Burkina Faso Calls for Comprehensive Reform of Development Aid at Financing Forum

New York – Burkina Faso has put forward a proposal for an in-depth reform of the development aid system to bolster its effectiveness for developing countries. This proposal was presented at the Forum on Monitoring Financing for Development 2024, held this Tuesday in New York.

According to Burkina Information Agency, read by Stella Eldine Kabré/Kaboré, Minister Delegate in charge of Regional Cooperation, the reform aims to enhance international cooperation and improve the implementation of the Sustainable Development Goals (SDGs) by developing countries. The declaration stresses the need for a significant overhaul of the global financial architecture to address the shortcomings of previous approaches, which have contributed to high debt levels among aid-receiving countries.

Minister Kabré emphasized the necessity for technical and financial partners to align with the instrument choices of the beneficiary countries. She pointed out the mixed results after nine years of implementing the SDGs and noted the significant gap from the set targets. Kabré also highlighted that multiple economic shocks, particularly affecting developed nations, are obstructing the optimal financing of the 2030 sustainable development agenda.

She concluded by underlining the crucial role of donor countries, which includes not only increasing the quantity and accessibility of aid but also improving its quality to ensure more effective assistance.

The 2030 Agenda’s SDGs aim to diminish extreme poverty and inequality and address the impacts of climate variations through enhanced international cooperation.