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The global financial system is cumbersome, inefficient, and failing to meet the needs of a world grappling with escalating climate and economic crises. Fortunately, African governments are stepping up with forward-looking policy proposals that promote debt sustainability and climate resilience.
ADDIS ABABA – This year’s spring meetings of the International Monetary Fund and World Bank have made it clear that the global financial system, strained by repeated crises, is no longer fit for purpose. Growth is decelerating, climate-related volatility is rising, and debt distress is deepening, but the available policy tools remain too cumbersome, fragmented, and inefficient.
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