like Zambia and the rest of Africa.
UN Deputy Secretary-General, Amina Mohammed, said this was in order to make the Sustainable Development Goals (SDGs) stimulus a reality.
Mohammed made the call to stakeholders at the opening of the 10th Africa Regional Forum on Sustainable Development (ARFSD-10) in Addis Ababa, Ethiopia.
She also urged the international community to support Africa in its efforts to deliver its vision for development through the SDGs 2030 agenda and Agenda 2063.
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“At least US$500 billion a year is needed to scale up affordable long-term financing for development, alongside structural reforms within the very institutions and rules that make up the international financial architecture,” Mohammed highlighted.
She told the multi-stakeholder forum of member states representatives, youth, civil society and private sector actors that African countries were facing significant challenges, including debt servicing, rising interest rates and limited fiscal space.
“Debt servicing in Africa is at an all-time high due to external shocks, leaving very little fiscal space or nothing to invest in sustainable development,” Mohammed noted.
Claver Gatete, Executive Secretary, Economic Commission for Africa (ECA) on his part stressed the need for “Innovative financing mechanisms.
Gatete said this should be coupled with reforms in the global financial architecture to unlock new avenues for sustainable investment and inclusive growth in Africa.”
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