Statement by Mr. Claver Gatete at the Opening Ceremony of The Summit of The Future

THE OPENING CEREMONY OF THE SUMMIT OF THE FUTURE

Statement

By

Mr. Claver Gatete

United Nations Under-Secretary-General and

Executive Secretary of ECA

New York

22 September 2024

Mister President, Excellencies,

I am honored to address you on behalf of the United Nations Economic Commission for Africa.

We are meeting when the foundation of humanity is being tested and Africa is bearing the brunt.

Multiple crises have exacerbated the challenges of finance, debt, climate and energy.

21 African countries are in or at high risk of debt distress and public debt has increased by over 180 percent since 2010 and currently exceeds 60 per cent of GDP.

Basic social expenditures are being crowded out and there is limited access to long-term concessional finance.

Furthermore, unprecedented climate effects are costing up to 5 per cent of Africa's GDP annually.

Yet, we cannot attract sufficient investments because the rules of engagement of global rating agencies do not favor Africa.

We also see imbalances in borrowing costs. For example, Africa's borrowing cost is 4 times higher than the United States and even more than four times than Germany.

Excellencies, Distinguished delegates:

Justice for Africa cannot be served by an outdated global financial architecture system.

Promises are either not fulfilled or half fulfilled, leaving governments frustrated, young people unemployed and children without a future of hope and prosperity.

Excellencies, if we remain theoretical on the reform of the multilateral system, it will be a disservice to the generations that come after us.

Undoubtedly then, multilateral governance structures must change.

Specifically, we need increased representation for developing countries, improved transparency, a reflection of the role of emerging and frontier markets and regional Multilateral Development Banks.

Furthermore, the finalization and implementation of the international tax cooperation framework must be pursued vigorously.

Excellencies, Distinguished delegates,

Africa can be the global power force if we address the critical gaps for a fair and promising future.

We must take deliberate steps to invest in our youth because 1 in 3 young people globally will be African by 2050.

Therefore, investments in modernizing education systems, increasing skills in STEM and integrating TVET in education systems is necessary.

And the Global Digital Compact can offer Africa a level playing field, but we must build the necessary infrastructure to take full advantage of this.

As I conclude, this is our once in a lifetime chance to demonstrate to future generations that we got it right.

It is my belief that we can make it count.

I thank you.

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