Africa-Press – Angola. Angola supports the policy recommendations of the United Nations Conference on Trade and Development (UNCTAD) for a significant increase in support to Least Developed Countries (LDCs) in order to achieve progress on the Sustainable Development Goals (SDGs).
The position was highlighted on Thursday in Geneva by Ambassador Margarida Izata, who explained that the measure will allow these countries to face the challenges of the recent cascading crises and succeed in the Doha Action Program and the SDGs.
Regarding the concerns of the Least Developed Countries, the Permanent Representative of Angola to the UN and other International Organizations in Geneva, considers it imperative to resolve the problem associated with the growing debt burden of many LDCs, as well as to increase their access to development financing at affordable and fair rates.
Margarida Izata spoke at the 76th Executive Session of the Trade and Development Council in Geneva, Switzerland, which focused on the “Contribution of UN Trade and Development (UNCTAD) to the implementation of the Doha Agenda for Action for the Least Developed Countries.”
According to the diplomat, grants, concessional loans and, ultimately, a multilateral debt resolution mechanism are needed, which is transparent, fair and responds to the needs of the Least Developed Countries – LDCs.
“In this context, a program of serious reforms of the International Financial Architecture will be an essential factor in facilitating inclusive growth and development in our countries,” he said.
He also warned that more than half of the population of LDCs lives in countries that dedicate a greater part of their financial resources to paying interest on public debt than to financing the social sector, particularly health and education.
“The limited fiscal space weakens the capacity of Least Developed Countries to mitigate the impacts of external shocks and strengthen their resilience, constituting a fundamental obstacle to achieving the objectives of the Doha Agenda for Action.
Therefore, the needs, vulnerabilities and structural weaknesses of LDCs must be addressed with the utmost priority,” he said.
Finally, he thanked all partners committed to Angola’s development, including UNCTAD, the European Union and China, for the unwavering support they have given to the country through a comprehensive package of technical and financial assistance aimed at improving human and institutional capacities, with a view to promoting an appropriate economic diversification policy, contributing to building the country’s most resilient and sustainable economic growth.
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