Published On: Fri, May 21st, 2021

Africa – France Finance Summit 2021 and why Africa focused forums should be held in Africa

Africa focused Summits should take place in the continent

 

French President Emmanuel Macron said on Tuesday a summit in Paris on Africa financing had agreed to work towards persuading rich nations by October to reallocate $100 billion in IMF special drawing rights monetary reserves to African states.

Impoverished African economies must not be left behind in the post-pandemic economic recovery and a substantial financial package is needed to provide much-needed economic stimulus, African and European leaders concluded at a summit in Paris.

In the immediate term, that meant accelerating the COVID-19 vaccine rollout and creating the fiscal breathing room for African nations, which will face a spending shortfall of some $285 billion over the next two years, the summit communique showed.

The communique set out a two-pronged response based on addressing financing needs to support a sustainable, green recovery and the underpinning of private-sector-driven growth – but it was light on concrete commitments.

Reuters

http://https://www.youtube.com/watch?v=OrWo5JBK9oI

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