United Nations Secretary-General Antonio Guterres called Africa’s debt situation “unsustainable and a catalyst for social unrest” at the China-Africa Cooperation Summit in Beijing on Thursday.
He urged for “deep reforms” to the “outdated, ineffective, and unfair international financial system,” emphasizing that these changes are crucial for developing countries to access the liquidity needed to tackle issues like climate change.
Guterres highlighted the growing debt crisis across Africa, which has led to social unrest in several nations, including Kenya. He noted that many African countries are trapped in debt, limiting their ability to invest in sustainable development, and are often denied effective debt relief and adequate funding.
The China-Africa partnership is a pillar of South-South cooperation.
Today in Beijing, I stressed the @UN’s commitment for this cooperation & the deep reforms the global financial architecture needs to ensure development leaves no one behind. pic.twitter.com/TUOXIc3pcD
— António Guterres (@antonioguterres) September 5, 2024China, hosting the summit with 50 African nations, has significantly increased its presence in Africa since the forum’s inception in 2000. Chinese companies have invested in resource extraction, and its banks have funded infrastructure projects.
While China is sub-Saharan Africa’s largest bilateral trading partner, the trade imbalance favors Chinese exports. African leaders hope to reduce this deficit by expanding agricultural exports and promoting industrialization with China’s support.
The UN chief also pointed out that China’s cooperation with African countries could drive progress in critical sectors like energy, food security, and technology.
