President Bola Ahmed Tinubu attended a summit in Paris, France, along with world leaders to discuss the redesigning of the global financial architecture. The goal of this redesign is to prioritize poverty reduction, debt restructuring or cancellation, and provide more support to vulnerable countries affected by climate change and the Covid-19 pandemic. The information was disclosed in a statement by Dele Alake, the Special Adviser to the President on Special Duties, Communication, and Strategy.
President Tinubu arrived at the Palais Brongniart, the venue of the event, for the opening ceremony of the High-Level Summit for the New Global Financing Pact. He was received by Catherine Colonna, the French Minister of Europe and Foreign Affairs. French President Emmanuel Macron, in his welcome address, emphasized the need for a new financial order that would enhance financial resources and aid developing countries in their energy transition and poverty reduction efforts, while respecting the sovereignty of each nation.
President Macron highlighted the challenges faced by African countries, such as the burden of debt that hampers their growth and development. He stressed the importance of justice and fairness in the redesigning of the global financial architecture, with a particular focus on the most vulnerable populations. Macron proposed four key elements for consideration, including the recognition that reducing poverty requires collective efforts and a comprehensive framework.
Macron also called for relevant frameworks tailored to each country, involvement of subregional roles with clear responsibilities and benefits, and the re-engineering of multilateral institutions like the International Monetary Fund and World Bank to be more people-oriented and solution-driven. He further emphasized the inclusion of the private sector in the new pact to ensure equitable development, particularly in areas such as health, education, and food security.
Mohammed Bazoum, the President of Niger Republic, speaking on behalf of African countries, expressed the urgent need for a just and robust framework that addresses the challenges of poverty, desertification, and unrest in the continent. UN Secretary-General Antonio Guterres highlighted the importance of mobilization and political will for the redesign and implementation of the new global financial architecture, considering the ongoing struggles of countries affected by Covid-19, climate change, and conflicts like the war in Ukraine.
Guterres emphasized the need to address the debt issues faced by African countries and ensure they are properly represented in the global order. He called for a comprehensive approach that includes debt relief, suspension of repayments, changes in business models, and increased commitment from development banks. The UN Secretary-General urged leaders to go beyond mere reforms and embrace transformation for a hopeful future.
The summit participants, including President Tinubu, engaged in syndicate sessions to discuss the new financial architecture. On the following day, President Tinubu was set to participate further in the summit, which aimed to unveil a New Global Financing Pact and establish mechanisms for its implementation.
