Press Briefing by Cristina Duarte, Under-Secretary-General and Special Adviser on Africa along with Claver Gatete, Executive Secretary, United Nations Economic Commission for Africa (ECA). They brief reporters on the Ministerial-level Africa Day at the High-level Political Forum on Sustainable Development (HLPF).
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Executive Secretary of the UN Economic Commission for Africa (ECA), Claver Gatete said that from 2010 to 2022, Africa’s debt increased by 192 percent. “That's the highest ever,” he added.

Gatete and the Under-Secretary-General and Special Adviser on Africa, Cristina Duarte, briefed reporters today (15 Jul) on the Ministerial-level Africa Day at the High-level Political Forum on Sustainable Development (HLPF).

Gatete said, “Right now, African countries are paying 163 billion per year. And, of course, when I say 163 billion per year, they are also the debt stock itself is 1.1 trillion, which is very serious. That means that actually by paying the debt, you have no room or very little room to now implement the SDGs, to now implement what is required for the next 10-year program of the African Union. And this is becoming now a challenge.”

He also said, “The financing is also becoming a problem, especially the concessional resources that are long term in nature that are cheaper. It's very, very difficult to access those kinds of resources. And that's why really finding the solution through the reform of the Global Financing system becomes very urgent and very, very important.”

He continued, “There is also the big problem of the climate. The climate is costing the African continent 5 percent of their GDP. Actually, last year for Mozambique, it was 15 percent because they had a cyclone. So, combining now, the climate where you see so much of the drought, so much of the floods happening and with no resources, the solutions are becoming now almost impossible.”

Cristina Duarte said, “Africa, from an SDG implementation standpoint, is off track. Only 12 percent of the 140 targets have been delivered.”

She also said, “Africa’s challenges: dept, climate, fiscal space, dept policy space. I do believe that we have reached a point that we need to understand the root causes of these problems, so we serve the ways throughout the solution, a structured solution.”

She stressed, “We have been very clear: to deliver sustainable development, Africa needs to tackle and note sustainable financing. Africa needs to look inside and start understanding that the driver of financing for development should come in sight.”

She highlighted, “Africa is in dept distress – data is there, we cannot negate - but because Africa does not control its own economic and financial flows. Why? Weak country systems and weak institutions. It's time to start paying attention to intangible assets as important assets to deliver, to deliver development.”

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