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  •   At the end of the Board of Directors meeting held on Tuesday June 7 2022 at the institution s headquarters Mr Birahim DIOUF was appointed as General Manager of the Central Deposit Settlement Bank www BRVM org The appointment effective from July 1 2022 marks an important step in the process of empowering the WAEMU Regional Financial Market structures The DC BR is the structure of the UEMOA Regional Financial Market in charge of centralization custody of securities successful completion of clearing operations in the financial market off market operations and securities transactions Mr Birahim DIOUF has nearly thirty years of experience in the financial sector particularly in capital markets and investment banking Prior to his appointment as Director General of the DC BR Mr Birahim Diouf was Deputy Director General of the DC BR since January 2021 after having held the positions of Director of the Department of Studies Strategy and Market Development of the BRVM and the DC BR Director of Operations of the DC BR He began his career at Citigroup and first joined the Regional Financial Defender in February 1998 until 2003 as Director of DC BR Operations He then joined BMCE Capital worked for the Economic Commission for Africa as a Senior Consultant for capital markets and then the South African based investment bank African Alliance Investment Bank Mr Birahim DIOUF has an MBA from the Sorbonne Graduate School of Business an Executive MBA from INSEEC Business School a master s degree in economics from Paris I Panth on Sorbonne a postgraduate degree in Islamic Finance from the Institute of Islamic Banking and Insurance IIBI in London and Ma trise in Applied Economics from Paris IX Dauphine He holds various certifications in leadership sustainable development and green finance
    Appointment of experienced economist, Mr. Birahim DIOUF, as Managing Director of the Central Depositary/Settlement Bank (DC/BR), an important entity in the financial ecosystem of the West African Monetary Union (WAEMU)
      At the end of the Board of Directors meeting held on Tuesday June 7 2022 at the institution s headquarters Mr Birahim DIOUF was appointed as General Manager of the Central Deposit Settlement Bank www BRVM org The appointment effective from July 1 2022 marks an important step in the process of empowering the WAEMU Regional Financial Market structures The DC BR is the structure of the UEMOA Regional Financial Market in charge of centralization custody of securities successful completion of clearing operations in the financial market off market operations and securities transactions Mr Birahim DIOUF has nearly thirty years of experience in the financial sector particularly in capital markets and investment banking Prior to his appointment as Director General of the DC BR Mr Birahim Diouf was Deputy Director General of the DC BR since January 2021 after having held the positions of Director of the Department of Studies Strategy and Market Development of the BRVM and the DC BR Director of Operations of the DC BR He began his career at Citigroup and first joined the Regional Financial Defender in February 1998 until 2003 as Director of DC BR Operations He then joined BMCE Capital worked for the Economic Commission for Africa as a Senior Consultant for capital markets and then the South African based investment bank African Alliance Investment Bank Mr Birahim DIOUF has an MBA from the Sorbonne Graduate School of Business an Executive MBA from INSEEC Business School a master s degree in economics from Paris I Panth on Sorbonne a postgraduate degree in Islamic Finance from the Institute of Islamic Banking and Insurance IIBI in London and Ma trise in Applied Economics from Paris IX Dauphine He holds various certifications in leadership sustainable development and green finance
    Appointment of experienced economist, Mr. Birahim DIOUF, as Managing Director of the Central Depositary/Settlement Bank (DC/BR), an important entity in the financial ecosystem of the West African Monetary Union (WAEMU)
    Africa2 months ago

    Appointment of experienced economist, Mr. Birahim DIOUF, as Managing Director of the Central Depositary/Settlement Bank (DC/BR), an important entity in the financial ecosystem of the West African Monetary Union (WAEMU)

    At the end of the Board of Directors meeting held on Tuesday, June 7, 2022 at the institution's headquarters, Mr. Birahim DIOUF was appointed as General Manager of the Central Deposit/Settlement Bank (www.BRVM.org).

    The appointment, effective from July 1, 2022, marks an important step in the process of empowering the WAEMU Regional Financial Market structures.

    The DC/BR is the structure of the UEMOA Regional Financial Market in charge of centralization, custody of securities, successful completion of clearing operations in the financial market, off-market operations and securities transactions.

    Mr. Birahim DIOUF has nearly thirty years of experience in the financial sector, particularly in capital markets and investment banking.

    Prior to his appointment as Director General of the DC/BR, Mr. Birahim Diouf was Deputy Director General of the DC/BR since January 2021, after having held the positions of Director of the Department of Studies, Strategy and Market Development of the BRVM and the DC/BR, Director of Operations of the DC/BR.

    He began his career at Citigroup and first joined the Regional Financial Defender in February 1998 until 2003 as Director of DC/BR Operations.

    He then joined BMCE Capital, worked for the Economic Commission for Africa as a Senior Consultant for capital markets and then the South African-based investment bank African Alliance Investment Bank. Mr. Birahim DIOUF has an MBA from the Sorbonne Graduate School of Business, an Executive MBA from INSEEC Business School, a master's degree in economics from Paris-I Panthéon-Sorbonne, a postgraduate degree in Islamic Finance from the Institute of Islamic Banking and Insurance (IIBI ) in London and Maîtrise in Applied Economics from Paris IX Dauphine.

    He holds various certifications in leadership, sustainable development, and green finance.

