Sheila Mburu’s Post

Good analysis by Magalie Masamba, PhD on the forthcoming #G20 presidency of #SouthAfrica, the need to reduce debt burdens for countries facing vulnerabilities like climate change, the urgency of comprehensive reforms in the global financial architecture, and the need and to amplify African countries’ voices and decision-making power within these frameworks: “The upcoming South African G20 presidency, combined with the African Union’s newly established permanent seat, represents a strategic opportunity to place Africa’s debt concerns at the forefront of the G20 agenda and advocate for systemic reforms.”

On 14 November, we will launch our 2024 flagship report, "Unpacking Africa’s #Debt: Towards a Lasting and Durable Solution." This latest report on Africa’s development, which is based on this year’s Report of the United Nations Secretary-General on the New Partnership for Africa’s Development (#NEPAD), confronts the urgent need to reform #Africa’s debt structures, providing a roadmap for African nations to escape the constraints of unsustainable debt, reclaim fiscal space and refocus resources on a #SustainableDevelopment agenda. In the post-COVID-19 economic landscape, Africa’s debt challenges have become an increasing barrier to development. For example, more than 40 per cent of African countries allocate more funds to debt service than to health. This report offers actionable recommendations to help African countries regain financial autonomy, fortify their economies, and invest more directly in their citizens' future, including: ✔️ Enhanced Support from Multilateral Development Banks ✔️ Comprehensive Debt Relief Measures ✔️ G20 Common Framework Improvements ✔️ Incentives Linked to SDG Progress ✔️ Reforming the Global Financial Architecture ✔️ Transparent #Credit Ratings Our report is a call to action for African nations to reclaim their rightful financial autonomy, and for Africa’s development partners to transform the international financing mechanism into a contemporary win-win platform that prioritize long-term development solutions tailored to Africa’s realities. Through these actions, African countries can boost targeted investments to effectively impact the lives and livelihoods of their people. Join us and participate in the launch event. Share widely with your network. 📆 Thursday, 14 November 2024 🕙 10 a.m. to 11:30 a.m. New York local time https://lnkd.in/eX9SDmF3 UN Sustainable Development Group, United Nations Economic Commission for Africa, African Union

On the 4th of June 2024 I had an interview with West African Broadcasting Channel, (check the interview on YouTube) reflecting about the South Africa's G20 Presidency and what it means for South Africa and Africa. My opening remarks was that, its a significant opportunity for South Africa and Africa to reposition itself and pursue a strategic reform agenda that will accrue tangible benefits for the country and Africa broadly. The international financial architecture (IFA) is a framework of institutions, policies, rules and practices that the global financial system. Its aim is to promote international cooperation with a view to ensuring global monetary and financial stability, enabling international trade and investment, supporting the mobilization of the stable and long-term financing required for economic development, combatting the climate crisis, and achieving the Sustainable Development Goals. However the recurring financial and debt crises, in African and developing countries as well as the shortfall in required development and climate finance, reiterate that the existing framework of IFA is ill-equipped for today’s world. Many of its shortcomings are of a systemic nature. The structure of IFA and its institutions are not designed to deliver the kind of financial support that developing countries need to realize their growth and development ambitions. South Africa must push for the followings reforms: 1. Support for free trade agreement in Africa, 2. Debt relief measures, 3. Establishment of a stable G20 secretariat to monitor progress of commitment by G20 since its establishment 4. Restructuring of credit ratings agencies and address their risk averse approach to African and Developing countries 5. Set up a fund that will support climate change crisis, decarbonization and industrial development. Lets engage!

We are excited to share a new publication from our partners at the Center for Global Development (CGD), featuring insights from Rob Floyd, ACET’s Director for Innovation and Digital Policy. This compelling piece delves into the recent discussions in Nairobi on reforming multilateral development banks (MDBs) to better meet the needs of Africa and the Global South. Key themes include: ✨ A More Equal Partnership: Empowering African countries with increased decision-making power in global financial institutions. ✨ Managing Complexity: Tackling global challenges like pandemics and climate change with strategic, prioritized solutions. ✨ Revitalizing Development Effectiveness: Renewing focus on effective aid principles. ✨ Better Resource Allocation: Improving concessional finance to close the funding gap for critical development needs. With genuine systemic reform on the horizon, the voice of the Global South is now more influential than ever in these critical discussions. 🔗 Read the full article: https://lnkd.in/etBguRxY #MDBReform #Africa #EconomicTransformation #DevelopmentFinance #GlobalSouth #EconomicPolicy #GlobalDevelopment #CGD #ACET

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

In Day 2 of 2024 African Economic Conference #AEC2024 Joined KEVIN CHIKA URAMA, Chief Economist and Vice-President, African Development Bank Group, Raymond Gilpin, Chief Economist at UNDP Africa, Victor Murinde, Executive Director, African Economic Research Consortium (AERC), and Mavis Owusu-Gyamfi, President and CEO of African Center for Economic Transformation (ACET) to discuss the urgent reforms needed for a just and inclusive global financial system. To support African countries better respond to global shocks: ✅#MDBs must incorporate vulnerability beyond income levels in providing concessional finance, streamline loan application and disbursement, and deploy innovative & derisking instruments to crowd in private sector ✅#IMF’s #SDR and #quota formulas must be reformed so that resources can be directed to countries that really need them ✅ Implement #SDR rechannelling to MDBs and replenish their concessional windows On international tax cooperation: ✅African countries must establish negotiations strategies, build common positions, forge alliances, and strengthen capacities to achieve a successful UN Framework Convention on International #Tax Cooperation On global debt architecture: ✅Overhaul #G20 Common Framework to make it effective, transparent, and time-bound ✅Revamp IMF-World Bank #DSA framework, so it is more solvency focused ✅Diversify sources of funding to reduce cost of borrowing We are at the time with retrenchment of multilateralism, yet the shocks today are far beyond the border of one country. We must work together and advance engagement efforts, for tangible achievements on reform of the global financial architecture. United Nations Economic Commission for Africa United Nations African Union African Union - Economic Development, Trade, Tourism, Industry, Minerals (ETTIM)

