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The opening session of the third South Summit of the Group of 77 and China is held in Kampala, Uganda, January 21, 2024. /CFP

The 3rd South Summit calls for reform of global financial system

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The 3rd South Summit kicked off on Sunday in Kampala, Uganda, with the leaders of the Global South calling for a reform of the global financial system, which they said is unjust to the developing countries.

The two-day meeting been held under the theme “Leaving No One Behind” is expected to bring a new dynamic to the cooperation among its 134 member states. The South Summit is the supreme decision-making body of the Group of 77 (G77), which was established in June 1964.

Cuban Vice President and the outgoing chair of the G77 Salvador Valdes Mesa said the forum convenes at a time when developing nations are facing complex challenges in global affairs.

He called upon member states to move with a united front and have a collective response to the current unfair global economic order.

Ugandan President Yoweri Museveni, also the incoming chair of the G77, said the group must remain steadfast in demanding that their countries get fair treatment in the global financial system.

Museveni said international lending institutions like the World Bank and International Monetary Fund must revise their lending terms to developing countries without imposing conditions on them.

“We support the urgent reform of the international financial architecture to ensure that it is fit for purpose to respond to the financing needs of developing countries,” Museveni said.

“In our view, the international financial institutions and multilateral development banks must support the national priorities of developing countries without any conditionalities that infringe on these countries’ sovereignty,” he added.

(Story compiled with assistance from Xinhua)

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