  •   The fourth day of the Africities summit started with the official opening of the political segment which was marked by a conversation between two former African heads of State namely His Excellency Joaquim Chissano former President of Mozambique and His Excellency Danny Faure former President of Seychelles The main topic of the conversation was Thriving the way for the future of Africa in a world of turmoil The young elected officials invited the former heads of State to reflect and advise them around the unbalanced share of public financial and human resources between the national level and the local level on the centrality of cities and territories as places hit by the consequences of climate change and paradoxically their absence at the table when discussing climate action on the proposal to devise a program for upgrading tou7nghe infrastructure and equipment of local governments including intermediary cities within the pan African framework as was the case with the NEPAD major infrastructure program for intermediary cities to play their rightful role as engineering places for the African Continental Free Trade Area a booster for African integration on making cross border decentralized cooperation a tool for African integration and finally on arguments to put forward to give hope to young Africans that they have a future on this continent instead for them dying in the Mediterranean trying to find their future outside the continent In response His Excellency Joaquim Chissano told the leaders of local governments that as much as it is OK to engage national governments for a better share of public resources between the national and the local levels of government there is need also to find creative ways of mobilising locally the resources they need It would be important for local governments to engage in dialogue between themselves and the central government and ensure that there s a permanent space for dialogue through associations for example to discuss the issues they have said His Excellency Joaquim Chissano former President of Mozambique With regards to climate change His Excellency Danny Faure urged United Cities and Local Governments of Africa to fight and ensure that local governments have a seat at the negotiating table during the upcoming COP 27 in Egypt COP is the name given to the annual meeting of world leaders in a climate change capacity COP27 will be the 27th such conference to take place in Sharm Al Sheikh Egypt in November 2022 It is important that we have at the table representatives of intermediary cities and local governments We also need to press that Loss and Damage as a facility is created and approved so that nations having difficulties because of climate change can benefit from this new facility said His Excellency Danny Faure former president of Seychelles Watch video Interview of HE Danny Faure https bit ly 3sXRK81 Loss and damage are a general term used in the United Nations climate negotiations to refer to the consequences of climate extreme events hitting communities ill prepared to face them Loss and damage refer to the consideration that the Africa is responsible for less than 4 of greenhouse gas emissions but is one of the regions of the world most impacted by the consequences of global warming it did not participate in producing Loss and damage also refer to the compensation that Africa should be receiving from the rest of the world for the role it is playing in carbon sinking notably through the Forest of the Congo Basin and Africa s wetlands It is about maintaining dignified living standards for the population in forest area to ensure that they do not engage in deforestation to earn a living On the other hand it should be noted that a conversation took place between two former heads of State and Young Leaders of local governments of Africa aged 35 or below After the dialogue between the former heads of State and young leaders an UCLG Africa honorary membership award ceremony was organised during which the two former heads of State gave their honorary membership attributes to the nominees in the 5 colleges of UCLG Africa honorary members namely the college of former mayors and leaders of subnational and local governments the college of the academia the college of the private sector and the college of UCLG partners in exclusion of the college of former heads of State The following members received their honorary membership attributes from the hands of President Chissano and President Faure College of former Mayors and Leaders of subnational and local government Governments of Africa Ms Rose Christiane Ossouka Raponda former Mayor of Libreville and Prime Minister of Gabon Mrs Celestine Ketcha Court s former Mayor of Bagangte Cameroon and former President REFELA Minister of Urban Development and Housing Cameroon Mr Jeannot Ahoussou Kouadio President of the Senate C te d Ivoire Mr Daby Diagne former Mayor of Louga Senegal and former President last President of the United Towns Organization UTO Mr Hugues Ngou lond l former Mayor of Brazzaville Congo and former President of UCLG Africa Mr Tarayia Ole Kores former President Association of Local Government Authorities of Kenya ALGAK and former President UCLG Africa Mr Khalifa Sall former Mayor of Dakar Senegal and former President of UCLG Africa Mr Mpho Moruakgomo former President of the Botswana Association of Local Authorities BALA and former Vice President UCLG Africa Mr Thabo Manyoni former Mayor of Magaung South Africa former President of the South African Local Government Association SALGA and former Vice President of UCLG Africa Mr Eneas Comiche Mayor of Maputo Mozambique former Vice President of UCLG Africa Mr Ahmed Hamza former Mayor of Nouakchott Mauritania and former Vice President UCLG Africa Mr Omar Bahraoui former Mayor of Rabat Morocco and former Vice President of UCLG Africa and Mr Simon Compaor former Mayor of Ouagadougou and former member of UCLG Africa s Executive Committee College of Academia Professor Akinlawon Mabogunje former Dean of the Faculty of Geography University of Ibadan Nigeria College of the Private Sector Mr Seidnaly Aphadi Fashion designer Niger Category of UCLG Africa Partners Mr John Dossavi President of RAPEC Togo the association of African Professionals in the area of Culture the man behind the celebration of the UNESCO World Day of African and Afro descendent Culture on 24 January every year and Mr William Cobbett former Director at the Cities Alliance Secretariat and former Director General for the National Department of Housing in President Nelson Mandela s Government of National Unity South Africa MEETING OF MINISTERS The Ministers meeting is one of the three parallel meetings of the political segment being held over the last two days of the Africities Summit The Ministers meeting includes African ministers who are members of the African Union s Specialized Technical Committee on Public Service Local Government Urban Development and Decentralization STC 8 as well as ministers in charge of Finance and or the Economy Drawing lessons from the COVID 19 pandemic the ministers confirmed the resolve of African governments to minimize dependency from the world market for commodities and services indispensable for the day to day living conditions of the people such as food systems or health services and strive and improve self reliance through the promotion of local economies economic that connect closely intermediary cities with their rural hinterlands which should be instrumental to building a more balanced spatial development of human settlements at national regional and continental levels in line with the UN s New Urban Agenda The