Economic policies of African countries shall be more coherent and integrated, targeting stability, investment, attracting the private sector and international partnerships

The private sector shall play an influential role in increasing and diversifying production and exports and localizing technology

We look forward to reforming multilateral international institutions to increase the representation and role of African and emerging countries and meet their needs

Innovative financing solutions should be offered and some debt should be swapped for investments to reduce indebtedness and debt service bill

Relieving debt burdens and expand access to concessional financing promotes sustainable development

African economies are “overburdened” with high levels of debt, stifling their ability to invest in health, education and infrastructure

"Debt Alliance for Sustainable Development" aims to create a financial space that meets development and climate ambitions

Priority to invest in agriculture, renewable energy and technology to drive growth and sustainable development in Africa

Consolidating regional integration and expanding settlements in local currencies to optimize the potential of African economies

Concerted international efforts are needed to immunize the global financial system against shocks by improving “early warning” systems

 

 

 

Ahmed Kouchouk, Minister of Finance, stressed that the economic transformation in Africa requires redoubled efforts to push forward the growth and development movement with the support of international partners and through the private sector, explaining that the economic policies of African countries shall be more consistent and integrated, targeting stability and investment, and attracting the private sector and international partnerships.

 

In his meeting with the representatives and president of the African Center for Economic Transformation, Dr. Mavis Osso Giamfi, on the sidelines of the annual meetings of the International Monetary Fund and the World Bank in Washington, Kouchouk said that the private sector shall play an influential role in increasing and diversifying production and exports and localizing technology in African countries, pointing out that we look forward to reforming multilateral international institutions to increase the representation and role of African and emerging countries in these institutions in a way that contributes to meeting the needs of these countries, as innovative financing solutions should be provided and exchanging some debts for investments to reduce indebtedness and the debt service bill, taking into account that debt relief and expanding access to concessional financing promote sustainable development.

 

The Minister added that African economies are "burdened" with high levels of debt, stifling their ability to invest in health, education and infrastructure, explaining that the "Debt Alliance for Sustainable Development" aims to create a financial space that meets the development and climate ambitions of African and emerging countries.

 

He pointed to the importance of consolidating regional integration and expanding settlements in local currencies to optimize the potential of African economies. Priority should be given to investment in agriculture, renewable energy and technology to drive growth and sustainable development in Africa. He pointed to the need for concerted international efforts to immunize the global financial system against shocks by improving "early warning" systems.