![]() ![]() He observed that the progress made last month at the UN Climate Conference, COP26, is “far from enough”. “The G20’s Debt Service Suspension Initiative must be extended into next year…the international debt architecture needs to be reformed once and for all and the public and private sectors…need to accelerate private investment back to pre-pandemic levels”, Mr. In sub-Saharan Africa, the International Monetary Fund ( IMF) projects that cumulative economic growth per capita over the next five years will be 75 per cent less than the rest of the world.Īnd while vulnerable countries are counting on the re-allocation of unused Special Drawing Rights ( SDRs) – a type of foreign reserve asset that are IMF defined and maintained – a massive commitment is needed for that to happen. While developed economies are investing 28 per cent of their GDP in recovery and middle-income countries 6.5 per cent, least developed countries are investing just 1.8 per cent. ‘Drowning in debt’Īgainst the backdrop of a “deeply immoral and unequal” recovery, the top UN official declared that “vulnerable countries are drowning in debt”. Guterres called for a global plan involving all countries that can produce inoculations, including several in Africa, and threw his weight behind the World Health Organization’s ( WHO) strategy to “get vaccines into the arms of 70 per cent of people, in all countries, in the first half of 2022”, underscoring the need to “continue summoning support and financing for sustainable domestic vaccine manufacturing in Africa”.Ī woman receives her first COVID-19 vaccine in Hoima, Uganda. ![]() ![]() The UN chief said that ending the COVID-19 pandemic would be one key to recovery, but despite the AU’s continued work and joint efforts for increased vaccine access and medical supplies, only six per cent of Africa’s population has been fully vaccinated. Guterres also focussed on areas critical for an inclusive, resilient and sustainable recovery on the continent, that are grounded in the 2030 Agenda for Sustainable Development and the AU’s Agenda 2063, to help Africans “reap the rewards of opportunities”. He highlighted the wide range of progress made through collaboration, from frameworks around peace, security and sustainable development, to joint missions and programmes for humanitarian operations, elections and peaceful transfers of power. ![]()
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