Tanzania calls for sweeping reforms in global financial system that help developing nations

NEW YORK: TANZANIA has called for sweeping reforms of the international financial system, saying developing countries need greater access to affordable financing and a stronger voice in global decisions affecting their long-term economic development.

Vice-President Deogratius Ndejembi said Tanzania was pushing for increased concessional financing, greater private-sector investment and easier access to development and climate finance to enable developing countries to accelerate their development goals.

Speaking during the 81st Session of the United Nations General Assembly in New York, Mr Ndejembi said Tanzania’s National Development Vision 2050 provides a framework for building an inclusive, competitive and resilient economy through investment in people, productive infrastructure, technology, innovation, women and youth.

He said developing countries should also have greater representation in international financial institutions and decision-making processes that shape their economic future.

On climate change, the Vice-President raised concern over the gap between global greenhouse-gas emissions and the financing available to countries facing the effects of climate change.

He said countries responsible for the largest share of greenhouse-gas emissions should shoulder greater responsibility for financing measures to address climate-related impacts.

Mr Ndejembi said Tanzania was already taking steps towards a cleaner energy future, citing the 2,115-megawatt Julius Nyerere Hydropower Project, solar and wind projects with a combined capacity of 650 megawatts, and plans to generate 130 megawatts from geothermal energy.

He also highlighted investment in electric railways as part of the country’s transition towards cleaner transport and energy systems.

ALSO READ: Tanzania bids for UN Security Council seat, vows to champion Africa’s voice

Tanzania is further targeting access to clean cooking energy for 80 per cent of households by 2034, he said.

Mr Ndejembi said greater international support and fairer access to financial resources would be critical for developing countries to implement climate action while pursuing inclusive and sustainable economic growth.