By Haruna Gimba
The Economic Commission for Africa (ECA) has been called to support advocacy by member States for the extension of the Debt Service Suspension Initiative (DSSI) until the end of 2021.
The call was made during the meeting of the committee of experts of the Conference of African Ministers held last Friday ahead of the African Finance Ministers Meeting on Monday.
During the meeting, many issues were agreed upon among them the need for the ECA to support the advocacy by member States for the extension of DSSI until at least the end of 2021, freeing up an additional $8 billion for recovery in 2021 and providing much-needed liquidity to respond to the crisis.
The experts, who commended the think tank for its advocacy and substantive support for a new issuance and re-allocation of Special Drawing Rights (SDRs) to low- and middle-income countries, called on the ECA to mobilize support for a Special Drawing Rights re-allocation mechanism that is commensurate with the development financing needs of African countries.
Member States were encouraged to work collectively to ensure they have a common voice and position on the issue of SDRs.
G7 Finance Ministers agreed Friday to support the issuance of new SDRs which will help developing countries better respond to the COVID 19 pandemic.
The experts were concerned by the adverse socioeconomic and health impacts of the pandemic on African economies, coupled with their limited fiscal and monetary tools to respond to the crisis, which they said would most likely derail efforts to build forward better and to achieve the 2030 Agenda for Sustainable Development and Africa’s Agenda 2063.
On COVID-19, the experts commended various initiatives undertaken by ECA to support Member States in leveraging the adoption of the African Union Commission and Africa Centres for Disease Control and Prevention Joint Continental Strategy for COVID-19 Outbreak in March 2020 as a blueprint and master plan for coordinating regional efforts to ensure synergy and minimize duplication, to save lives and support African social and economic development.
They commended the various initiatives undertaken by ECA in supporting member States in the World Trade Organization Agreement on Trade Related Aspects of Intellectual Property Rights on vaccines, debt relief and the issuance of Special Drawing Rights by the International Monetary Fund.
The experts requested ECA, in collaboration with the African Union Commission and all relevant stakeholders, including the private sector, to assist African Member States in putting in place continental strategies and policies to facilitate the production of vaccines on the continent, improve pooled procurement, particularly through digital technologies, as exemplified by the African Medical Supply Platform, and leverage the use of digital tools in national supply chains for improved accessibility for all.
This will improve affordability and accessibility of vaccines and assist in generating inclusive economic growth, stimulating job creation, and eradicating poverty for the continent’s socio-economic development and sustainable growth.
The ECA was urged to continue supporting member States in vaccine procurement, including through additional funding available from debt relief of the G20 Debt Service Suspension Initiative, development finance institutions and SDRs.
