Prime Minister Edouard Ngirente, on January 21, reaffirmed the call to reform global financial institutions to be fit for purpose in the contemporary world, with specific consideration for developing economies. ALSO READ: Africa demands ‘fair international finance architecture’ He was speaking at the G77 and China Third South Summit hosted by the incoming Chair, Uganda’s President Yoweri Kaguta Museveni, which brought together Heads of State and Government and other representatives from over 100 countries, as well as leaders of multilateral organisations to strengthen collaboration in addressing global challenges. Held under the theme “Leaving No One Behind”, Ngirente noted that it resonates well with Rwanda's commitment to inclusive and sustainable development, highlighting that it calls for coordinated efforts to ensure equitable progress sharing among nations, irrespective of their size or economic status. Established in 1964, G77 is the largest grouping of the global South acting as an engine for South-South cooperation and development, given that it represents 80 per cent of the world’s population. ALSO READ: Kagame happy to return to Cuba as G77 China Summit commences Reflecting on past achievements, leaders at the summit said that the group has played a significant role in shaping the international economic landscape. In his remarks, Premier Ngirente reminded the participants of the importance of cooperation and collaboration in addressing complex global challenges, noting the need for collective efforts to build a more prosperous world. “By continuing to leverage our collective strengths, we can overcome common challenges and achieve sustainable development.” With the disproportionate effects that global challenges have on developing countries which are, at the same time, constrained with financing capabilities, Ngirente reiterated the need to reshape international financial architecture. “Rwanda firmly supports the call for reformed financial institutions to be fit for purpose in the contemporary world. Financing our development initiatives and fostering trade and industry has never been more important than today,” he said. “In addition, special consideration must be given to countries facing unique obstacles. We must consider the situations of Least Developed Countries, Landlocked Developing Countries, and Small Island Developing States, and provide support to address their specific needs on the path to sustainable development.” According to him, the group members should recommit to the ideals of cooperation, solidarity, and sustainable development in building a more equitable and prosperous world, leaving no one behind. He, hence, announced that Rwanda will host the third United Nations Conference on Landlocked Developing Countries in June 2024. ALSO READ: Kagame: Now is the time to make international financial system fit for purpose UN Secretary General, António Guterres, said that while South-South cooperation is strong and deepening, it does not replace the need for the respect of the commitments of the global north for sustained engagement to reduce poverty and inequality, support growth, and build resilience in developing countries. “Financial institutions and frameworks created after the Second World War still largely correspond to the power relations and the global economy of that time. They must be reformed so that they are truly universal; reflect with justice the realities of today; and are much more responsive to the needs of developing countries.” The Group of 77 was established in June 1964 by 77 developing countries at the end of the first session of the United Nations Conference on Trade and Development (UNCTAD) in Geneva. Today, the organisation is made up of 134 developing countries, working together to define means for countries of the Global South to articulate and promote their collective economic interests and enhance their joint negotiating capacity on all major international economic issues.
