The international economic and financial regime should be reformed urgently to address imbalances that work against the -socio-economic needs of African countries, campaigners said at a virtual forum in Nairobi.

The global financial system in its current form has disadvantaged African nations grappling with shrinking fiscal space, the climate crisis and high youth unemployment, the campaigners noted.

Jane Nalungu, the executive director of the Southern and Eastern Africa Trade Information and Negotiations Institute (SEATINI)-Uganda, said that by reforming the international financial architecture that was established more than 70 years ago, African states will have better leverage in domestic revenue mobilisation, green transition and poverty alleviation.

“The ongoing debate about reforming the global economic and trading system comes at the opportune moment for Africa as we explore ways to address chronic stagnation that has impaired (the) provision of critical services like education and health,” Nalungu said.