UN General Assembly
2023

Regrettably, the exorbitant cost of capital remains an insidious problem afflicting the global South. In fact. Africa bears the heaviest burden of those crippling capital costs. We implore the international community to grasp the urgency of that matter and to ensure that every nation, regardless of its economic size, has equitable access to affordable capital. It is a fact that countries with smaller economies are in greater need of the capital that, unfortunately, ends up in first world economies that need it least. We recognize that a few development partners have honoured their pledges of official development assistance, and we applaud them for that effort. We also commend France and other partners for successfully hosting the Summit for a New Global Financing Pact in Paris in June. Zambia further expresses its appreciation to the Creditor Committee of the Group of 20. with a special note of gratitude to the co-Chairs. China and France, along with the Vice-Chair. South Africa. Their diligent work and collaborative spirit played an indispensable role in reaching that important agreement to restructure Zambia’s heavy debt burden.