Hanan Morsy’s Post

The #UAE joined the 2nd Framework Working Group (FWG) meeting as part of the G20 Finance Track for 2024, held in Brasília, Brazil. Discussions among FWG members during the meeting centered on the global economic outlook, macro impacts of inequality, policy recommendations to tackle inequality, and country experiences regarding the interplay between inequality and macroeconomic policy. #MOFUAE #FWG #G20

#Global Interdependence and #Trade: The #African Perspective. In the contemporary interconnected #global landscape, #economic seclusion is a vestige of the past. #Nations & #enterprises alike thrive on #international #cooperation. To bridge economic disparities, international frameworks such as trade agreements & preferential schemes have been instituted. Developing economies, particularly Least Developed Countries (LDCs), reap the benefits of tailored support & incentives to nurture competitiveness. Key institutions like the #UnitedNations Conference on Trade & Development (#UNCTAD) & the International Finance Corporation (#IFC) play crucial roles in this pursuit. A multitude of regional economic communities (RECs) & bilateral agreements, including the African Continental Free Trade Area (#AfCFTA), European Union (#EU) initiatives like Everything But Arms (#EBA), and North American Free Trade Agreement (#NAFTA), shape contemporary commerce. These platforms facilitate #market access, #investment flows, & #economic #expansion. As Africa further integrates into the #global #economy, the #AfCFTA emerges as a catalyst for intra-continental trade. Its potential to revolutionize the continent's #economic landscape is vast. The #AfCFTA signifies a monumental stride towards #Africa's #economic integration. By establishing a single market encompassing over a billion people, it holds the promise of unlocking tremendous potential. However, realizing this vision necessitates addressing #infrastructure, #customs harmonization, & digital trade challenges. The success of the #AfCFTA rests on the commitment of member states to policy reforms & the ability of the private sector to capitalize on the opportunities it presents. Ultimately, the impact of the #AfCFTA will be contingent on its capacity to enhance Africa's competitiveness in the global economy & enhance the quality of life for its inhabitants. 🔗Sustainable Development Goals (#SDGs) Aligning #trade policies with #SDGs for inclusive growth. Promoting responsible #production & #consumption practices. 🔗#Technology & #Innovation Harnessing digital technologies for trade facilitation. Investing in innovation to boost productivity & competitiveness. 🔗#Climate #Change Resilience Incorporating climate considerations into trade agreements. Promoting #green #trade practices for environmental sustainability.

Insightful policy brief by Development Reimagined highlighting considerations on the opportunity to strengthen Africa's voice in the multilateral system following the African Union's inclusion as a full, permanent member of the Group of 20, to form the G21. They highlight 6 priorities to support the AU's engagement: 1.    Reimagining the IMF Quota System to Provide Fair Representation for The African Continent. 2.    Facilitate SDR Reallocation to the African Development Bank  3.    Support a Reformed Debt Sustainability Analysis – including revisions to the restrictive 60% debt-to-GDP thresholds. 4.    Revise the G21 Common Framework based on African Positions.    5.    Alignment with the AUs Agenda 2063 and Infrastructure Development. 6.    Support capital increase at MDBs, as outlined by the Capital Adequacy Framework report. Will be fascinating to see what Africa's inclusion and representation looks like for the priorities and decisions of the G20 going forward, and how African countries can agree work together towards a harmonised position on priority issues for the continent. https://lnkd.in/emgNqe9G Full brief here: https://lnkd.in/e-UTbMur

New paper! On the economic, social and environmental potential of the International Monetary Fund's Special Drawing Rights (SDRs), which can be exchanged for currencies like $ and € and invested in development and the green transition. The paper was written by Sustainable Finance Lab researchers Sara Murawski and Rens Van Tilburg and two researchers from Zimbabwe, Adrian Chikowore and Tirivangani Mutazu. It feeds into the T20 Brasil, a G20 engagement group bringing together think tanks and research centers from G20 members and beyond while informing the Brazilian G20 Brasil 2024 presidency. It calls for: 🪄 Supporting innovative financing mechanisms that accelerate climate action and promote economic resilience at a global scale, such as the African Development Bank Group Hybrid Capital Instrument 💸 A reform of the IMF Trusts, to enable more long-term financing for low-income countries and middle-income countries and ensure more policy coherence between different IMF programs 🏦 A fundamental of the IMF and other International Financial Institutions, starting with a reformed quota system and a new and regular issuance of SDRs to support countries most in need to immediately invest in development and climate policies Download the paper here: https://lnkd.in/ek35armM

