Arab Finance: Ahmed Kjouk, Minister of Finance, stressed that economic transformation in Africa requires redoubled efforts to advance growth and development with the support of international partners and through the private sector. Explaining that economic policies African countries must be more coherent, integrated and targeted towards stability, investment, attracting the private sector and international partnerships.
In his meeting with representatives and President of the African Center for Economic Transformation, Dr. Mavis Owusu-Gyamfi, on the sidelines of the annual meetings of the International Monetary Fund and the World Bank in Washington, Kjok said that the private sector must play an influential role in increasing and diversifying production and exports and localizing technology in African countries, pointing out that we look forward to Reforming international multilateral institutions to increase the representation and role of African and emerging countries in these institutions in a way that contributes to meeting the needs of these countries, as innovative financing solutions should be provided and some debts should be exchanged for investments to reduce indebtedness and the debt service bill, taking into account that alleviating debt burdens and expanding access to financing Facilitator, promotes sustainable development.
The minister added that African economies are “burdened” with high levels of debt, which stifle their ability to invest in health, education and infrastructure, explaining that the “Debt Alliance for Sustainable Development” aims to create a financial space that meets the development and climate ambitions of African and emerging countries.
He pointed out the importance of consolidating regional integration and expanding settlements in local currencies to achieve optimal exploitation of the latent capabilities of African economies, with the priority being investment in agriculture, renewable energy and technology to drive growth and sustainable development in Africa, pointing to the need for concerted international efforts to fortify the global financial system against shocks through… Improving “early warning” systems.
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