President Paul Kagame has told the G20 Summit that Africa is representing its interests to address specific challenges that its people face, mostly due to external factors.
He was particularly speaking in a session on “Food and Energy Security” in his capacity as the chairperson of African Union Development Agency (AUDA-NEPAD) at the ongoing summit in Indonesia on November 15.
The two-day annual meeting of leaders from the world’s major economies, known as the Group of 20 nations, is taking place under the theme “Recover together, Recover Stronger.”
Kagame highlighted that the gap between developed and developing countries has widened significantly, because of the Covid-19 pandemic, conflicts, and the climate emergency, which means higher borrowing costs and more debt for developing countries.
He also pointed to the rise in food and fertilizer prices which is “particularly alarming,” adding that the contribution of current food systems to greenhouse gas emissions was emphasized during the recently concluded COP27.
“Africa is here for Africa, and our productive relationship with the rest of the world. We have specific challenges, which are made worse by these external factors, and too often our people are left to pay the price,” he said.
“Developed countries hold the key to creating the necessary fiscal space to address these challenges.”
“Africa is here for Africa, and our productive relationship with the rest of the world. We have specific challenges, which are made worse by these external factors, and too often our people are left to pay the price.” President Kagame | #G20Indonesia pic.twitter.com/onW0ErOURK— Presidency | Rwanda (@UrugwiroVillage) November 15, 2022
One proven tool is the Debt Service Suspension Initiative, which provided essential relief during the Resilience and Sustainability Trust established by the International Monetary Fund, and encourage greater support for this facility.
Under the facility, Rwanda secured $310 million (approximately Rwf318 billion) loan to tackle climate change by building on the progress in macroeconomic, fiscal, and financial reforms to deliver more inclusive, resilient, and sustainable growth.
The country has a climate action plan that will cost US$11 billion (about Rwf11.2 trillion) through 2030. The cost for mitigation measures is estimated at around US$5.7 billion while over US$5.3 billion will go to adaptation priorities.
“What Africa wants to see is peace. We are confident that we cannot be accused of taking sides, simply by asking for peace,” said Kagame.