The Committee of Experts of the Conference of African Ministers of Finance, Planning and Economic Development expressed concerns about Africa’s economic growth projection uncertainties in the light of the Covid-19 pandemic.
“It includes the emergence of a Covid-19 second wave and inequalities and slow access to vaccines as well as the diversity of variants of the virus, which have affected the capacity and quality of responses formulated by States to combat the pandemic,” according to the report issued at the end of the 39th meeting of the Committee, presented Friday by Morocco’s Representative to the African Union and the Economic Commission for Africa (ECA), Ambassador Mohamed Arrouchi.
Presented by Morocco in its quality as a rapporteur of the new bureau of the Conference of African Ministers of Finance, Planning and Economic Development, the report highlighted the need for inclusive and cost-effective distribution and access to vaccines at the global, regional and national levels part of a sustainable response and recovery process.
The Committee of experts underlined the importance to “promote green recovery and address the challenges of the predominant informal and rural sectors as well as small and medium enterprises.”
It considered that a fossil fuel export model was not sustainable in the long term, as the countries depending on these natural resources are vulnerable to external shocks and exposed to volatile economic growth.
The experts also recommended macroeconomic interventions in line with the current financial needs of African economies, encouraging countries to maintain public debt sustainability, particularly low-income countries while identifying and implementing Covid-19 response and recovery measures, the report noted.
According to the Committee of experts, promoting economic diversification, green investments, small and medium enterprises, particularly in fossil fuel economies, are all measures that will foster a sustainable recovery process in Africa.
The theme of this year’s Conference of Ministers is Africa’s Sustainable Industrialization and Diversification in the Digital Era in the Context of COVID-19.
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