Just wrapped up the #Presidential Dialogue on African Union Financial Institutions, Global Financial Architecture Reforms, and the Launch of the Africa Club on February 17th, 2024. Here are some key takeaways and initiatives proposed: Mobilizing Climate Finance: The African Development Bank Group is well on its way to mobilizing $25 billion in #climatefinance. In 2023, AfDB dedicated 45% of its total lending to #climatefinance, including $429 million through the Climate Action Window. This investment underscores AfDB's commitment to #sustainabledevelopment and #resilience. Establishing African Union Financial Institutions: the AfricanUnion Heads of State and Government have long emphasized the need to create an African Monetary Union by harmonizing monetary zones. This includes establishing three key financial institutions: the African Central Bank (ACB), the African Monetary Fund (AMF), and the African Investment Bank (AIB). Additionally, a feasibility study for the creation of a Pan-African Stock Exchange (PASE) was requested in 2006. These institutions aim to enhance financial integration and economic stability across the continent. Launch of the Africa Club: The Alliance of African Multilateral Financial Institutions (AAMFI), or Africa Club, has been launched to increase #collaboration and #coordination among African Multilateral Financial Institutions. These institutions, including #AfreximBank, #Trade and #DevelopmentBank (TDB), and Africa Finance Corporation (AFC), collectively hold assets of over $53 billion and play a crucial role in #financing and #investment to support African growth and resilience. Global Financial Architecture Reform: There is a strong collective vision among #African leaders for reforming the #globalfinancialarchitecture to better serve Africa's needs. This includes: 1. Crafting real solutions to the debt crisis. 2. Providing more grant and concessional funding to Africa. 3. Re-channeling Special Drawing Rights (SDRs) to African financial institutions. 4. Increasing African voices and power in global decision-making bodies. 5. Committing to an ambitious green growth agenda for Africa. Strategic Investment and Collaboration: Member States are called upon to collaborate with African Multilateral Financial Institutions to identify strategic #investmentopportunities that align with national development goals. This collaboration is essential for driving #sustainable #economicdevelopment and achieving the goals outlined in #Agenda2063. By addressing these priorities, we signal to the world that Africa's positions are #clear, #achievable, and #necessary. The continent stands united in insisting on #reforms that work for #Africa and pave the way for a #sustainable and #resilient financial future. #AfricaRising #ClimateAction #SustainableDevelopment #FinancialReform #AUFinancialInstitutions Doreen Apollos, Dr. Patrick NDZANA OLOMO, Rumbidzai Treddah Manhando..

The question of why African countries engage with platforms like the G20 instead of solely focusing on creating their own development systems is multi-faceted, The key reasons for this dual approach: 1. Economic Integration: Africa is part of a global economy. Many African nations rely on international trade, foreign investment, and external financial support. Engaging with platforms like the G20 provides access to resources and partnerships that can accelerate development. 2.Shared Challenges: Issues like climate change, global financial instability, and pandemics require collaborative solutions. Being part of global platforms allows Africa to contribute to and benefit from collective problem-solving. 3.Influence in Global Policies: Participating in the G20 offers African nations a chance to advocate for fairer global systems, such as debt relief, concessional financing, and a more equitable international financial architecture. 4. Capacity Gaps: While Africa is strengthening its internal systems, there are capacity and resource gaps that global partnerships can help fill. 5. Financial Constraints: Many African countries face high debt burdens and limited fiscal space, making external support crucial. 6. Decades of colonial history and systemic global inequalities have left African countries economically dependent on external systems. Transforming this requires both internal reforms and external negotiations. While engaging globally, Africa can and should focus on building stronger internal systems: -Strengthening institutions like the AfDB and AU. -Investing in local industrialization, innovation, and infrastructure. - Promoting intra-African trade and reducing dependency on non-African markets.

We are thrilled to announce the strengthened collaboration between the International Monetary Fund and the Inter-American Development Bank led by both leaders Ilan Goldfajn and Kristalina Georgieva bringing enhanced support to #LatinAmerica and the #Caribbean. In #CostaRica, our partnership has already achieved remarkable milestones, such as the joint work for fiscal consolidation, with coordinated macroeconomic support lending, and the successful completion of the Resilience Sustainability Fund (#RSF). The IDB has been instrumental in designing an innovative budget classification system for climate-related expenditures and developing cutting-edge tools to prioritize capital projects with climate change criteria. Together, we are advancing the legal and regulatory framework for Public-Private Partnerships (#PPPs), including establishing a Project Preparation Facility, announced by the IDB, IMF, and Costa Rica government in the last COP conference in Dubai. This initiative will unlock unprecedented private-sector financing for climate investments, driving sustainable growth and resilience across the region. Raphael Anspach Ana María Ibáñez Anabel González Jordan Schwartz Tomás Bermúdez Shirley Malespín Nogui Acosta Jaén Valerie Lankester Marta Ruiz Arranz Melvin Quiros Luis Molina Chacon Ariel Barrantes Emilio Pineda Gaston Astesiano Ancor Suárez Alemán Isabel Granada Sandra Navarro Castillo Arnoldo Andre - Tinoco Graham Watkins Yolanda López Javier Salgado Derqui Loreto Setien Angela Funez Jordan Schwartz Axel Radics Ding Ding （丁鼎）