Spain: Africa demands far-reaching reform of global financial architecture at FFD4
At the opening day of the 4th International Conference on Financing for Development (FFD4), held in Seville, Spain, 51 African delegations issued a strong call for a thorough reform of the global financial architecture, describing it as outdated, unjust, and inadequate to support the continent’s development needs.
Made up of heads of state, vice presidents, prime ministers, and ministers of finance or economy, the African delegations denounced an imbalanced international financial system that is unable to meet the current challenges faced by developing countries.
Kenyan President William Ruto highlighted the urgency of a fairer global partnership, stressing Africa’s strategic role in trade, industrialization, and innovation. “The current international financial architecture is failing, inequitable, unjust; it is unacceptable and must be completely reformed”, he stated. He advocated for sovereign and responsible debt management, greater transparency, lower capital costs, and broader fiscal space for African countries. He also called for IMF reform to strengthen the voice of developing countries, along with trade rules that promote green and sustainable production.
Senegalese President Bassirou Diomaye Faye emphasized the need to mobilize domestic public resources as the foundation for sovereign, equitable, and sustainable development.
Representing Mali, Prime Minister Abdoulaye Maïga reaffirmed his country’s commitment to an ambitious reform of the global financial system, while urging faster efforts to achieve the Sustainable Development Goals (SDGs) by 2030. The African delegations unanimously called for fairer access to international financing, responsible debt management, and stronger dialogue with institutions such as the IMF, the World Bank, and the WTO.
The conference will continue until July 3 and is expected to conclude with the adoption of the Seville Declaration, setting out commitments for more inclusive development financing aligned with African priorities.