ministers confirmed that COVID 19 puts a huge burden on African public finances that makes it difficult for the national level to make adequate transfer of resources to the local governments as it should have They suggested therefore that innovative forms of funding be sought for subnational and local governments including improving local government owned sourced revenues but also the recourse to innovative instruments such as public private partnership or bonds issuing on the capital market The proposal by UCLG Africa to set up a special purpose vehicle the Africa Territorial Agency ATA is a welcome move to the right direction and should be supported The ministers also confirmed the rightness and urgency to pay more attention to intermediary cities in national urban policies They acknowledged the need to bring the issue of the role of cities including intermediary cities in the structural transformation of Africa to the attention of the heads of State and Government of the African Union to form part of the agenda of one of their nearest conferences with the support of the African Union Commission The ministers also bought in the proposal to make culture the fourth pillar of sustainable development in sync with the proposal of the 2021 African Union Year tagged the African Year for heritage arts and culture They fully supported the proposal by UCLG Africa to celebrate the African Capitals of Culture biennially They welcomed the celebration of the city of Rabat as the first African Capital of Culture for the years 2022 2023 The ministers acknowledged the fundamental change introduced by the digitalization of society They committed to support the digital transformation of the continent and committed to facilitate ICT investment and equipment as well as skilling local governments staff in digital governance They welcomed the establishment of the network of smart intermediary cities headed by the City of Benguerir Morocco The ministers also welcome the adoption of the Local Government Charter on Gender Equality and committed to the implementation of its provisions in the different African countries The ministers finally discussed and adopted the questions they wished to ask to Mayors on the hand and to Development partners in the other hand in the framework of the tripartite dialogue roundtable between ministers mayors and development partners They also agreed on the five ministers that would be on the delegation of ministers at the tripartite dialogue roundtable to be held on May 21 2022 namely the ministers from Tanzania Rwanda Niger Mozambique and Egypt We have done enough exchanges benchmarking comparisons contrasts a feel of best experiences and also what level each one of us is at It is now really a question of putting into practice what we are preaching when we get back and come the next convention we should be able to report on the deliverables and what we have picked out of such a large convention and hopefully it should not be a talking shop said Hon Gary Nkombo Minister of Local Government and Rural Development Zambia MEETING OF MAYORS The meeting of mayors and leaders of subnational and local governments of Africa was first called to reflect on the implementation of the decentralization policy within the African continent The participants in the meeting recommended that the triennial Report on the institutional enabling environment created by the national governments in favor of city and subnational and local governments serve as the basis of a permanent dialogue between the central State and the local governments on the implementation of the decentralization policy The celebration of the Decentralization Day on August 10 each year can serve as a moment for presenting the local governments perspective of the implementation of the decentralization policy in each African country The meeting of Mayors recognized that local governments has been at the forefront in fighting unforeseen COVID 19 pandemic which has resulted in unexpected expenditure and the reduction of owned sourced revenues of around 30 to 50 Hence the proposal to include subnational and local government among the beneficiaries of Post COVID support packages The meeting of Mayors gave its full support to the setting up of the Africa Territorial Agency the special purpose vehicle aimed at facilitating access of African cities and territories to the capital market The meeting also praised the effort of UCLG Africa to facilitate access of African local government to climate finance and fully supported the organization of a Forum of Mayors for Climate in the official program of COP 27 in Sharm Al Sheikh Egypt The meeting of Mayors recognized that from now on the digital transformation of subnational and local governments is a must and has become the urgent duty of the day They therefore committed to embark into the digitalization their governance and operations They praised the efforts of UCLG Africa that has digitalized the operations of its Academy ALGA by putting in place an e academy and welcome the partnership established with the 01Talent Company aiming at producing 500 000 young coding specialists in African cities and territories within the coming 10 years The mayors as well welcomed the proposal to set up a e trading capacity building program to allow young Africans to become traders on the principal stock exchange in the world while still residing back home in Africa Mayors also recommended the involvement of all stakeholders of the territory in digital transformation through the development of living labs approaches The meeting of Mayors valued the decentralization cooperation as a means to associate subnational and local governments into the dynamism of African integration to fight discrimination against migrant populations to embed the implementation of the African Continental Free Trade Area into the social cultural as well economic realities of the continent reflected in intermediary cities and to participate in the early warning mechanism on conflicts put in place by the African Union at the level of the Regional Economic Communities To that effect the meeting of Mayors recommended that a mechanism be in place to encourage the participation of local governments in the regional economic dynamic An example of such mechanism is given by the Council of Territorial Governments CCT established as a body the West African Economic and Monetary Union WAEMU a part of the Economic Community of West African Stated ECOWAS The meeting of Mayors recommended therefore to put in place a council of subnational and local governments in the different Regional Economic Communities mirroring the High Council of African Local Authorities set up as a consultative body of the African Union The meeting of Mayors recommended that all regional economic communities define cross borders decentralized cooperation programs for cities and territories to be able to transform the borders of African countries inherited from colonial times from breaking points to stitching points following the wise word of His Excellency Alpha Oumar Konar former President of Mali and former President of the African Union Commission The meeting of Mayors urged all African countries to sign and ratify the African Charter on the Values and Principles of Decentralization Local Governance and Local Development The meeting also called on all city and territorial governments of Africa to adopt the African Charter on Gender Equality proposed by the REFELA the network of female Mayors and Local Elected Officials of Africa The meeting of Mayors praised the initiative of the Kingdom of Morocco to set up an African Fund for International