Mr. President, Africa has the youngest population on Earth. That is an extraordinary asset if we invest in it. But what is a demographic dividend today can become a demographic crisis tomorrow if opportunity does not keep pace with aspiration. Youth unemployment remains one of the most urgent challenges of our time. Managing it is a shared responsibility. Botswana calls upon the United Nations Development Programme, the International Labour Organization, and all relevant multilateral institutions to make technology transfer, skills development, and capacity building funded priorities. As we will all agree, the credibility of our multilateral commitments will be properly tested in development finance. When countries have the means to invest in their people, and when international institutions respond effectively to shared threats, trust is strengthened.

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Excellencies, this brings me to a larger question: what kind of international order do you want? The United Nations was born from humanity's experience of the horrific World War. Its promise was that sovereignty would matter, international law would matter, the dignity of every human being would matter, and the weak would not simply have to accept whatever the powerful decide. Today, that international system is under strain. Too often, military and economic power determine whose voice is heard. Nepal believes we need a much fairer global economic order. In 1994, UNDP's Human Development Report conceptualized the notion of human insecurity. It equated security with people rather than territories, and with development rather than arms.

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The countries that most need capital frequently pay the highest price to obtain it. Developing countries have recently borrowed at rates two to four times higher on average than developed nations. The question, therefore, is not simply whether finance is available. It is who can access it, at what price, for how long, and under whose assessment of risk. Africa knows the cost of that assessment. Sovereign credit rating shapes perceptions of risk, the interest countries pay, and even the volume of finance available to them. UNDP estimates that subjectivities in credit ratings have cost African countries approximately $75 billion through excessive interest and foregone lending. Risk, ladies and gentlemen, must be measured, but it must also be measured fairly. We cannot build a fair global economy if the nations with the greatest development needs face the highest cost of development finance. A road that is commercially viable should not become unviable merely because it crosses an African border. A power project should not cost more simply because of the passport of the country it is building. Capital must price risk. It must not price prejudice. Reform of the international financial architecture must therefore begin with the cost and availability of capital. The UN charter envisaged multilateral development banks that lend more, lend longer, and mobilize private capital at scale. It further contemplated guarantees and risk-sharing instruments that reduce the cost of viable investments. And we need greater access to long-term and local currency finance so that countries are not forced to build long-term infrastructure with short-term expensive money. And by the way, this is not an argument against responsibility. Governments must also do their part to manage debt prudently, strengthen institutions, prepare pipelines of credible projects, deepen domestic capital markets, honor contracts, and confront corruption without equivocation. A fairer international system requires responsibility on both sides. Reform abroad cannot substitute for accountability at home. Distinguished delegates, Africa does not come to plead. We come with a proposal.

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