Reforming the international financial system is no longer optional

At the 1st Biennial Summit for a Sustainable, Inclusive & Resilient Global Economy convened on the sidelines of #UNGA80, & chaired by the UN Secretary-General @antonioguterres, the Chairperson of the African Union Commission, H.E. Mahmoud Ali Youssouf, emphasised that "reforming the international financial system is no longer optional, but an urgent imperative."

He underscored that Africa faces rising debt, high capital costs, and illicit financial flows draining $88 billion annually. To break cycles of dependency, he proposed the following measures:
-Strengthening African institutions and capital markets.
-Establishing an African Credit Rating Agency.
-Integrating African perspectives in global tax cooperation
-Ensuring sustainable solutions to debt.

He further noted that the AU "welcomes the consensus on scaling up development finance," but cautioned that "what matters now is turning commitments into action-to deliver on the SDGs - Africa's Agenda 2063."

He added, "Together with the UN and global partners, we stand ready to transform consensus into results that change lives."