* With a focus on vulnerability in determining access to concessional finance. The time has come to deliver real, practical solutions
* The Commonwealth should push for fairer financial systems, including credit rating reforms and improved access to climate finance for vulnerable economies
Maravi Express
At the 4th International Conference on Financing for Development (FfD4) taking place in Seville, Spain, Vice-President Michael Usi has called on the Commonwealth to advocate for reforms in global financial systems — with a focus on vulnerability in determining access to concessional finance.
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A report posted on the official Malawi Government Facebook page quotes Usi saying: “Time has come to turn into action — it is no longer enough to name the challenges. The time has come to deliver real, practical solutions.”
He noted that ‘developing countries are facing a global financing squeeze due to climate shocks and mounting economic pressures” — while urging the Commonwealth “to push for fairer financial systems, including credit rating reforms and improved access to climate finance for vulnerable economies”.
Meanwhile, at a meeting with European Union (EU) Commissioner, the Vice-President also stressed the need for transparency on climate change financing if countries like Malawi are to realise meaningful benefits.
He bemoaned the perennial discussions and never ending disagreements at COP meetings which he said do not always benefit Malawi.
“We have been discussing these issues for a long time, action steps agreed upon — but implementation does not give comfort to people in the global South,” he said.
Malawi has frequently suffered from climate shocks and Usi called on concrete decisions on how it can be assisted to address this problem.
“There is need for countries like Malawi to diagnose their specific problems and decide where assistance should be channeled. Policy issues guide operations but actions are what countries in the global South need.
“Fancy global statements are not always useful,” he said. On his part, the EU Commissioner commended Usi for his candid remarks and concurred that climate change could only be effective if all countries moved at the same pace.
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He said the EU would like to get more clarity on climate financing from countries like Malawi and find effective ways of how the EU could assist.
Usi later held bilateral meetings with leaders from Sweden, Luxembourg and Iceland to discuss the possibility of extending support to Malawi and areas of further cooperation.—Content by Malawi Government official Facebook page.
