Congolese Prime Minister Jean Michel Sama Lukonde recently attended the summit for a new global financial pact in Paris. He spoke of the need to restructure the Bretton Woods institutions to meet the needs of member countries, particularly with regard to the financing of projects and the sovereignty of African countries.
According to Sama Lukonde, the Bretton Woods institutions were created to fight global poverty after World War II, but their system became too cumbersome and inefficient. He stressed that the reforms should take into account the basic social needs of the population and be more adapted to current realities.
During the summit, the Congolese Prime Minister also pleaded for a better participation of private investments in development projects. As the DRC is one of the countries most affected by the effects of climate change, Sama Lukonde recalled the importance of preserving the country’s natural resources and promoting a sustainable green economy.
The summit aims to build consensus on a more inclusive global financial system and find solutions to tackle inequality, finance climate transition and achieve the Sustainable Development Goals.
In short, it is crucial to reform the Bretton Woods institutions to adapt to the needs of member countries and ensure more sovereign and efficient financing of development projects.