Senegalese President Bassirou Diomaye Faye, speaking at the Summit of the Future held at the UN headquarters, called for reforms to the credit access conditions for developing nations.
“The future we aim to build demands that no one be left behind in the face of numerous challenges to peace and security. We can only achieve this future through shared solutions within multilateral frameworks,” the president said, his speech broadcast on the UN website. “It is clear that humanity’s future cannot be built on the current model, which is dominated by injustice, extreme poverty, rising geopolitical tensions, and unprecedented global warming,” he continued.
“In this situation, it is crucial to break the vicious cycle of debt, whose abnormally high levels are suffocating many countries in the Global South. Such an unequal system increasingly obstructs global prosperity, especially in developing countries, where interest rates on loans are many times higher than in developed nations,” Faye stated. “To make debt levels more manageable, we must reform credit access conditions, particularly export loans, by easing the rules regarding borrowing rates, grace periods, and debt repayment schedules,” the president emphasized.
The Summit of the Future is being held from September 22 to 23 at the UN headquarters in New York, ahead of the general debate of the 79th session of the UN General Assembly. The main goal of the event is to discuss global challenges and develop collective solutions with the involvement of world leaders, experts, and civil society.
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Based on materials from TASS