Statement by H.E. Ambassador Samba Sané | Chair of the African Group for the month of October at the Second Committee Debate under Agenda item 16. Macroeconomic policy questions and Agenda item 17

  Delivered by H.E. Semba Sane

Permanent Representative of Guinea-Bissau to the United Nations

9th October 2025

Excellencies, 

Distinguished Delegates,

1.    I have the honor to deliver this statement on behalf of the African Group.

2.    We align ourselves with the statement delivered by Iraq on behalf of the Group of 77 and China.

3.    Africa has been making bold efforts and impressive strides in sustainable development.

4.    But progress also depends on an enabling international environment.

5.    Yet, our countries face limited fiscal space, growing inequalities and repeated external shocks, including climate change, conflicts and global market volatility.

6.    The continent’s annual financing gap now exceeds 1.2 trillion dollars, compounded by illicit financial flows, unsustainable debt burdens and a financial architecture that does not adequately reflect Africa’s perspectives.

7.    Reforms are therefore urgent.

8.    Developing countries must have stronger voice and representation in the IMF, the World Bank and other multilateral institutions. Specific measures such as rechanneling Special Drawing Rights through Multilateral Development Banks, advancing the G20’s Capital Adequacy Framework for MDBs, and reforming credit rating practices and IMF lending policies could mobilize hundreds of billions of dollars annually.

Mr. Chair,

9.    Debt vulnerabilities remain central.

10.    The African Group recalls the Lome Ministerial Declaration explicitly recognized the need to consider a United Nations Convention on Sovereign Debt.

11.  Such a convention would codify principles for fair, transparent and inclusive debt restructuring, addressing the current fragmented system. It should complement initiatives such as the Borrowers’ Forum, the scaling up of debt–climate swaps, and the voluntary rechanneling of SDRs to Africa.

12.  We also note the call in Seville to establish a global debt registry and to convene, under the auspices of the Secretary-General, a working group with the IMF and World Bank to elaborate guiding principles on responsible borrowing and lending.

13.    Equally important is tackling illicit financial flows, which drain almost 90 billion dollars from Africa each year.

14.    The African Group strongly supports the establishment of a United Nations Framework Convention on International Tax Cooperation. It must also equip our countries with the tools and capacity to mobilize domestic revenues effectively and reduce dependence on external debt.

15.    Finally, Africa is advancing its own agenda.

16.    The African Continental Free Trade Area remains a cornerstone of our integration and resilience. Its full implementation will diversify economies, reduce vulnerabilities and create opportunities for our youth and women.

Mr. Chair,

17.  To conclude, the African Group remains committed to engaging constructively in these discussions. Our goal is clear: to close Africa’s financing gap, support structural transformation, and accelerate progress towards the 2030 Agenda and Agenda 2063.

18.  As we already stated, we call on all partners to work with us to translate the Seville Commitment and our shared commitments into concrete action, leaving no one behind.

Thank you.