Decentralized Cooperation that supports city to city partnerships in Africa and called for the setting up of such decentralization cooperation funds in many other countries of Africa in order to build contribute through robust decentralized cooperation programs to the emergence of the Africa of the Peoples above and beyond the Africa of post colonial National States thus contributing to building African integration from its cities and territories The meeting of Mayors considered that intermediary cities are the support points for the emergence of strong local economies a sine qua non for the bifurcation towards the road to a more economically resilient ecologically sustainable and socially just and inclusive development pathway The meeting supported therefore the effort of cities and territories engaged in the rethinking of their development policies and strategies taking into account the Sustainable Development Goals and the objectives of Agenda 2063 of the African Union The meeting of Mayors endorsed the proposal by the Youth Day to create youth empowerment councils bringing together youth organizations to take care of identifying opportunities for younger generations in terms of education employment and investment and to advise the municipality on policies dedicated to youth in order to address the challenge of youth at odds with peaceful social relations and prey to delinquency and crime We have discussed several things but one of the key things that we hope will be implemented after the tripartite discussions is the harmonization of structures across Africa This is because some countries have a minister in charge of Decentralization working directly with local authorities and other countries do not have it This is why there is a discrepancy in budgets because some countries have 2 of their national resources allocated to subnational and local governments budgets while others have 15 This is a huge difference and harmonizing of infrastructure would be a win said Mrs Khady Niang SYLLA Deputy Mayor of Dakar The meeting of Mayors then approved the five questions they would ask to ministers and development partners during the tripartite dialogue roundtable as well the delegates representing the Mayors and leaders of subnational governments namely Mayor Mrs L khiel Mayor of Arbaoua Morocco Mrs Kady Niang Deputy Mayor of Dakar Senegal Mrs Maria Helena Langa Mayor of Mandlakazi Mozambique Mr Rama Mayor of District 4 City of N Djamena Chad and Mr Kitour Mayor of Eldoret Kenya MEETING OF DEVELOPMENT PARTNERS The Development Partners meeting approved the 5 questions to be submitted to the ministers and mayors and subnational governments leaders They also debated and proposed the roadmap to be adopted at the end of the Summit This roadmap is supposed to make sure the support of development partners contributes to strengthening the place and role of intermediary cities in the implementation of the United Nations 2030 Agenda and of the African Union s Agenda 2063 One of the things we ask the mayors as development partners is what do you want and what do you need We do ask these questions because local authorities are the best engineers of development We hope that some of the donors including the major players will start to say we want to see how to finance local authorities directly said Laurent Bossard Director of the Sahel and West Africa Club OECD Upcoming sessions On May 21st the focus will be on the tripartite roundtable between ministers mayors and development partners and on the presentation of declarations and adoption of the roadmap for the ninth edition of the Africities summit and the official closing session followed up by the official closing gala dinner Video B Roll Day 4 https bit ly 3LSnAKc
    9th Africities Summit: Official Opening of Political Segment
      The fourth day of the Africities summit started with the official opening of the political segment which was marked by a conversation between two former African heads of State namely His Excellency Joaquim Chissano former President of Mozambique and His Excellency Danny Faure former President of Seychelles The main topic of the conversation was Thriving the way for the future of Africa in a world of turmoil The young elected officials invited the former heads of State to reflect and advise them around the unbalanced share of public financial and human resources between the national level and the local level on the centrality of cities and territories as places hit by the consequences of climate change and paradoxically their absence at the table when discussing climate action on the proposal to devise a program for upgrading tou7nghe infrastructure and equipment of local governments including intermediary cities within the pan African framework as was the case with the NEPAD major infrastructure program for intermediary cities to play their rightful role as engineering places for the African Continental Free Trade Area a booster for African integration on making cross border decentralized cooperation a tool for African integration and finally on arguments to put forward to give hope to young Africans that they have a future on this continent instead for them dying in the Mediterranean trying to find their future outside the continent In response His Excellency Joaquim Chissano told the leaders of local governments that as much as it is OK to engage national governments for a better share of public resources between the national and the local levels of government there is need also to find creative ways of mobilising locally the resources they need It would be important for local governments to engage in dialogue between themselves and the central government and ensure that there s a permanent space for dialogue through associations for example to discuss the issues they have said His Excellency Joaquim Chissano former President of Mozambique With regards to climate change His Excellency Danny Faure urged United Cities and Local Governments of Africa to fight and ensure that local governments have a seat at the negotiating table during the upcoming COP 27 in Egypt COP is the name given to the annual meeting of world leaders in a climate change capacity COP27 will be the 27th such conference to take place in Sharm Al Sheikh Egypt in November 2022 It is important that we have at the table representatives of intermediary cities and local governments We also need to press that Loss and Damage as a facility is created and approved so that nations having difficulties because of climate change can benefit from this new facility said His Excellency Danny Faure former president of Seychelles Watch video Interview of HE Danny Faure https bit ly 3sXRK81 Loss and damage are a general term used in the United Nations climate negotiations to refer to the consequences of climate extreme events hitting communities ill prepared to face them Loss and damage refer to the consideration that the Africa is responsible for less than 4 of greenhouse gas emissions but is one of the regions of the world most impacted by the consequences of global warming it did not participate in producing Loss and damage also refer to the compensation that Africa should be receiving from the rest of the world for the role it is playing in carbon sinking notably through the Forest of the Congo Basin and Africa s wetlands It is about maintaining dignified living standards for the population in forest area to ensure that they do not engage in deforestation to earn a living On the other hand it should be noted that a conversation took place between two former heads of State and Young Leaders of local governments of Africa aged 35 