- Florida seaside haven a ghost town as hurricane nears
- Pharrell Williams to co-chair Met Gala exploring Black dandyism
- Wall Street indices hit fresh records as Chinese shares tumble
- Taiwan's president to deliver key speech for National Day
- Sea row on the menu as ASEAN leaders meet China's Li
- Injured Kane won't start England's Nations League clash with Greece
- Discord seen as online home for renegades
- US forecasts severe solar storm starting Thursday
- Mozambique starts tallying votes in tense election
- Zelensky moves to court European leaders in drive for military aid
- Ratan Tata: Indian mogul who built a global powerhouse
- Rodgers rejects 'false' suggestions of role in Saleh dismissal
- One dead as storm Kirk tears through Spain, Portugal, France
- Indian business titan Ratan Tata dead at 86
- Lebanon facing 'catastrophic' situation as 600,000 displaced: UN
- US warns Israel not to repeat Gaza destruction in Lebanon
- Musk's X returns in Brazil after 40-day showdown with judge
- Call her savvy? Harris unleashes unconventional media blitz
- Lucian Freud 'masterpiece' fetches £13.9 million at London sale
- SoFi Stadium to hold next two CONCACAF Nations League finals
- McIlroy and DeChambeau set for PGA-LIV 'Showdown' in Vegas
- Fed minutes highlight divisions over rate cut decision
- Steve McQueen debuts new WWII film at London festival
- Run blitz edges India and South Africa closer to World Cup semi-finals
- Zelensky to court European leaders in drive for military aid
- Israel captain says 'difficult' to focus on football in time of war
- Macron to host Ukraine's Zelensky after meeting Ukrainian troops
- Root says 'many more to get' after England Test runs landmark
- India pile up World Cup high to rout Sri Lanka
- One year later, Israeli hostage family learns of loss
- Texans receiver Collins, Pats' safety Peppers out for NFL clash
- Biden-Netanyahu talk as Hezbollah, Israeli forces clash
- Musk's X available again in Brazil after 40-day ban
- Reddy stars as India crush Bangladesh to clinch T20 series
- Nobel winners hope protein work will spur 'incredible' breakthroughs
- What are proteins again? Nobel-winning chemistry explained
- Arch rivals Ghana, Nigeria drawn together in CHAN qualifying
- AI steps into science limelight with Nobel wins
- Trump lauds India's Modi as 'total killer'
- Wall Street, Europe rise as Chinese shares tumble
- Hunkering down for Hurricane Milton at Disney -- but first, a few rides
- Reddy, Rinku power India to 221-9 in second Bangladesh T20
- Overshooting 1.5C risks 'irreversible' climate impact: study
- Time running out in Florida to flee Hurricane Milton
- Demis Hassabis, from chess prodigy to Nobel-winning AI pioneer
- The long walk for water in the parched Colombian Amazon
- Biden-Netanyahu to talk as Hezbollah, Israeli forces clash
- France vows to step up drugs fight after police vehicles torched
- Air France says jet flew over Iraq during Iran attack on Israel
- Activists target Picasso work to protest Israel arms sales
Africa presses for reform of 'unjust' global financial system
There is an urgent need for reforms to the "unjust" global financial system, which penalises African nations with high borrowing rates, leaders said at a major African economic gathering in Kenya this week.
Such calls have been mounting as African countries battle sometimes crippling levels of debt to fund their development as well as frequently unstable exchange rates.
The African Development Bank (AfDB) is forecasting that the continent's overall economy would expand by 3.7 percent this year, a creditable performance given the global situation but insufficient given population growth.
To "transform Africa" -- the theme of this year's AfDB annual meetings in Nairobi -- governments across the continent need vast financial resources, Kenyan President William Ruto said at an official ceremony on Wednesday.
"However, we face the rigid barrier of a global financial architecture that is fundamentally misaligned with our aspirations," he said.
Ruto complained that African countries are forced to borrow on capital markets at rates far above those paid by the rest of the world, "often up to eight to 10 times more", because of this "unjust" system.
After several years of restricted access to international markets, regional economic powerhouse Kenya was able in February to raise $1.5 billion in a new Eurobond at around 10 percent interest.
In contrast, the yield on 10-year French government bonds is currently around three percent.
AfDB president Akinwumi Adesina of Nigeria also criticised the "so-called Africa risk premium" which meant countries on the continent were forced to borrow funds at higher rates than other nations with similar credit ratings.
He told a press conference on Monday that according to the UN Development Programme, "If Africa's risks are properly and fairly estimated... African countries will save $75 billion a year just in debt service."
The Nigerian economist also said Wednesday that Africa's real gross domestic product growth was estimated at 3.7 percent this year and 4.3 percent in 2025, after an increase of 3.1 percent last year, despite many "headwinds".
But Ruto, who has been leading African calls for changes to the global financial system, warned that "the pace of African development remains far behind its undeniable potential".
O.Karlsson--AMWN