By Ayodele Oni
President Bola Tinubu and other World leaders are exploiting ways to tackle poverty and debt cancellation for vulnerable countries plagued by climatic Change and Covid-19.
The World Leaders, are currently meeting in Paris, France, for a high level Summit for New Global Financing Pact.
Welcoming them, French President Emmanuel Macron, said the Summit would focus on drawing up a new financial order that will scale up finances and support developing countries for energy transition, poverty reduction, while respecting the sovereignty of each nation.
Nigeria’s presidential spokesman, Dele Alake, in a statement said the French President noted that African countries had been at the receiving end of the major global challenges, with debt hangovers that hamper growth and development.
“Covid-19 pandemic brought lots of difficulties and now we are faced with the war in Ukraine that has been draining resources that should be channeled into human development.”
Macron told the leaders from 50 countries, multilateral institutions and the private sector that justice and fairness must be imperative in redesigning the new world financial architecture, with more focus on the most vulnerable.
The French President listed four elements for consideration by the leaders, starting with an acknowledgement that reducing poverty would require collective efforts, with a more diverse and comprehensive framework.
According to him, financial pact must address fragmentations and frustrations, and enable the kind of change that encourages debt relief, suspension of repayments, change of business models and more commitment from development banks, with guarantees.
Climate Activist, Vanessa Nakate, from Uganda, who called for a moment of silence for the helpless and hopeless across the world, said broken promises cost the lives of many in developing nations.
The Presidents and leaders of multilateral institutions and the private sector at the Summit went into syndicate sessions to discuss the new financial architecture.
President Bola Tinubu will on Friday participate at the summit, which will unveil a New Global Financing Pact and mechanism for implementation.