or below After the dialogue between the former heads of State and young leaders an UCLG Africa honorary membership award ceremony was organised during which the two former heads of State gave their honorary membership attributes to the nominees in the 5 colleges of UCLG Africa honorary members namely the college of former mayors and leaders of subnational and local governments the college of the academia the college of the private sector and the college of UCLG partners in exclusion of the college of former heads of State The following members received their honorary membership attributes from the hands of President Chissano and President Faure College of former Mayors and Leaders of subnational and local government Governments of Africa Ms Rose Christiane Ossouka Raponda former Mayor of Libreville and Prime Minister of Gabon Mrs Celestine Ketcha Court s former Mayor of Bagangte Cameroon and former President REFELA Minister of Urban Development and Housing Cameroon Mr Jeannot Ahoussou Kouadio President of the Senate C te d Ivoire Mr Daby Diagne former Mayor of Louga Senegal and former President last President of the United Towns Organization UTO Mr Hugues Ngou lond l former Mayor of Brazzaville Congo and former President of UCLG Africa Mr Tarayia Ole Kores former President Association of Local Government Authorities of Kenya ALGAK and former President UCLG Africa Mr Khalifa Sall former Mayor of Dakar Senegal and former President of UCLG Africa Mr Mpho Moruakgomo former President of the Botswana Association of Local Authorities BALA and former Vice President UCLG Africa Mr Thabo Manyoni former Mayor of Magaung South Africa former President of the South African Local Government Association SALGA and former Vice President of UCLG Africa Mr Eneas Comiche Mayor of Maputo Mozambique former Vice President of UCLG Africa Mr Ahmed Hamza former Mayor of Nouakchott Mauritania and former Vice President UCLG Africa Mr Omar Bahraoui former Mayor of Rabat Morocco and former Vice President of UCLG Africa and Mr Simon Compaor former Mayor of Ouagadougou and former member of UCLG Africa s Executive Committee College of Academia Professor Akinlawon Mabogunje former Dean of the Faculty of Geography University of Ibadan Nigeria College of the Private Sector Mr Seidnaly Aphadi Fashion designer Niger Category of UCLG Africa Partners Mr John Dossavi President of RAPEC Togo the association of African Professionals in the area of Culture the man behind the celebration of the UNESCO World Day of African and Afro descendent Culture on 24 January every year and Mr William Cobbett former Director at the Cities Alliance Secretariat and former Director General for the National Department of Housing in President Nelson Mandela s Government of National Unity South Africa MEETING OF MINISTERS The Ministers meeting is one of the three parallel meetings of the political segment being held over the last two days of the Africities Summit The Ministers meeting includes African ministers who are members of the African Union s Specialized Technical Committee on Public Service Local Government Urban Development and Decentralization STC 8 as well as ministers in charge of Finance and or the Economy Drawing lessons from the COVID 19 pandemic the ministers confirmed the resolve of African governments to minimize dependency from the world market for commodities and services indispensable for the day to day living conditions of the people such as food systems or health services and strive and improve self reliance through the promotion of local economies economic that connect closely intermediary cities with their rural hinterlands which should be instrumental to building a more balanced spatial development of human settlements at national regional and continental levels in line with the UN s New Urban Agenda The ministers confirmed that COVID 19 puts a huge burden on African public finances that makes it difficult for the national level to make adequate transfer of resources to the local governments as it should have They suggested therefore that innovative forms of funding be sought for subnational and local governments including improving local government owned sourced revenues but also the recourse to innovative instruments such as public private partnership or bonds issuing on the capital market The proposal by UCLG Africa to set up a special purpose vehicle the Africa Territorial Agency ATA is a welcome move to the right direction and should be supported The ministers also confirmed the rightness and urgency to pay more attention to intermediary cities in national urban policies They acknowledged the need to bring the issue of the role of cities including intermediary cities in the structural transformation of Africa to the attention of the heads of State and Government of the African Union to form part of the agenda of one of their nearest conferences with the support of the African Union Commission The ministers also bought in the proposal to make culture the fourth pillar of sustainable development in sync with the proposal of the 2021 African Union Year tagged the African Year for heritage arts and culture They fully supported the proposal by UCLG Africa to celebrate the African Capitals of Culture biennially They welcomed the celebration of the city of Rabat as the first African Capital of Culture for the years 2022 2023 The ministers acknowledged the fundamental change introduced by the digitalization of society They committed to support the digital transformation of the continent and committed to facilitate ICT investment and equipment as well as skilling local governments staff in digital governance They welcomed the establishment of the network of smart intermediary cities headed by the City of Benguerir Morocco The ministers also welcome the adoption of the Local Government Charter on Gender Equality and committed to the implementation of its provisions in the different African countries The ministers finally discussed and adopted the questions they wished to ask to Mayors on the hand and to Development partners in the other hand in the framework of the tripartite dialogue roundtable between ministers mayors and development partners They also agreed on the five ministers that would be on the delegation of ministers at the tripartite dialogue roundtable to be held on May 21 2022 namely the ministers from Tanzania Rwanda Niger Mozambique and Egypt We have done enough exchanges benchmarking comparisons contrasts a feel of best experiences and also what level each one of us is at It is now really a question of putting into practice what we are preaching when we get back and come the next convention we should be able to report on the deliverables and what we have picked out of such a large convention and hopefully it should not be a talking shop said Hon Gary Nkombo Minister of Local Government and Rural Development Zambia MEETING OF MAYORS The meeting of mayors and leaders of subnational and local governments of Africa was first called to reflect on the implementation of the decentralization policy within the African continent The participants in the meeting recommended that the triennial Report on the institutional enabling environment created by the national governments in favor of city and subnational and local governments serve as the basis of a permanent dialogue between the central State and the local governments on the implementation of the decentralization policy The celebration of the Decentralization Day on August 10 each year can serve as a moment for presenting the local governments perspective of the implementation of the decentralization policy in each African country The