Prioritise reforms for finance access in vulnerable countries, ONE Campaign urges World Bank President

As the World Bank President, Ajay Banga, embarks on a three-day visit to Nigeria, the ONE Campaign called on him to prioritise and implement critical reforms to enhance access to sustainable finance for vulnerable countries, particularly in Africa.

ONE Campaign is an advocacy organisation of about nine million people taking action to end extreme poverty and preventable disease, particularly in Africa.

The Nigeria Country Director at The ONE Campaign, Stanley Achonu, said in a statement on Friday that “the unprecedented global challenges, including conflict, climate change, the COVID-19 pandemic and economic crises, continue to fuel inflation, instability and inequality, trapping millions in extreme poverty and impeding progress, with vulnerable countries bearing the brunt.”

According to Achonu, the financing needs of these nations to address global challenges remain substantial but the current global conditions are uncertain, making securing development financing difficult and costly.

If not urgently addressed, he said the rising costs of debt faced by these vulnerable countries will continue to consume their budgets, hampering investments in human capital development and potentially pushing more people into extreme poverty.

He said: “More than half of low-income countries in or at high risk of debt distress are in Africa, with 16 million additional people at risk of extreme poverty if Africa’s riskiest countries fall into debt distress.

“Introducing innovative approaches to obtain these resources will catalyse global advancement. Urgent leadership in these reforms by the World Bank president is imperative.”

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