With respect to economic and financial governance, I draw the attention of the General Assembly to the Financing for Sustainable Development Report 2022, produced by some 5 sixty multilateral institutions, including the IMF, the World Bank, the Basel Committee on Banking Supervision, the International Association of Insurance Regulators and the Financial Stability Board. [...] We are concerned that the perception of risk in Africa continues to be higher than the actual risk, which increases the cost of insurance premiums and undermines the competitiveness of our economies. [...] This is why Africa is renewing its proposal to the Global Crisis Response Group on Food, Energy and Finance to engage, in conjunction with the G20, the IMF and the World Bank, in a 6 constructive dialogue with the rating agencies on improving their working and assessment methods. [...] In the same spirit, in view of the unprecedented scale of the global economic crisis, the African Union reiterates its call for the partial reallocation of Special Drawing Rights and the implementation of the G20 Debt Service Suspension Initiative. [...] Let us also work towards the goal of mobilizing USD 100 billion per year to support developing countries' adaptation efforts and to finance the African Adaptation Acceleration Program under the auspices of the AfDB and the Global Centre for Adaptation.
- Pages
- 12
- Published in
- Ethiopia
