Mozambique: Prime minister leaves for Paris to attend the New Global Financing Pact Summit

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Mozambique: Prime minister leaves for Paris to attend the New Global Financing Pact Summit

4:18 CAT | 20 Jun 2023

File photo: Lusa

Mozambique’s prime minister, Adriano Maleiane, will participate from the 22nd to the 23rd of June in the Paris Summit for a New Global Financing Pact, in France, on behalf of President of the Republic Filipe Nyusi.

The event’s main objective is the establishment and approval of a new Global Financial Agreement, proposed by the French government. The summit is entitled: “ Paris Summit for a New Global Financing Pact”.

A communiqué sent to our editorial office mentions that it is France’s continuing intention to build a new contract between the North and the South in order to facilitate financing for less developed countries.

Adriano Maleiane will speak in one of the six summit’s panels relating to the debt of developing countries, in addition to holding some meetings on the sidelines of this event.

The aim of this summit is to concurrently tackle the challenges of climate change, biodiversity protection, and the fight against inequality in order to achieve the Sustainable Development Goals (SDGs).

The summit is co-organized by France and India, with the latter holding the presidency of the G20 this year. The secretary-general of the United Nations will be in Paris for this occasion.

Also in attendance will be Olaf Scholz, Chancellor of Germany; Ursula Von der Leyen, President of the European Commission; and Mia Mottley, Prime Minister of Barbados. The latter leads the Bridgetown Initiative, aimed at facilitating access to international financing for countries most vulnerable to climate change.

The purpose of the summit is to align various agendas (climate, development, debt) and propose innovative solutions to these challenges.

Reversal of Human Development

The summit is taking place in a unique international context. In 2022, the United Nations noted a reversal of human development in nine out of ten countries across the globe, primarily driven by a decrease in life expectancy and a rise in poverty. The COVID-19 pandemic and the conflict in Ukraine, along with their consequences, have indeed reduced the income of many countries, affecting their ability to finance their populations’ access to basic social services.

Countries in the Global South, which pollute less than the rest of the world, are the most threatened by the climate crisis. In 2022, natural disasters cost over $300 million, heavily weighing on their economies.

As a result, the ‘great financial divide’ continues to widen, leaving the countries in the Global South more sensitive to shocks. Developing countries lack the urgently needed resources to invest in recovery, climate action, and the Sustainable Development Goals, which puts them even further behind in the event of the next crisis – and even less likely to benefit from future transitions, including the green transition

Strengthen solidarity with the Global South

The Summit will focus on discussing various ways to enhance financial solidarity with countries in the Global South. Its main objectives include creating fiscal space, promoting private sector development, fostering green infrastructure investment, and generating innovative financing for countries vulnerable to climate change.

This Summit is one among numerous international events scheduled throughout the year, such as the G20, the SDG Summit, and COP28. These events are all designed to drive the achievement of tangible, impactful results.

Source: Domingo / UNHCR