UK Minister Calls for International Financial Reforms to Support Africa
UK minister calls for urgent reforms to IMF to help Africa.
PRAIA, CAPE VERDE - The UK Minister for Development and Africa, Andrew Mitchell, is calling for urgent reforms to the international financial system to help African countries tackle poverty, climate change, and crises, writes Winston Mwale.
Speaking at the African Caucus of World Bank and IMF Governors in Cape Verde, Mitchell's first visit to the country in his current role, the minister urged the World Bank to do more with its resources to address extreme poverty and help vulnerable communities adapt.
He called for a stronger offer for the poorest nations and a more responsive World Bank that supports countries faster in crises.
Mitchell welcomed World Bank commitments to climate-resilient debt clauses that allow countries to pause debt payments if hit by climate shocks, which the UK has championed.
"The climate crisis is hitting millions of people in Africa first and hardest," Mitchell said.
"We need urgently to deliver ambitious reforms to ensure that the international financial system helps the most vulnerable countries meet the enormous challenges they face."
During the visit, Mitchell is scheduled to meet Cape Verde Prime Minister Ulisses Correia e Silva to discuss the growing UK-Cape Verde partnership, including tourism, maritime security cooperation, and collaboration on issues facing small island developing states.
The UK is a major supporter of financial reform efforts and earlier this year committed £1 million to mobilise action ahead of next year's SIDS Conference, including helping them prepare for climate crises.
Mitchell's visit and message emphasise the need for global finance to become more responsive and adaptable in order to meet the mounting development challenges Africa faces.
Reforms that put the needs of the most climate-vulnerable nations at the forefront could help build resilience for the future.