United Nations Economic Commission for Africa

Calling all economists! Submit your work on the quantitative analysis of global economic issues for our upcoming conference on Accelerating Transformation & Growth. Share insights on value chains, resilience, green transition & more. #EconConference #CallForPapers 👉 https://lnkd.in/eQYFnwtR Stephen Karingi

🎉Here's to celebrate all the participants, speakers and trainers who made 🌍 the Africa PFM Conference 2024 and PEFA Flagship Training a huge success 🎆, and special round of thanks 🙏 to United Nations Economic Commission for Africa, The World Bank and African Development Bank Group for being such excellent co-hosts with PEFA Secretariat!! #PFM #Africa #PEFA #LetsTalkPFM Srinivas Gurazada Antonio Blasco Dmitri Gourfinkel Victor B. Néné Mané Helena Ramos Mona El-Chami Jean-Philippe VION Ashikur Rahman Joseph Dalibon

👏It was an honor to have the Africa PFM Conference and PEFA Flagship Training in Addis Ababa last month, inaugurated by our esteemed chief guests H.E. Eyob Tekalign Tolina(PhD) and H. E. Semereta Sewasew from Government of Ethiopia, Zuzana Brixiova Schwidrowski from United Nations Economic Commission for Africa, Mariam Salim and Chiara Bronchi from The World Bank, and Eric Ogunleye from the African Development Bank Group. #PFM #Africa #PEFA #LetsTalkPFM PEFA Secretariat Srinivas Gurazada Antonio Blasco Dmitri Gourfinkel Victor B. Néné Mané Ashikur Rahman Helena Ramos Mona El-Chami Jean-Philippe VION Joseph Dalibon

Experts discuss innovative solutions for sustainable financing at COP29 On November 14, 2024, at COP29 in Baku, Azerbaijan, the Sustainable Debt Coalition (SDC) brought together finance ministers, climate finance leaders, and civil society representatives to discuss innovative solutions for leveraging sustainable finance amidst fiscal constraints. The event focused on advancing climate and development goals while addressing the challenges posed by limited fiscal space. The discussions highlighted the pressing need for affordable and innovative financing instruments such as sustainability-linked bonds, debt-for-adaptation swaps, and concessional funding. Participants explored actionable pathways to align fiscal management with climate resilience and sustainable development. UN Under-Secretary-General and Executive Secretary of the Economic Commission for Africa (ECA), Claver Gatete, emphasized the multifaceted challenges developing nations face, including rising debt burdens, high servicing costs, and the adverse effects of climate change. He underscored the critical role of the SDC in unlocking access to green financing tailored to these unique challenges. Egypt’s Minister of Finance, Ahmed Kouchouk, shared his country’s achievements in green finance, including partnerships that secured affordable and blended financing options. He called for expanded collaboration to make sustainable finance more accessible for developing countries. Uruguay’s sovereign sustainability-linked loans and Rwanda’s “Ireme Invest” facility were presented as examples of successful financing mechanisms addressing climate and biodiversity challenges. Seychelles demonstrated how debt swaps can support conservation while reducing borrowing costs. Finland highlighted its commitment to fostering collaborative financing models that promote global climate resilience. The Africa Climate Foundation and Climate Policy Initiative shared strategies to enhance financial planning and project implementation in African nations. Tools like the NDC 3.0 Navigator were introduced to accelerate climate commitments. The event underscored the importance of collective action and the exchange of best practices to overcome fiscal constraints while addressing global climate priorities. The Sustainable Debt Coalition continues to drive progress by equipping countries with the tools and partnerships necessary for transformative financial solutions. #COP29 #COP29Baku #SustainableDebtCoalition #GreenFinance #ClimatePolicy

