Guterres Advocates for Major Reforms in Global Financial Systems and Security Council to Better Serve Africa

Addis ababa: UN Secretary-General António Guterres called for significant reforms in the global financial architecture and the UN Security Council to better address the development needs of Africa at the 8th AU-UN Annual Conference.According to Ethiopian News Agency, Guterres emphasized the historical inequalities in the global financial system, which he noted have persistently disadvantaged African nations. He pointed out that the system, deeply entrenched in colonial legacies, was initially designed to benefit the former colonial powers at the expense of African economies. This, he said, has left African countries with distorted economies and inadequate access to concessional finance, which is crucial for sustainable development and climate adaptation efforts.The Secretary-General also highlighted the recent challenges that have exacerbated Africa's economic situation, including the COVID-19 pandemic, global inflation driven by the conflict in Ukraine, and significant debt burdens. In light of these cha llenges, he stressed the importance of giving more voice and power to developing countries, particularly African nations, within global financial institutions.In addition, Guterres expressed optimism following the Summit of the Future, which he believes has set the stage for mobilizing resources through initiatives like the Sustainable Development Goals (SDG) stimulus. This initiative aims to reduce debt and foster opportunities for sustainable growth. He also mentioned the establishment of a joint working group between the Economic Commission for Africa, the AU, and the UN to help bridge the digital divide, ensuring artificial intelligence (AI) becomes a tool for development rather than a source of further inequality.On the subject of AI, the Secretary-General underscored the need for Africa's robust involvement in the global dialogue on AI technologies. He envisioned the continent, with its young population and emerging scientists, becoming a forefront player in AI innovation.Turning to the issue of g lobal governance, Guterres reiterated the growing international consensus on the need for reforming the UN Security Council. He advocated for Africa to have permanent representation on the Council, emphasizing that it is only fair for the continent, which often bears the brunt of global security issues, to have a permanent role in shaping international security policies.Moussa Faki Mahamat, the AU Chairperson, supported Guterres' statements, praising the progress in cooperation between the AU and the UN under Guterres' leadership and affirming the critical need for continued reforms in global financial institutions and the UN Security Council.The 8th AU-UN Annual Conference thus reaffirmed the strong institutionalized partnership between the African Union and the United Nations, with both leaders committed to maintaining dynamic and forward-looking cooperation.