Africa actively participate in the reform of the global financial system
November 21, 2023 10:57 Source: "China Social Sciences", November 21, 2023, Issue 2777, Issue 2777

 Bet365 app download  The African Climate Foundation recently released the "Priority of the Fair Reform of the Global Financial System" report。Chairman of the Advisory Committee of the African Climate Foundation、Carlos Lopes, Honorary Professor of Nelson Mandila School of Public Management, Cape Town, South Africa, said,International Monetary Fund and the World Bank need to continue to reform,to solve the prejudice and unfair phenomenon in the current global financial structure,This is especially important for Africa, which needs to expand public and private financing channels while reducing various debts。The global financial system after transformation needs to be affordable、reliability、Ability to be adequate and be able to perceive the fragile climate change in the African continent。other,It should also be able to cope with the continuous debt crisis and liquidity challenges faced by many African countries。Only establish a more fair new order,major financing institutions can improve Africa's climate adaptation ability,Drives the sustainable economic growth of African countries。

Lopez said,African continent is rich in mineral resources required to realize green transformation,Has the broad prospects of development of clean energy。But,major international financial institutions often do not avoid investing in Africa,Just put the focus on the exit,instead of promoting local economic transformation。"Priority of the Fair Reform of the Global Financial System" report outlined the shortcomings of all aspects of Africa investment and the cause of obstacles to ensure the liquidity of funds。First,Most of the current funds are used to slow climate change,If the bet365 best casino games area of ​​forest area, etc.。From the perspective of some financiers and loan institutions,Slowing measures can usually bring higher economic benefits,But,How to enhance climate adaptability is the priority of the African continent to respond to climate change。Next,Unfair financing rules and prejudice rating agencies lead to increased loan interest rates in African countries。Although most African countries have a lower global default rate in infrastructure project debt,They still need to work hard to prove the rationality of their capital needs。Last,Restricted Terms、Commercialization of climate financing、High interest rate、Unecperial climate financing commitment、Unsus and speculative carbon markets、Factors such as the reduction of overseas development assistance,and the practice of labeling the same funds on the "climate financing" label,will cause the level of capital liquidity to decline。

This report is also proposed,Bet365 lotto review The global financial structure weakens the ability of Africa's fiscal sovereignty and the ability to pay climate action costs。other,The international tax system continues historical power inequality,More business interests that serve wealthy countries,and further marginalized the underdeveloped African countries。Lopez thinks,Implement more stable and transparent financial supervision,It is very important for increasing the number of financial market participants and the number of financial instruments。For this,International financial institutions need to formulate and practice new rules,to achieve the effect of promoting various financial services and reducing its cost。Lopez said,Some multinational companies use tax preferential policies and legal loopholes,Make capital flow from Africa through the international banking system。Therefore,It is necessary to formulate global regulations to ensure that the tax base of the African economy bet365 Play online games is not damaged。other,To consider the transfer of illegal funds,This means accountability to the country who receives illegal funds。

Lopez said,African countries have been actively participating in the reform agenda of the global financial system。For example,The first African Climate Summit passed the "African Leaders' Nairobi Declaration and Action Call for Climate Change",The way aim to reshape the African continental climate investment,Emphasizing Africa's unified position on climate financing issues,and encourage the international community to support African financial institutions。Comparison of comparison,More and more people have begun to question the ability of some international financial institutions to deal with current global challenges。Lopez thinks,International financial institutions shall re -evaluate its operating mode,enable African countries to better get capital support,and give greater right to speak to African countries in terms of bet365 live casino games fund distribution。other,International financial institutions should develop innovative financial support methods,New financial tools that are suitable for borrower in real time,For example, support the development of smart agriculture with greater efforts。

  (Liu Yuwei/Compilation)

Editor in charge: Cui Bohan
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