meeting of Mayors recognized that local governments has been at the forefront in fighting unforeseen COVID 19 pandemic which has resulted in unexpected expenditure and the reduction of owned sourced revenues of around 30 to 50 Hence the proposal to include subnational and local government among the beneficiaries of Post COVID support packages The meeting of Mayors gave its full support to the setting up of the Africa Territorial Agency the special purpose vehicle aimed at facilitating access of African cities and territories to the capital market The meeting also praised the effort of UCLG Africa to facilitate access of African local government to climate finance and fully supported the organization of a Forum of Mayors for Climate in the official program of COP 27 in Sharm Al Sheikh Egypt The meeting of Mayors recognized that from now on the digital transformation of subnational and local governments is a must and has become the urgent duty of the day They therefore committed to embark into the digitalization their governance and operations They praised the efforts of UCLG Africa that has digitalized the operations of its Academy ALGA by putting in place an e academy and welcome the partnership established with the 01Talent Company aiming at producing 500 000 young coding specialists in African cities and territories within the coming 10 years The mayors as well welcomed the proposal to set up a e trading capacity building program to allow young Africans to become traders on the principal stock exchange in the world while still residing back home in Africa Mayors also recommended the involvement of all stakeholders of the territory in digital transformation through the development of living labs approaches The meeting of Mayors valued the decentralization cooperation as a means to associate subnational and local governments into the dynamism of African integration to fight discrimination against migrant populations to embed the implementation of the African Continental Free Trade Area into the social cultural as well economic realities of the continent reflected in intermediary cities and to participate in the early warning mechanism on conflicts put in place by the African Union at the level of the Regional Economic Communities To that effect the meeting of Mayors recommended that a mechanism be in place to encourage the participation of local governments in the regional economic dynamic An example of such mechanism is given by the Council of Territorial Governments CCT established as a body the West African Economic and Monetary Union WAEMU a part of the Economic Community of West African Stated ECOWAS The meeting of Mayors recommended therefore to put in place a council of subnational and local governments in the different Regional Economic Communities mirroring the High Council of African Local Authorities set up as a consultative body of the African Union The meeting of Mayors recommended that all regional economic communities define cross borders decentralized cooperation programs for cities and territories to be able to transform the borders of African countries inherited from colonial times from breaking points to stitching points following the wise word of His Excellency Alpha Oumar Konar former President of Mali and former President of the African Union Commission The meeting of Mayors urged all African countries to sign and ratify the African Charter on the Values and Principles of Decentralization Local Governance and Local Development The meeting also called on all city and territorial governments of Africa to adopt the African Charter on Gender Equality proposed by the REFELA the network of female Mayors and Local Elected Officials of Africa The meeting of Mayors praised the initiative of the Kingdom of Morocco to set up an African Fund for International Decentralized Cooperation that supports city to city partnerships in Africa and called for the setting up of such decentralization cooperation funds in many other countries of Africa in order to build contribute through robust decentralized cooperation programs to the emergence of the Africa of the Peoples above and beyond the Africa of post colonial National States thus contributing to building African integration from its cities and territories The meeting of Mayors considered that intermediary cities are the support points for the emergence of strong local economies a sine qua non for the bifurcation towards the road to a more economically resilient ecologically sustainable and socially just and inclusive development pathway The meeting supported therefore the effort of cities and territories engaged in the rethinking of their development policies and strategies taking into account the Sustainable Development Goals and the objectives of Agenda 2063 of the African Union The meeting of Mayors endorsed the proposal by the Youth Day to create youth empowerment councils bringing together youth organizations to take care of identifying opportunities for younger generations in terms of education employment and investment and to advise the municipality on policies dedicated to youth in order to address the challenge of youth at odds with peaceful social relations and prey to delinquency and crime We have discussed several things but one of the key things that we hope will be implemented after the tripartite discussions is the harmonization of structures across Africa This is because some countries have a minister in charge of Decentralization working directly with local authorities and other countries do not have it This is why there is a discrepancy in budgets because some countries have 2 of their national resources allocated to subnational and local governments budgets while others have 15 This is a huge difference and harmonizing of infrastructure would be a win said Mrs Khady Niang SYLLA Deputy Mayor of Dakar The meeting of Mayors then approved the five questions they would ask to ministers and development partners during the tripartite dialogue roundtable as well the delegates representing the Mayors and leaders of subnational governments namely Mayor Mrs L khiel Mayor of Arbaoua Morocco Mrs Kady Niang Deputy Mayor of Dakar Senegal Mrs Maria Helena Langa Mayor of Mandlakazi Mozambique Mr Rama Mayor of District 4 City of N Djamena Chad and Mr Kitour Mayor of Eldoret Kenya MEETING OF DEVELOPMENT PARTNERS The Development Partners meeting approved the 5 questions to be submitted to the ministers and mayors and subnational governments leaders They also debated and proposed the roadmap to be adopted at the end of the Summit This roadmap is supposed to make sure the support of development partners contributes to strengthening the place and role of intermediary cities in the implementation of the United Nations 2030 Agenda and of the African Union s Agenda 2063 One of the things we ask the mayors as development partners is what do you want and what do you need We do ask these questions because local authorities are the best engineers of development We hope that some of the donors including the major players will start to say we want to see how to finance local authorities directly said Laurent Bossard Director of the Sahel and West Africa Club OECD Upcoming sessions On May 21st the focus will be on the tripartite roundtable between ministers mayors and development partners and on the presentation of declarations and adoption of the roadmap for the ninth edition of the Africities summit and the official closing session followed up by the official closing gala dinner Video B Roll Day 4 https bit ly 3LSnAKc
    9th Africities Summit: Official Opening of Political Segment
    Africa4 months ago

