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

This statement from the African Center for Economic Transformation evaluates the outcomes of the Paris summit for a new global financial pact, highlighting the emergence of a unified African voice and a broader global coalition calling for the reform of an international financial architecture that is deemed unfit for current overlapping crises.

• The Paris summit fostered a broad coalition including the Global North, Global South, multilateral development banks, philanthropists, and civil society, all agreeing that the current international financial architecture is ineffective for the modern world and its overlapping crises.
• African heads of state and government presented a unified set of demands in Paris, specifically calling for an equal seat at the table, a transition from talk to action, climate finance that fulfills previous promises and enables green investment, a solution for the expected 2024 concessional funding shortfall from the International Development Association (IDA), and debt restructuring to increase liquidity and leeway for crisis-hit countries.
• The summit addressed and resolved perceived trade-offs between the Bridgetown agenda, the African agenda, and the needs of low- and middle-income countries, concluding that finance for development and climate finance must be addressed simultaneously.
• Several specific actions and announcements were noted following the World Bank-IMF Spring Meetings in April, including Zambia's debt restructuring, a just energy transition partnership in Senegal, a World Bank debt pause for countries affected by natural disasters, a call for an African Union seat at the G20, and progress toward $100 billion in recycled Special Drawing Rights to provide liquidity to African nations.
• To maintain momentum, the African Center for Economic Transformation is developing a Marrakesh Declaration for adoption in October to define Africa's position. The organization also advocates for increased African participation and voice in the G20, IMF, and World Bank to avoid the need for expensive advocacy campaigns.

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} }