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Financing for Development Summit: Mozambique Overly Affected by “Complex and Fragile” Financial Architecture – Government

Financing for Development Summit: Mozambique Overly Affected by “Complex and Fragile” Financial Architecture – Government

Mozambique’s representative at the Financing for Sustainable Development Summit said today that the country suffers an exaggerated impact from a ‘complex and fragile financial architecture’ and considered the Future Summit in September to be fundamental.

‘Mozambique, like many developing countries, suffers a disproportionate effect from this complex and fragile global financial architecture, with limitations on financing the economy and more difficult access to concessional financing on international markets,’ said Ana Nemba Uaiene.

To this, she said, ‘there is also the devastating impact’ of climate shocks that are becoming ‘more frequent and severe, slowing growth’, as well as the effects of the covid-19 pandemic.

Speaking at the preparatory meeting for the upcoming Financing for Sustainable Development conference, organised by the United Nations in Addis Ababa, the Mozambican ambassador and special envoy of the Ministry of External Relations and Cooperation said that, given the current difficulties, the Future Summit in September in New York and the Fourth International Conference on Financing for Development in Spain next year will be key.

‘There is still room to accelerate financing for development and at these two summits we will have to make decisions that allow all countries to get back on track to fulfil the Sustainable Development Goals (SDGs), leaving no one behind,’ said Mozambique’s representative at the meeting.

In her speech, Ana Nemba Uaiene emphasised that only 17% of the SDGs are well underway, half have made only minimal progress and a third of the countries are regressing in terms of the goals set by the United Nations.

‘We have to start thinking about a post-SDG agenda,’ she admitted, considering that ’the negative impact on implementation has come from external and internal shocks, geopolitical challenges and over-indebtedness that hampers growth and access to new financing, coupled with a lack of international interest in restructuring public debt, especially by international financial institutions.’

Reforming the global financial architecture is one of the general objectives that has been put forward by the main international financial organisations, particularly by African countries, which feel the most affected by climate change and the implications this has for financing their development.

‘Reforming the financial architecture is critical to ensuring that the financing needs of developing countries are accommodated, so we ask everyone to use the United Nations summit in September to secure a common and realistic agreement on reforming the global financial system,’ concluded the Mozambican representative.

The preparatory meeting for the fourth conference, which is taking place today and Wednesday in Addis Ababa, comes nine years after the adoption of the Agenda for Action in 2015 in the same African city, and many of the speakers highlighted the lack of success in implementing the measures and reforms needed to achieve the SDGs by 2030.

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