![]() “Many vulnerable, lower-income states have been overwhelmed by economic shocks, debts they cannot pay, and the effects of climate change – a crisis to which they contributed very little, but which is costing people in these countries dearly. Article 2 of the ICESCR obliges states to take steps, including through international cooperation and assistance, to support other states to meet their economic and social rights obligations. Supporting its argument, it pointed concretely to an adequate standard of living and to social security are enshrined in the 1948 Universal Declaration of Human Rights, as well as the International Covenant on Economic, Social and Cultural Rights.Īccording to report, this human rights have been ratified by more than 170 countries. ![]() Tellingly we can further underscore the fact the wealthier nations honour previous financial pledges which most of them have failed to meet and adopt new ones which guarantee the rights of people in lower-income countries. Currently, China is described as creator od “debt-trapped African nations” in its bilateral relations with the African continent.Īt the start of the Summit for a New Global Financing Pact (PACT) in June 22 to 23 which gathered world leaders, hunan rights organization Amnesty International in its media release suggested that finance summit must deliver urgent assistance to countries struggling with debt and climate crises, and that wealthier nations must commit to comprehensive debt relief for lower-income nations, including the cancellation of loans and to the scaling up of foreign assistance to vulnerable countries. International Monetary Fund (IMF), the World Bank and other financial institutions have, at different times, blamed for exercising full-fledged control of and imposing stringent rules or conditions on their crediting nations. With the current rapidly changing situation, some have attempted to explore political theories, for instance, “imperialism” and “colonial tendencies and practices” to show convincingly tell the world what nations in different part of the world as the worst development collaborators, and that the United States and Europe under-developed Africa and a number of nations in Asia and Latin America. ![]() We heard of economic terms or categorization such as “highly-developed” or “industralized” world and “least-developed” or “developing” nations largely situation in the South. These experts consistently referred to as Global North and Global South divide. There also other factors such formulation of polices and approaches, climate change and the geographical environment.Ī critical glimpse across the world shows wide disparities in the state of development today which many well-experienced researchers and analysts also say are primarily due to geopolitical factors. ![]() As the summit title seemingly implies, the finance is the main determining factor. The Summit for New Global Financing Pact (PACT) in Paris, capital city of France, has become a highly recognized event as it seeks to review the key challenges and obstacles influencing the global development. ![]()
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