The African Center for Economic Transformation (ACET), in collaboration with the Finance for Development Lab, ONE Campaign, and the UN Economic Commission for Africa, is proud to host an insightful event titled “An African Action Agenda for Global Financial Reform.” This highly anticipated event, affiliated with the Summit for a New Global Financing Pact, will take place on the 23rd of June at 8:30 am (GMT).
As African countries face persistent interconnected crises, accessing adequate resources has become a significant challenge. The rising cost of debt has weighed heavily on development priorities and hindered investments in climate adaptation and mitigation. In response, a group of African Ministers of Finance recently agreed on a set of five priorities for the global financial architecture. These priorities include the need for more concessional finance and the rechanneling of Special Drawing Rights (SDRs) to the African Development Bank.
To address these challenges, it is crucial to increase International Development Association (IDA) flows, implement the recommendations of the G20 Independent Review of Multilateral Development Banks’ Capital Adequacy Framework (CAF), and strengthen the IMF Poverty Reduction and Growth Trust (PRGT).
The Paris Summit provides a valuable opportunity to move beyond issue identification and develop a concrete plan of action that ensures African voices are at the forefront of the global financial reform dialogue.
The objective of this event is to identify specific actions to scale-up multilateral finance, supported by a set of deliverables and a clear timeline. Distinguished speakers, including Mavis Owusu-Gyamfi from ACET, Desire Assogbavi from the ONE Campaign, Hana Morsy from the United Nations Economic Commission for Africa (UNECA), HE Oulimata Sarr (Minister of Economy, Planning, and Cooperation, Senegal), and HE Nadia Fettah Alaoui (Minister of Economy and Finance, Morocco), will lead the discussions.
The panel will focus on three key areas:
- Increasing multilateral funds through a combination of new grants and borrowing.
- Mitigating challenges linked to high debt by lowering its cost and easing restructuring.
- Promoting climate finance action to address the urgent need for sustainable development.
Join us for this crucial event where experts and policymakers will collaborate to shape the future of financial reform in Africa. Let us work together to ensure that Africa’s development agenda receives the necessary support and resources.
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