International News Desk
According to Ug News Europe,The current global financial system does not serve the interests of developing countries and must be changed.Ug News Europe reports that UN Secretary General Antonio Guterres said this at the summit of heads of state and government of the African Union (AU) held in Addis Ababa, the capital of Ethiopia.South Africa’s SABC radio station quoted him as saying: “The global financial system is weak, unfair and does not serve the interests of developing countries.These countries are in a difficult situation due to the debt and high interest rates.”Guterres called for a revision of the global financial architecture to meet the needs of developing countries.Comoros President Azali Assoumani, who took office as AU chairman for 2023 on Saturday, called for the total cancellation of African countries’ foreign debts at the summit.According to him, this step will lead to economic growth on the continent and help prevent the negative consequences of the Ukrainian crisis.The AU summit is primarily devoted to economic issues, including the operation of the African continent’s free trade zone.
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