    9th Africities Summit: Official Opening of Political Segment

    The fourth day of the Africities summit started with the official opening of the political segment which was marked by a conversation between two former African heads of State namely, His Excellency Joaquim Chissano, former President of Mozambique and His Excellency Danny Faure former President of Seychelles. The main topic of the conversation was “Thriving the way for the future of Africa in a world of turmoil”. The young elected officials invited the former heads of State to reflect and advise them around the unbalanced  share of public financial and human resources between the national level and the local  level; on the centrality of cities and territories as places hit by the consequences of climate change and paradoxically their absence at the table when discussing climate action; on the proposal to devise a program for upgrading tou7nghe infrastructure and equipment of local governments, including intermediary cities, within the pan-African framework, as was the case with the NEPAD major infrastructure program, for intermediary cities to play their rightful role as engineering places for the African Continental Free Trade Area, a booster for African integration; on making cross-border decentralized cooperation a tool for African integration; and finally on arguments to put forward to give hope to young Africans that they have a future on this continent instead for them dying in the Mediterranean trying to find their future outside the continent.

    In response, His Excellency Joaquim Chissano told the leaders of local governments that as much as it is OK to engage national governments for a better share of public resources between the national and the local levels of government, there is need also to find creative ways of mobilising locally the resources they need.

    “It would be important for local governments to engage in dialogue between themselves and the central government and ensure that there’s a permanent space for dialogue through associations for example to discuss the issues they have” said His Excellency Joaquim Chissano, former President of Mozambique.

    With regards to climate change, His Excellency Danny Faure urged United Cities and Local Governments of Africa to fight and ensure that local governments have a seat at the negotiating table during the upcoming COP 27 in Egypt. COP is the name given to the annual meeting of world leaders in a climate change capacity. COP27 will be the 27th such conference to take place in Sharm- Al-Sheikh, Egypt, in November 2022.

    “It is important that we have at the table representatives of intermediary cities and local governments. We also need to press that "Loss and Damage" as a facility is created and approved so that nations having difficulties because of climate change can benefit from this new facility” said His Excellency Danny Faure, former president of Seychelles. (Watch video Interview of HE Danny Faure: https://bit.ly/3sXRK81)

    Loss and damage are a general term used in the United Nations climate negotiations to refer to the consequences of climate extreme events hitting communities ill-prepared to face them. Loss and damage refer to the consideration that the Africa is responsible for less than 4% of greenhouse gas emissions but is one of the regions of the world most impacted by the consequences of global warming it did not participate in producing. Loss and damage also refer to the compensation that Africa should be receiving from the rest of the world for the role it is playing in carbon sinking, notably through the Forest of the Congo Basin and Africa’s wetlands. It is about maintaining dignified living standards for the population in forest area to ensure that they do not engage in deforestation to earn a living.  

    On the other hand, it should be noted that a conversation took place between two former heads of State and Young Leaders of local governments of Africa aged 35 or below.

    After the dialogue between the former heads of State and young leaders, an UCLG Africa honorary membership award ceremony was organised, during which the two former heads of State gave their honorary membership attributes to  the nominees in  the  5 colleges of UCLG Africa honorary members, namely the college of former mayors and leaders of subnational and local governments, the college of the academia, the college of the private sector, and the college of UCLG partners, in exclusion of the college of former heads of State.