We need to deepen cooperation to deliver more, deliver better: this is the outcome of discussions had by the Heads of ten Multilateral Development Banks (MDBs) in Washington D.C. to mark the conclusion of The World Bank - International Monetary Fund Spring Meetings. The MDB leaders agreed on joint steps to work more effectively together across five areas: ✅ scaling up MDB financing capacity; ✅ boosting joint action on climate change; ✅ strengthening country-level collaboration and co-financing; ✅ catalising private sector mobilisation; ✅ enhancing development effectiveness and impact. This strong cooperation message closes an intense few days for the EIB Group delegation at the Spring Meetings. Here are some highlights from the past days: 🔵 we signed the first EIB Group project in Bhutan under EU's Global Gateway; 🔵 with our Ukrainian partners, we agreed to speed up projects on the ground; 🔵 we discussed how to strengthen important partnerships, such as the Human Development Accelerator with the European Commission and the Bill & Melinda Gates Foundation. And much more. Make sure to keep following us across social media platforms as the EIB Group delegation moves on to New York for the United Nations Financing for Development Forum. Learn more about our presence at the 2024 IMF/ WBG Spring Meetings ➡️ https://lnkd.in/e_SwCJAh #SpringMeetings #IMFMeetings #WBGMeetings #MDBs #Multilateralism

The World Bank Investment Climate Unit hosted an engaging seminar on the WTO’s Investment Facilitation for Development (IFD) Agreement, a transformative deal aimed at increasing sustainable investment, especially in emerging markets. Experts from Zambia, the Dominican Republic and the European Commission shared insights on how this global framework can streamline regulations, enhance transparency, and attract FDI. Bank experts led by Mona Haddad, Global Director provided key inputs to the session. The session was made possible by the Competitiveness' for Jobs and Economic Transformation Trust Fund (CJET) supported by #USAID. Key points: ✅ The IFD Agreement is the first agreement negotiated at global level on investment and provides a strong framework for fostering FDI and inclusive growth. ✅ The World Bank is actively supporting countries to conduct self assessments and inform impactful technical assistance. ✅ Multilateral cooperation is needed to unlock the agreement’s potential $1 trillion welfare gains.   Thank you to all the speakers and participants for a productive discussion on driving private investment for sustainable development. Mona Haddad, Global Director, Trade, Investment & Competitiveness Ivan Nimac & Pilar Salgado-Otónel Salgado, Investment Climate Unit; Trade, Investment & Competitiveness ASYA AKHLAQUE, Practice Manager, Investment Climate Natalia Polanco, Director at the Foreign Trade Division of the Ministry of Industry, Commerce and MSMEs, Dominican Republic Albert Halwampa, Director General, Zambia Development Agency Jose Magnaye, Directorate-General for Trade Investment and Intellectual Property, European Commission Alwaleed Fareed Alatabani, WB Practice Manager, FCI, AFE Region Yira Mascaró Mascaro, WB Practice Manager, FCI, LAC Region #InvestmentFacilitation #SustainableDevelopment #WTO #WorldBank #EuropeanCommission #USAID #ZDA #MinisteriodeIndustriaComercioyMipymes #FDI #SDGs

Important insights that need to be front and centre in the discussions on how to raise the amount of finance for the Global South without losing the focus on "development".

Exciting news and promising perspectives emerged from the African Development Bank Group's (AfDB) 2024 African Economic Outlook, painting a vivid picture of a prosperous future for African economies, even in the face of global challenges.   Africa is set to remain the second-fastest-growing region after Asia in 2024 and 2025, with 41 African countries expected to experience more robust growth rates in 2024 compared to 2023.   Moreover, the Bank's 2024 Annual Meeting witnessed a powerful display of unity, with attendees rallying together in their resolute call for reforming the global financial architecture. The focus is on the imperative need for change to unlock more resources for Africa's economic transformation.   The goal is to give Africa a "fair chance" to turn its immense potential into inclusive and sustainable development opportunities. To call a spade a spade, this statement highlights how global markets actively deprive Africa of fair trade.   In a significant display of support, Kenya's President William Ruto announced a substantial commitment of $20 million to the African Development Fund, the AfDB's concessional window. This commitment underscores the dedication of African leaders to the continent's economic development.   Ruto stated: "Today, we assert that transforming the international financial architecture is imperative to give Africa a fair chance to turn its immense potential into opportunities to overcome multiple challenges and develop inclusively and sustainably."   He also expressed Kenya's support for channelling International Monetary Fund Special Drawing Rights (SDRs) through multilateral development banks, a move championed by the AfDB and the Inter-American Development Bank.   And let's not forget the Bank's remarkable strides. In just under a decade, the AfDB has poured over $50 billion into infrastructure projects across the continent. As its president, Dr Akinwumi A. Adesina, asserts, this is a testament to their commitment, making it "by far the largest investment of any multilateral development bank or institution."   I'm personally confident in this approach and the commitment shown by the AfDB shareholders. But do you believe that reforming the global financial system and leveraging Africa's vast potential will help the continent's people achieve inclusive and sustainable development? (this note was published in the 5 June 2024 ESI Africa newsletter 📰 - please message me if you're interested in subscribing) PS - knowledge is power, so find more coverage on what the AfDB is up to here: https://lnkd.in/du2yTkbX

In economics, we say "all else equal", but in reality, everything else is not equal. Ongoing global challenges created repercussions on emerging economies. So, as we try to move forward, domestic resources are not enough in the backdrop of growing #development gaps. As the #UNGA79 #SummitOfTheFuture panel suggests, this calls for creating an effective, efficient, equitable & comprehensive multilateral debt mechanisms. But there is no magic-bullet solution, and rather a multidisciplinary approach to addressing development challenges including: clear national commitments, access to just finance, a strategic & achievable plan to ensure macroeconomic stability & structural reforms, & an integrated framework to mobilize domestic & int'l finance. From the panel on addressing debt challenges for #sustainable development, with UN Trade and Development (UNCTAD) Secretary-General Rebeca Grynspan, Multilateral Reform Program Director New York University Betty Wainaina & MGCY Representative Angela Zhong. Rewatch: https://lnkd.in/dmDdfPiq خلال فعاليات #UNGA79 بنيويورك، شاركتُ في جلسة نقاشية حول «معالجة تحديات الديون من أجل التنمية المستدامة»، حيث ناقشنا التحديات المتزايدة التي تواجه الاقتصادات الناشئة، في ظل عدم كفاية الموارد المحلية، وارتفاع فجوات التنمية، وهو ما يؤكد أهمية تدشين آليات متعددة الأطراف فعالة وذات كفاءة لمواجهة تلك التحديات. في مداخلتي، أكدتُ أنه لا يوجد حل سحري لتحديات التنمية، بل يتطلب ذلك منهج متعدد الأبعاد، يعكس الالتزامات الوطنية، ويحفز الوصول إلى التمويل العادل، ويقوم على خطة استراتيجية قابلة للتحقق لضمان الاستقرار الكلي، والإصلاحات الهيكلية، فضلًا عن إطار متكامل لحشد التمويل المحلي والدولي. تحدثتُ في الجلسة إلى جانب الأمين العام لمؤتمر الأمم المتحدة للتجارة والتنمية Rebeca Grynspan ومديرة برنامج الإصلاح متعددة الأطراف بجامعة نيويورك، بيتي وايناينا New York University وأنجيلا شونج ممثلة MGCY.

According to The African Economic Outlook (AEO) 2024 report, released in May 2024 by the African Development Bank, Africa's structural transformation has been slow and uneven. As a result, Africa was the only region of the world where the average real GDP per capita contracted in the 1980s and 1990s. The continent is grappling with financing shortfalls that put at risk its ability to meet its Sustainable Development Goals by 2030, to meet its infrastructure development needs, and to finance climate change mitigation measures, among others. This blog, co-authored by the African Development Bank Group’s Adamon Mukasa and Anthony Simpasa, looks unflinchingly at the results of decades of underfinancing of Africa’s public sector. The blog also makes an urgent call for, among others, greater access to concessional development financing at scale. Read the blog: https://bit.ly/3Szklx6 About the authors: Adamon Mukasa is the African Development Bank Group’s Principal Research Economist. Anthony Simpasa is the Manager, Macroeconomic Policy, Debt Sustainability and Forecasting Division in the Macroeconomic Policy, Forecasting and Research Department of the African Development Bank.