CEMAC Extraordinary Summit: ECA's advocacy for economic diversification strengthened by Heads of State's renewed commitment to reform   The extraordinary summit of Heads of State of the Economic and Monetary Community of Central Africa (#CEMAC) held in Yaoundé on December 16, 2024 ended with a series of measures aimed at warding off the spectre of an economic and financial crisis. These measures involve accelerating implementation of the Economic and Financial Reform Program (PREF-CEMAC) and preventing a build-up of fiscal and external imbalances.   #Publicfinances in the sub-region remain dependent on the prices of the main #commodities, whose #fluctuations expose countries to major #macroeconomic imbalances marked by a worrying increase in #debt levels and worsening #budget #deficits, as well as a substantial drop in external #reserves.   CEMAC's top leaders committed themselves to “further collective and concerted efforts to substantially improve the sub-region's macroeconomic framework, notably by accelerating economic diversification and consolidating public finances”.   The CEMAC Heads of State's renewed commitment to reform echoes the prescriptions of the United Nations Economic Commission for Africa (UNECA). Jean-Luc Mastaki, Director of ECA's Sub-Regional Office for Central Africa, commented that “the decisions taken by our Heads of State support our analyses and recommendations. We invite our countries to accelerate the effective implementation of #economic #policies and #reforms aimed at promoting the development of #regionalvaluechains, resource-based and trade induced #diversification and #industrialization, in line with the spirit of the “#DoualaConsensus”. ECA also calls for greater mobilization of #domesticresources, improved #publicspending and less recourse to debt through sound rationalization. We also call for a #macroeconomic framework with a human face. For the prospect of a more rapid and sustainable reduction in #poverty depends on #inclusive economic #growth, closely linked to the creation of quality #jobs, the reduction of #inequalities and the effective implementation of #social protection systems”.   Mr. Jean-Luc Mastaki added: “The extraordinary summit of CEMAC Heads of State bodes well for an acceleration in the implementation of PREF-CEMAC. As we stated to the President of the CEMAC Commission during the audience he granted us in Bangui last November, our sub-regional office will continue to provide technical support to the Commission in achieving the PREF-CEMAC objectives”.   Jean Luc Namegabe Mastaki

ECA’s Deputy Executive Secretary Hanan Morsy participated in the first Finance & Central Bank Deputies Meeting under South Africa‘s G20 presidency, and addressed four sessions, calling for collective actions for the African Continent. 1️⃣ #IFA: important to monitor & report on G20 MDB Roadmap, operationalize SDR rechannelling to MDBs, ensure ambitious #ADF17 replenishment; overhaul G20 Common Framework; reform SDR allocation & quota formulas; & enhance regulation & oversight of credit ratings. 2️⃣ Financial Sector Issues & Financial Inclusion: bridge financial inclusion gap by leveraging digital transformation, improve financial literacy and regulations to empower women & #MSMEs, advance cross-border payment systems, strengthen policies on #crypto assets. 3️⃣ Sustainable Finance: we must consider vulnerability in access to concessional finance, adopt climate resilient debt clauses, crowd in the private sector & diversify funding sources to scale up adaptation finance, and develop high-integrity #carbon markets. 4️⃣ Tax Cooperation: we must ensure a successful UN Tax Convention, build tax collection capacity through digital transformation and cooperate for tax justice and curbing #IFFs through info-sharing, progressive taxation, & asset recovery. G20 South Africa National Treasury RSA South Africa Reserve Bank

𝐖𝐢𝐭𝐡 𝐄𝐂𝐀 𝐒𝐮𝐩𝐩𝐨𝐫𝐭, 𝐌𝐨𝐫𝐨𝐜𝐜𝐨, 𝐭𝐡𝐞 𝐃𝐑𝐂 𝐚𝐧𝐝 𝐙𝐚𝐦𝐛𝐢𝐚 𝐎𝐮𝐭𝐥𝐢𝐧𝐞 𝐉𝐨𝐢𝐧𝐭 𝐄-𝐦𝐨𝐛𝐢𝐥𝐢𝐭𝐲 𝐑𝐨𝐚𝐝𝐦𝐚𝐩 Lusaka, 13 December 2024 (ECA) – Representatives from Morocco, the Democratic Republic of Congo (DRC), and Zambia at the ECA “High-Level Policy Dialogue on the Development of Automotive Regional Value Chains and E-Mobility” held in Lusaka (Zambia) on 12 December 2024 outlined a joint roadmap for the development of related value chains linking the three countries. Details : https://lnkd.in/dC47mx4S

