After the Paris Summit: a global financial architecture that works for Africa

The author assesses the outcomes of the Paris summit for a new global financial pact, noting the emergence of a unified African voice demanding debt restructuring, increased climate finance, and equal representation in global institutions. While acknowledging progress such as Zambia's debt restructuring and the World Bank's debt pause for disaster-hit countries, the author emphasizes the need for a 'Marrakesh Declaration' to solidify Africa's position ahead of future summits in Nairobi, Marrakesh, and Dubai.

• African leaders at the Paris summit presented a unified set of demands including debt restructuring to provide more liquidity, solutions for the expected 2024 concessional funding shortfall from the International Development Association (IDA), and the fulfillment of previous climate finance promises to enable green investment in Africa.
• The Paris summit identified that a modern financial architecture must simultaneously address the needs of middle- and low-income countries, the Bridgetown agenda, and the African agenda, removing perceived trade-offs between climate finance and development finance.
• Several specific financial and political actions were highlighted as positive progress, including the World Bank's debt pause for countries affected by natural disasters, the restructuring of Zambia's debt, a just energy transition partnership in Senegal, and progress toward $100 billion in recycled Special Drawing Rights for liquidity.
• The African Center for Economic Transformation is developing a 'Marrakesh Declaration' for adoption in October to define Africa's position on the global financial system, while advocating for an African Union seat at the G20 and increased influence within the IMF and World Bank.

APA

Moors, R. (2023). After the Paris Summit: a global financial architecture that works for Africa. African Center for Economic Transformation. https://acetforafrica.org/research-and-analysis/insights-ideas/commentary/after-the-paris-summit-a-global-financial-architecture-that-works-for-africa/

Chicago

Moors, Rik. After the Paris Summit: a global financial architecture that works for Africa. African Center for Economic Transformation, 2023. https://acetforafrica.org/research-and-analysis/insights-ideas/commentary/after-the-paris-summit-a-global-financial-architecture-that-works-for-africa/.

Wikipedia

{{cite press release |last1=Moors |first1=Rik |title=After the Paris Summit: a global financial architecture that works for Africa |publisher=African Center for Economic Transformation |date=28 June 2023 |url=https://acetforafrica.org/research-and-analysis/insights-ideas/commentary/after-the-paris-summit-a-global-financial-architecture-that-works-for-africa/ |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@misc{moors2023after, author = {Moors, Rik}, title = {{After the Paris Summit: a global financial architecture that works for Africa}}, publisher = {African Center for Economic Transformation}, year = {2023}, month = jun, url = {https://acetforafrica.org/research-and-analysis/insights-ideas/commentary/after-the-paris-summit-a-global-financial-architecture-that-works-for-africa/}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }