Headline : Finance and Foreign Ministers Call For Reform of Global Financial System

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Finance and foreign ministers have called for the remaking of the international financial system to improve the prospects of developing countries at a just-concluded United Nations (UN) Member States meeting in Addis Ababa, Ethiopia.

“The ministers, experts and other stakeholders that gathered here in Addis Ababa made clear that we cannot continue with business as usual and must dramatically reshape the international financial system to ensure investment where it is most needed,” Li Junhua, the Under-Secretary-General of the United Nations Department of Economic and Social Affairs (UN DESA), and Secretary-General of the FfD4 conference, said.

The shocks of the last four years have worsened the gaps for developing countries, as a confluence of high debt, high interest rates, and systemic issues have increased the financing problems. In July 2023, UN Trade and Development (UNCTAD) released a report detailing the ever expanding financing gap and how it was disproportionately hurting the prospects of developing countries.

Among other recommendations, it pushed for debt relief for heavily indebted developing economies to ease the pain of debt repayments on budgets. Calls to reform the financing system often center on such measures as the first step as it would provide much needed fiscal space for more investments, lower risk ratings, and improve the prospects of private sector growth and investment.

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