NAIROBI
UN Secretary-General, António Guterres has called for urgent reforms at the World Bank and the International Monetary Fund saying their policies are unfair to Africa which is faced with a debt crisis.
The UN Chief who was in Nairobi at the high-level Africa Climate Summit said the reforms should be geared towards addressing what he described as another “injustice”
While addressing journalists in Nairobi, Guterres said the global finance system is “outdated, unfair, outdated and dysfunctional” “On average African countries pay more than four times for borrowing than the United States and eight times more than the wealthiest European countries,” he said.
He said the push for the just and equitable green transition while supporting development across Africa requires a dramatic course correction.
Guterres suggested an effective debt relief mechanism that supports payment suspensions, longer lending terms, and lower rates.
