A call to African finance ministers

by MMC
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African financial leaders are expected to discuss, develop and present solutions to the continent’s economic challenges when they meet this week at the Economic Commission for Africa Conference of Ministers of Finance, Planning and Economic Development which will be held from February 28 to March 5 in Victoria. Falls, Zimbabwe. The upcoming conference is timely given the recent distribution of African Union (AU) seats within the G20 and the upcoming World Bank International Development Association (IDA21) forum hosted in April by the Kenya.

With a growing demand for a fair and equitable global financial architecture, often highlighting the bias that Africa continues to suffer due to injustice in the credit rating system, low representation in the governance of the global financial system, access to adequate and timely resources to finance the transition to green economies and the negative effects resulting from climate change, increasing debt levels and conflicts, among others. The conference, which will have the theme “Financing the transition to inclusive green economies in Africa: imperatives, opportunities and policy options”, will address the challenges facing African countries with the aspiration of finding progressive and pioneering solutions.

Serah Makka (pictured), ONE executive director for Africa, said: “The call for reform calls for tripling the amount of the World Bank’s International Development Association (IDA) – the world’s largest global source of affordable financing for developing countries. IDA has a long history of helping the most vulnerable countries, most of which are in Africa, through crises and remains a lifeline for millions of people. An investment in IDA is an investment in Africa’s future. IDA funds are important to Africa for several reasons; It is based on demand that African countries determine how to adapt these funds according to their development needs. The concessional nature of IDA financing makes it very favorable in a rising interest rate environment, and its rapid responsiveness to crises sets it apart, with the ability to be deployed in just 3 months – a stark contrast to 18 to 48 months observed for traditional financing. World Bank loans.

The ONE calls in particular:

African finance ministers must make a strong and compelling case for tripling the International Development Association (IDA) financing basket to $279 billion by 2030, which has been endorsed by the Group independent experts from the G20, meeting under the auspices of last year’s G20. Indian Presidency – based on needs analysis. African ministers should build on this call and champion it throughout this year’s IDA21 replenishment process.

African finance and planning ministers must continue to advocate for reforms that will provide countries with much-needed low-cost financing. It is essential to reorganize multilateral development banks so that they are better, bigger and more responsive to country needs.

Leveraging the AU’s membership in the G20, which provides the continental body with an important platform to champion calls for fairer governance structures within multilateral development banks to reflect the importance growth of Africa and call for IDA to be on the agenda of all G20 meetings.

Increase citizen participation in the deployment of funds within our African countries. This provides a strong incentive to increase appeals for funds and increase confidence in how funds are deployed by Africans.

About the ONE campaign:

ONE is a global organization campaigning to end extreme poverty and preventable disease by 2030, so that everyone, everywhere, can lead lives of dignity and opportunity. We are non-partisan and pressure governments to do more to tackle extreme poverty and preventable disease, particularly in Africa, and to empower citizens to hold their governments to account. Read more on www.one.org.

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