Although not responsible for global warming, Africa is suffering the consequences without benefiting from the financial solidarity enshrined in the successive Declarations of the various Conferences of the Parties”
MOUSSA FAKI MAHAMAT Moussa Faki Mahamat is chair of the African Union Commission. The chair is the commission’s chief executive officer and legal representative. He previously served in many capacities in the government of Chad, including foreign minister, director of the Civil Cabinet of the President and prime minister. He also served as president of Chad’s Economic, Social and Cultural Council. He chaired the Security Council for the month of December 2015, and previously the AU’s Peace and Security Council in 2013. I also call for an ambitious replenishment of the resources of the African Development Fund. This is an instrument that provides the concessional financing that is essential for funding our economies … I strongly encourage the Bank to intensify its support for Africa’s industrialisation in order to reduce its vulnerability to exogenous shocks, and to pursue its investment efforts in the key sectors of Health, Education, Innovation, Energy, Agriculture, Food Security and Sustainable Infrastructure, all of which will guarantee certain socio-economic transformation. For its part, the African Union Commission is firmly committed to a spirit of positive collaboration with the AfDB. This collaboration
includes, among other things, the development of a Continental Strategic Framework, designed to support Member States in the implementation of concrete actions aimed at significantly improving growth in the coming years. The Commission has also given its full support to the joint initiative of the African Development Bank and the Inter-American Development Bank aimed at access to hybrid capital deployed from the mobilisation of SDRs. Such mobilisation, equivalent to a complementary source of financing, will reduce dependence on traditional borrowing and potentially financing costs. Annual meeting of the African Development Bank, 27 May 2024
positions on the strategic issues at the heart of reform of the global financial system. Particularly on the thorny issue of reforming the Bretton Woods institutions, reforming debt management mechanisms, financing climate change, and the international tax system, particularly in view of the developments underway with a view to adopting a United Nations Framework Convention on International Cooperation in Tax Matters. To prepare for a possible reconfiguration of the international financial architecture, it is up to us to carry out our own monetary and financial reforms without delay. The implementation of the African Union’s long-established financial institutions has suffered from much delay. The African Central Bank, the African Investment Bank, the African Monetary Fund and the Pan-African Stock Exchange – now is the time to adopt a concrete plan to get them up and running.
@AUC_MoussaFaki : au.int
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