The event brings together African Ministers of Finance, Planning and Economic Development and other personalities.
From May 11 to 17, various stakeholders will discuss the theme: “Funding Africa’s Recovery: Finding Innovative Solutions.” According to the United Nations Economic Commission for Africa (ECA), development financing gaps have widened dramatically since the Covid-19 pandemic. The annual funds needed to achieve the Sustainable Development Goals (SDGs) for developing countries have increased by US$1700 billion.
For Africa, the UN agency continues, annual spending on the SDGs would have to increase by $154 billion each year due to Covid-19 and an additional $285 billion over the next five years if the pandemic is to be effectively addressed.
Yet, the ECA deplores that the current financial landscape of the black continent is characterized by low resource mobilization capacity, rising public debt, excessive debt service and maturity burdens, increased financing needs resulting from Covid-19, and insufficient bilateral and multilateral financial assistance for post-pandemic recovery.
To fill this gap, the Economic Commission for Africa suggests that governments should pay particular attention to the quality and adequacy of domestic and external financing.
The mobilization of the continent’s own resources for development is also essential to close the financing gap.
The Dakar meeting is thus an opportunity to examine measures to attract private sector financing, to define mechanisms to take advantage of Special Drawing Rights (SDRs) and climate financing. It is also expected to build consensus on how to help governments create synergies between domestic and external financing from public and private sources.
ARD/te/fss/abj/APA