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International Economic Forum on Africa: A new page opens for the development of economies

24/02/2021
Source : ORISHAS FINANCE
Categories: General Information

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The 20th edition of the International Economic Forum on Africa organized by the African Union (AU) and the OECD Development Centre, under the chairmanship of Macky Sall and whose theme was "Investing for a sustainable recovery in Africa" called for a New Deal for the development of the continent's economies. Outside the Continental Free Trade Area (CFTA), value chain creation, transformation, the digital economy and agriculture, the question of resources to finance development and invest was raised acutely at this forum. "The time has come for a 'New Deal for Development': in the face of this immense global shock, only coordinated action at the continental and global level will allow us to reduce the vulnerabilities of our economies" is one of the recommendations made at the end of the International Economic Forum on Africa. For President Macky Sall, the internal efforts of all African countries will not be enough to cushion the crisis and revive economic growth. "We need more financial capacity. This is why our countries are advocating for substantial debt relief in order to have the necessary budgetary resources to continue to meet the expenses generated by the health response and economic and social resilience and especially to prepare for the post-covid recovery," he said. He believes that the G20 initiative of the moratorium on debt service is not up to the scale of the crisis and pleads for its extension to the year 2021 but also for the mobilization of Special Drawing Rights (SDRs) for the benefit of economies lacking liquidity. "In my opinion, instead of the classic debate on ODA, which has finished showing its limits, it is on these paradigms that it is necessary to build the foundations for the emergence of African countries," says Macky Sall calling for the construction of "a new world order that places humanity and humanity at the center of international relations". This "New Deal for Development" involves the reform of the international financial system and the fight against illicit flows.
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