Zambia Calls for Transformation of Global Financial Architecture

Hon. Mulambo Haimbe, SC, M.P, Acting Minister of Foreign Affairs and International Cooperation has called for radical transformation of the global financial architecture for more inclusive, representative and effective global economic governance.

In his intervention statement on Global Governance and International Financial Architecture, during the 2024 Nordic-African Ministers of Foreign Affairs Meeting in Copenhagen, Denmark, the Minister noted that the prevailing international financial architecture has with time exhibited “deep rooted” inequalities, gaps, and inefficiencies to the detriment of developing countries.

Hon. Haimbe stated that despite the Nordic region and the African continent being physically separated by vast expanses of water and land, they are essentially linked by common aspirations, interests and the ripple effects of globalization that continue to pose challenges. The Minister emphasised the need for a new framework of institutions, rules, norms, and procedures that facilitate collective action and cooperation among countries and other global actors to address these challenges.

Meanwhile, Hon. Haimbo assured His Excellency Mr. Lars Løkke Rasmussen, Minister of Foreign Affairs of the Kingdom of Denmark, that Zambia is honoured to co-facilitate, alongside Sweden, on the Global Digital Compact, (GDC). During a “Meet and Greet” on the sidelines of the meeting, the Minister observed that discoveries and machine learning present promise in breaking new ground in critical areas such as climate change, health and education, and food security. However, Hon. Haimbe observed that it increased the risks of misinformation, misrepresentation and abuse, placing individuals, communities and democracy at risk.

Hon Haimbe emphasized the need to induce innovation while placing guard rails. The GDC ensures 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. It lays out principles for cooperation, including focus on development and human rights and commits to multi stakeholder involvement.

Earlier, Hon. Haimbe held a bilateral meeting with His Excellency Mr. Espen Barth Eide, Minister of Foreign Affairs of Norway.

The two Ministers discussed key areas such as agriculture within the context of food security, energy transition and climate adaptation. Zambia remains a priority country for Norway with investments in green energy, food security and microfinance through the Norwegian Investment Fund (Norfund).