ECA hosts vibrant celebration of Arabic language and its digital future The United Nations Economic Commission for Africa (ECA), in collaboration with the League of Arab States, the Council of Arab Ambassadors in Addis Ababa, and UNESCO celebrated Arabic Language Day with a vibrant program highlighting the cultural significance and global influence of the Arabic language. The event, held at the United Nations Conference Centre, commenced with remarks by the ECA Executive Secretary, Mr. Claver Gatete, who underscored the importance of multilingualism in fostering global harmony. “Arabic, with its rich history and cultural contributions, has been a bridge between civilizations. Its preservation in the digital age is essential for embracing innovation while safeguarding heritage,” he said. Representatives from the League of Arab States, UNESCO, and the Council of Arab Ambassadors also delivered remarks, emphasizing the need to protect and promote the Arabic language. Ali Daou, from the UNESCO Liaison Office, highlighted the role of Arabic in advancing knowledge and cultural exchange. The celebration featured presentations, including one by Muhammad Seid Abdellah of Addis Ababa University on the importance of Arabic in Ethiopian studies. Attendees enjoyed screenings of short documentaries, poetry recitations, music performances, and a showcase of traditional arts and crafts. The day concluded with a reception offering traditional Arab culinary delights, art exhibits, and calligraphy demonstrations, fostering a deeper appreciation of Arab heritage. This year’s theme, “Embrace Innovation, Preserve Culture, Shape the Digital Age,” resonated throughout the event, aligning with global efforts to enhance Arabic’s digital presence while honoring its legacy.   League of Arab States - General Secretariat #ArabicLanguageDay #CulturalHeritage #Multilingualism #Innovation

At the first Sherpa Meeting under South Africa Presidency, ECA’s Deputy Executive Secretary Hanan Morsy commends the setup of the Task Force on Inclusive Growth, Industrialization, Employment & Reduced Inequality, and called for urgent actions on debt, investment & #GFA reform as enablers. 1️⃣ Debt vulnerabilities: 60% African countries spend more on debt service than on health. We must urgently reform G20 Common Framework to include middle-income countries and suspend debt services upon application. 2️⃣ Unlock investment: Africa has 60% of global solar potential but receives only 2% of green investment. This is a loss of opportunity for the world. We need quality invests in high-value added activities for job creation and well-being of citizens. 3️⃣ Reform Global Financial Architecture: we need bigger, better & bolder #MDBs, reform #IMF #SDR allocation formula, and operationalize SDR rechanneling through MDBs so resources can be directed to countries that most need them. On the G20 South Africa Taskforce on AI & innovation, ECA’s Deputy Exec Secretary Hanan Morsy called for actions to address the digital divide & infrastructure gap, implement frameworks for home-grown solutions, develop digital skills, & link technology to other sectors to enable development. #GlobalFinancialArchitecture #MDBs,

ECA awarded for its contribution to promoting new-generation Special Economic Zones in Africa On the sidelines of the 2024 African Special Economic Zones Annual Meeting 2024, the Economic Commission for Africa was awarded a prize for its contribution to the strategic positioning of #specialeconomiczones (SEZs) as a catalyst for inclusive and sustainable #industrialization on the continent. Co-organized by the African Economic Zones Organization (AEZO) and the African Union Commission, the 2024 African Special Economic Zones Annual Meeting was held in #Nairobi, Kenya, from 27-29 November 2024 on the theme, “Building resilient, #inclusive and #sustainable economies: The role of African #SEZs in attracting high-impact #investment and redefining #competitiveness.” In awarding the Prize, the AEZO recognizes ECA’s mandate of promoting Africa’s #structuraltransformation. Commenting on the award, Jean-Luc Namegabe Mastaki, Director of the ECA Subregional Office for Central Africa says, “ECA is committed to positioning SEZs as drivers for the development of #regionalvaluechains in #Africa. Current projects include the electric vehicle and battery #EBV SEZ between the #DRC and #Zambia, the Zambia-#Zimbabwe common agro-industrial park, the timber SEZ in #Cameroon and the NPK (fertilizer) SEZ in #Congo, among others.” Jean Luc Namegabe Mastaki More 👉 https://lnkd.in/g84A_D2R 👉 https://lnkd.in/ggc4Mqwz