TANZANIA: THE Minister for Finance, Dr Mwigulu Nchemba, has called for comprehensive reforms in the international financial system to make it more inclusive and responsive to the needs of developing countries.
Dr Nchemba made the statement over the weekend while participating in the 3rd Voice of Global South Summit, hosted by India.
He underscored the need for greater representation of developing nations in decision-making processes within international financial institutions.
The Tanzanian minister argued that adapting international financial policies to address the unique challenges of developing nations, such as climate change, poverty and inequality, is essential.
He highlighted the importance of making debt servicing more manageable and scaling up affordable, adequate and accessible financing to enable developing countries to achieve their Sustainable Development Goals (SDGs).
“Tanzania calls for a renewed focus on capacity building and technical assistance to ensure that projects are not only funded but also successfully implemented,” Dr Nchemba insisted during the Finance Ministers’ session on “People-Centric Approach to Global Finance,” which was chaired by India’s Finance Minister, Ms Nirmala Sitharaman.
The 3rd Voice of Global South Summit, which brought together 123 countries of the Global South, including India, was held under the theme “An Empowered Global South for a Sustainable Future.”
The summit focused on addressing a range of complex challenges disproportionately affecting developing countries, such as conflicts, food and energy security crises and climate changes.
The event, which began with a Leaders’ Session followed by 10 ministerial sessions, is an extension of Indian Prime Minister Narendra Modi’s vision of “Sabka Saath, Sabka Vikas, Sabka Vishwas aur Sabka Prayas” (Everyone’s support, everyone’s development, everyone’s faith and everyone’s effort) and is rooted in India’s philosophy of Vasudhaiva Kutumbakam—”The World Is One Family.”
In his inaugural speech, Prime Minister Modi called for unity among countries of the Global South, urging them to learn from one another, share capabilities and transform their resolutions into collective success.
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He also shared examples of India’s progress and experiences, such as Mission LiFE, rooftop solar initiatives, UPI and the ‘India Stack,’ which are being shared with other Global South nations.
This summit continues India’s efforts to amplify the voice of the Global South on the global stage, building on the success of the 1st and 2nd Voice of Global South Summits, held in January and November 2023, respectively.
Insights from these earlier summits were incorporated into the agenda and discussions of the G-20 Summit under India’s presidency last year, influencing the G-20 New Delhi Leaders’ Declaration.
