Power and Politics

Zambia calls for global financial overhaul at Nordic-African Ministerial meeting


Zambia has called for a radical transformation of the global financial architecture to promote more inclusive, representative, and effective global economic governance.

Mulambo Haimbe, Acting Minister of Foreign Affairs and International Cooperation, indicated that the prevailing international financial structure had exhibited deep-rooted inequalities, gaps, and inefficiencies over time, particularly to the detriment of developing countries.

Haimbe made these remarks at the 2024 Nordic-African Ministers of Foreign Affairs meeting in Denmark, as per a statement issued by the Ministry in Lusaka on Tuesday.

“Despite the physical separation between the Nordic region and the African continent by vast expanses of water and land, they are fundamentally linked by common aspirations,” he noted.

Haimbe said the interests and ripple effects of globalization continue to pose challenges for both the Nordic region and Africa.

He stressed the need for a new framework of institutions, rules, norms, and procedures to facilitate collective action and cooperation among countries, including other global actors, to address these challenges.

Furthermore, Haimbe assured, Lars Løkke Rasmussen, the Danish Minister of Foreign Affairs, that Zambia is honored to co-facilitate, alongside Sweden, on the Global Digital Compact (GDC).

Read More: Accountancy body lays down proposals to drive economic growth post-debt restructuring era

The GDC aims to ensure that digital technologies are used responsibly and for the benefit of all, while addressing the digital divide and fostering a safe and inclusive digital environment.

Prior to this, Haimbe held a bilateral meeting with Espen Barth Eide, the Minister of Foreign Affairs of Norway, where discussions focused on food security, energy transition, and climate adaptation.

He highlighted Zambia’s status as a priority country for Norway, with investments in green energy, food security, and microfinance through the Norwegian Investment Fund (Norfund).

WARNING! All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express permission from ZAMBIA MONITOR.

No reasons offered, as Malawian court drops corruption charges against Vice-President Chilima

Previous article

M’membe advocates licensing of boarding houses, as he alleges rise in moral decadence, exploitation of youths

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *