{"id":20990,"date":"2023-06-26T11:39:16","date_gmt":"2023-06-26T11:39:16","guid":{"rendered":"https:\/\/www.africa-press.net\/ethiopia\/all-news\/paris-summit-for-new-global-financing-pact-agreed-to-increase-financing-for-developing-countries-says-finance-minister"},"modified":"2023-06-26T12:54:27","modified_gmt":"2023-06-26T12:54:27","slug":"paris-summit-for-new-global-financing-pact-agreed-to-increase-financing-for-developing-countries-says-finance-minister","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ethiopia\/all-news\/paris-summit-for-new-global-financing-pact-agreed-to-increase-financing-for-developing-countries-says-finance-minister","title":{"rendered":"Paris Summit for New Global Financing Pact Agreed to Increase Financing for Developing Countries, Says Finance Minister"},"content":{"rendered":"

Africa-Press – Ethiopia. <\/strong><\/span>Agreement has been reached to increase the development financing to developing countries, including Ethiopia, at the Summit for a New Global Financing Pact in Paris, Finance Minister Ahmed Shide said.<\/p>\n

Prime Minister Abiy Ahmed participated at the Summit for a New Global Financing Pact in Paris, France.<\/p>\n

The premier has reached an agreement on the sidelines of the summit with leaders of countries and international financial institutions on debt adjustment and getting new macroeconomic development financial support.<\/p>\n

The minister elaborated that it was agreed at the summit to significantly increase the provision of development finance to developing countries, including Africans.<\/p>\n

International financial organizations, including the World Bank and the International Monetary Fund, have been directed to invest heavily in development programs to reduce poverty in low-income countries and carry out reforms focused on this, the finance minister stated.<\/p>\n

Moreover, Ahmed pointed out that a decision was made to enter into the practical phase of the agreements reached in the past on climate change.<\/p>\n

On other hand, he recalled that many developing countries are under pressure due to the COVID-19 pandemic, the war between Ukraine and Russia and international economic fluctuations.<\/p>\n

Accordingly, a consensus has been reached to reduce the debt burden and make debt adjustment of countries, and Ethiopia will benefit greatly from the debt burden reduction and debt adjustment decision.<\/p>\n

Ahmed revealed that Prime Minister Abiy also presented the success of the national reform and Green Legacy initiative at the summit and was appreciated.<\/p>\n

If the initiative is given international financial support, Ethiopia is determined to strengthen its efforts to expand it in the region and Africa, he said.<\/p>\n

In the field of agriculture, apart from stopping importation of wheat, Ethiopia has started exporting to neighboring countries and international organizations.<\/p>\n

Furthermore, it was learned that the premier had discussion with leaders of various countries and international institutions and reached bilateral and multilateral agreements on development finance support.<\/p>\n

In his discussion with the French leader Emmanuel Macron, the president assured the prime minister that France will help Ethiopia to get financial support.<\/p>\n

Prime Minister Abiy had also a successful discussion with the new World Bank President Ajay Bangan and International Monetary Fund (IMF) Managing Director Kristalina Georgieva.<\/p>\n

Noting that the new president of the World Bank has announced that he will visit Ethiopia soon, the finance minister said the World Bank has reached a consensus that it will continue its financial support to Ethiopia’s second phase Homegrown Economic Reform and large-scale development programs.<\/p>\n

The Managing Director of the IMF confirmed that the IMF recognizes Ethiopia has a large population and is carrying out effective development; and that it is interested in debt relief and macro-economic support.<\/p>\n

According to Ahmed, Ethiopia’s leadership role in global climate, agricultural production, and regional peace and security issues was given a high place in the summit.<\/p>\n

The Governor of National Bank of Ethiopia, Mamo Mehretu said on his part that the summit has created opportunity to strengthen Ethiopia’s relations with international financial institutions.<\/p>\n

It was a summit where Ethiopia actively participated in issues related to its national interest in terms of international finance, including gathering additional financial resources, based on demand, he added.<\/p>\n

Climate change prevention, reform of financial institutions and debt reduction of developing countries were the main agenda of the Paris financial summit.<\/p>\n

For More News And Analysis About Ethiopia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ethiopia. Agreement has been reached to increase the development financing to developing countries, including Ethiopia, at the Summit for a New Global Financing Pact in Paris, Finance Minister Ahmed Shide said. Prime Minister Abiy Ahmed participated at the Summit for a New Global Financing Pact in Paris, France. The premier has reached an […]<\/p>\n","protected":false},"author":84,"featured_media":20989,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,8,12,301],"tags":[233,277,235],"class_list":["post-20990","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-homepage-english","category-policy","category-to-homepage","tag-africa-press","tag-africa-press-ethiopia-2","tag-ethiopia"],"yoast_head":"\nParis Summit for New Global Financing Pact Agreed to Increase Financing for Developing Countries, Says Finance Minister - Ethiopia<\/title>\n<meta name=\"description\" content=\"Agreement has been reached to increase the development financing to developing countries, including Ethiopia, at the Sum ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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