From Juliana Taiwo-Obalonye, Paris
President Bola Tinubu, yesterday, joined his colleagues at Palais Brongniart, Paris for the New Global Financial Pact Summit in France.
The leaders are meeting to build consensus for redesigning the global financial architecture, which will favour poverty reduction, debt restructuring or cancellation, and more consideration for vulnerable countries affected by climate change and COVID-19.
The meeting his holding from June 22 to 23, 2023.
Tinubu arrived the venue of the event for the opening ceremony of the High Level Summit for New Global Financial Pact and was received by the French Minister of Europe and Foreign Affairs, Catherine Colonna.
In a statement, Special Adviser to the President on Special Duties, Communication and Strategy, Dele Alake, said Tinubu would on Friday participate at the summit, which would unveil a New Global Financial Pact and mechanism for implementation.
More than 300 high-level participants, Heads of State and Government, international organizations and representatives of civil society and private sector are in Paris for the Summit. The aim is to lay the groundwork for a renewed financial system suited to the common challenges of the 21st century, such as fighting inequalities and climate change and protecting biodiversity.
As part of his efforts to revamp the global lending system, French President, Emmanuel Macron called on international leaders to unite in Paris for a crucial meeting.
In his welcome address, Macron, said the summit would focus on drawing up a new financial order that will scale up finances and support developing countries for energy transition, poverty reduction, while respecting the sovereignty of each nation.
He said African countries had been at the receiving end of the major global challenges, with debt hangovers that hamper growth and development.
“COVID-19 pandemic brought lots of difficulties and now we are faced with the war in Ukraine that has been draining resources that should be channeled into human development,” he said.
On behalf of the African countries, the President of Niger Republic, Mohammed Bazoum, said the new pact must be “urgent” and “essential” to Africa, and the framework should be “just” and “robust” in reflecting the reality of developing countries as partners.
Bazoum said the challenges of impoverishment and desertification had stimulated unrest in most countries, affecting peace and stability in sub-regions and the continent.