Zambia Advocates for Global Financial Reform at Inaugural UN Biennial Summit
Zambia has reaffirmed its commitment to building a sustainable, inclusive, and resilient economy, as the country called for reforms to the global financial system at the inaugural Biennial Summit for a Sustainable, Inclusive and Resilient Global Economy.
Speaking on 24 September 2025 at the margins of the 80th United Nations General Assembly, Honourable Mulambo Haimbe, S.C, M.P, Minister of Foreign Affairs and International Cooperation, represented President Hakainde Hichilema and welcomed the Summit as a timely platform to reimagine the international financial architecture.
He highlighted the need for systems that better serve low- and middle-income countries striving to recover from economic shocks, strengthen resilience, and achieve the Sustainable Development Goals (SDGs).
The Summit, convened by UN Secretary-General António Guterres, brought together heads of state, as well as leaders of major financial institutions including the World Bank and the International Monetary Fund (IMF). In his opening remarks, Secretary-General Guterres noted that developing countries are often excluded from decisions that directly affect them, creating a “crisis of trust” in the global system.
Hon. Haimbe stressed that developing countries have historically operated within a financial architecture that is unresponsive, fragmented, and inequitable. He reiterated Zambia’s support for reforms of multilateral financial institutions, echoing the Secretary-General’s call for a new “Bretton Woods moment” rooted in inclusion, solidarity, and long-term investment in human development.
The Minister also highlighted Zambia’s recent successes in debt restructuring with bilateral and private creditors, which have restored fiscal discipline, enhanced transparency, and prioritised investments in education, health, and climate-resilient infrastructure.
The Summit also served as a platform to accelerate climate action ahead of the COP30 conference in Belém, Brazil, in November 2025, reinforcing the need for global cooperation on sustainable development and financial reform.
