MBABANE:King Mswati has urged developed countries to consider increasing financial support for developing countries including eSwatini to enhance and implement the global development agenda.
Addressing the the United Nations(UN) Fourth International Conference on Financing for Development (FFD4) in Seville-Spain on Monday, the King said, the quest to ensure a fair financing system for developing countries must not be misinterpreted as a matter of charity, but as a necessity adding that, the current structure leaves particularly climate vulnerable Nations with unacceptable and unsustainable borrowing costs thus raising the urgent need for reforms in credit rating agencies and more equitable allocation of special drawing rights
“To move away from fragmented development finance, Eswatini calls for innovative mechanisms such as climate bonds, blended finance, and debt-for-climate swaps. It is my ardent hope that this summit will be the turning point in our path top find the right financing models to support meaningful development for our people. The Kingdom of Eswatini stands united with the UN advocating for a transformative outcome that addresses systematic challenges and unlocks sustainable financing,” he said.
KING MSWATI:Scarcity of financial resources hindering efforts to achieve global development goals(pic:Gov).