    The following members received their honorary membership attributes from the hands of President Chissano and President Faure:

    College of former Mayors and Leaders of subnational and local  government Governments of Africa: Ms. Rose Christiane Ossouka-Raponda, former Mayor of Libreville, and Prime Minister of Gabon; Mrs Celestine Ketcha Courtès, former Mayor of Bagangte, Cameroon, and former President, REFELA, Minister of Urban Development and Housing, Cameroon;   Mr. Jeannot Ahoussou Kouadio, President of the Senate, Côte d’Ivoire; Mr. Daby Diagne, former Mayor of Louga, Senegal, and former President last President of the United Towns Organization (UTO) ; Mr Hugues Ngouélondélé, former Mayor of Brazzaville, Congo, and former President of UCLG Africa; Mr Tarayia Ole Kores, former President, Association of Local Government Authorities of Kenya, ALGAK, and former President, UCLG Africa; Mr Khalifa Sall, former Mayor of Dakar, Senegal, and former President of UCLG Africa; Mr Mpho Moruakgomo, former President of the Botswana Association of Local Authorities, BALA, and former Vice President, UCLG Africa; Mr Thabo Manyoni, former Mayor of Magaung, South Africa, former President of the South African Local Government Association, SALGA, and former Vice President of UCLG Africa; Mr Eneas Comiche, Mayor of Maputo, Mozambique, former Vice President of UCLG Africa; Mr Ahmed Hamza, former Mayor of Nouakchott, Mauritania and former Vice President, UCLG Africa; Mr Omar Bahraoui, former Mayor of Rabat, Morocco, and former Vice President of UCLG Africa; and Mr Simon Compaoré, former Mayor of Ouagadougou, and former member of UCLG Africa´s Executive Committee.

    College of Academia: Professor Akinlawon Mabogunje, former Dean of the Faculty of Geography, University of Ibadan, Nigeria

    College of the Private Sector: Mr Seidnaly Aphadi, Fashion designer, Niger

    Category of UCLG Africa Partners: Mr. John Dossavi, President of RAPEC, Togo, the association of African Professionals in the area of Culture, the man behind the celebration of the UNESCO World Day of African and Afro-descendent Culture on 24 January every year; and Mr William Cobbett, former Director, at the Cities Alliance Secretariat, and former Director General for the National Department of Housing in President Nelson Mandela’s Government of National Unity, South Africa.

    MEETING OF MINISTERS

    The Ministers' meeting is one of the three parallel meetings of the political segment being held over the last two days of the Africities Summit.  The Ministers' meeting includes African ministers who are members of the African Union's Specialized Technical Committee on Public Service, Local Government, Urban Development and Decentralization (STC 8); as well as ministers in charge of Finance and/or the Economy.

    Drawing lessons from the COVID-19 pandemic, the ministers confirmed the resolve of African governments to minimize dependency from the world market for commodities and services indispensable for the day-to-day living conditions of the people such as food systems or health services; and strive and improve self-reliance through the promotion of local economies economic that connect closely intermediary cities with their rural hinterlands, which should be instrumental to building a more balanced spatial development of human settlements at national, regional and continental levels, in line with the UN´s New Urban Agenda.

    The ministers confirmed that COVID-19 puts a huge burden on African public finances that makes it difficult for the national level to make adequate transfer of resources to the local governments as it should have. They suggested therefore that innovative forms of funding be sought for subnational and local governments, including improving local government owned-sourced revenues, but also the recourse to innovative instruments such as public-private-partnership or bonds issuing on the capital market. The proposal by UCLG Africa to set up a special purpose vehicle, the Africa Territorial Agency, ATA, is a welcome move to the right direction and should be supported.   

    The ministers also confirmed the rightness and urgency to pay more attention to intermediary cities in national urban policies. They acknowledged the need to bring the issue of the role of cities including intermediary cities in the structural transformation of Africa to the attention of the heads of State and Government of the African Union to form part of the agenda of one of their nearest conferences, with the support of the African Union Commission.

    The ministers also bought in the proposal to make culture the fourth pillar of sustainable development in sync with the proposal of the 2021 African Union Year tagged the African Year for heritage, arts, and culture. They fully supported the proposal by UCLG Africa to celebrate the African Capitals of Culture biennially. They welcomed the celebration of the city of Rabat as the first African Capital of Culture for the years 2022-2023.  

    The ministers acknowledged the fundamental change introduced by the digitalization of society. They committed to support the digital transformation of the continent and committed to facilitate ICT investment and equipment as well as skilling local governments staff in digital governance. They welcomed the establishment of the network of smart intermediary cities headed by the City of Benguerir, Morocco.

    The ministers also welcome the adoption of the Local Government Charter on Gender Equality and committed to the implementation of its provisions in the different African countries.

    The ministers finally discussed and adopted the questions they wished to ask to Mayors on the hand, and to Development partners in the other hand, in the framework of the tripartite dialogue roundtable between ministers, mayors and development partners. They also agreed on the five ministers that would be on the delegation of ministers at the tripartite dialogue roundtable to be held on May 21, 2022, namely, the ministers from Tanzania, Rwanda, Niger, Mozambique, and Egypt.

    “We have done enough exchanges, benchmarking, comparisons, contrasts, a feel of best experiences, and also what level each one of us is at. It is now really a question of putting into practice what we are preaching when we get back; and come the next convention, we should be able to report on the deliverables and what we have picked out of such a large convention and hopefully it should not be a talking shop” said Hon. Gary Nkombo, Minister of Local Government and Rural Development, Zambia.

    MEETING OF MAYORS

    The meeting of mayors and leaders of subnational and local governments of Africa was first called to reflect on the implementation of the decentralization policy within the African continent. The participants in the meeting recommended that the triennial Report on the institutional enabling environment created by the national governments in favor of city and subnational and local governments serve as the basis of a permanent dialogue between the central State and the local governments on the implementation of the decentralization policy. The celebration of the Decentralization Day on August 10 each year can serve as a moment for presenting the local governments´ perspective of the implementation of the decentralization policy in each African country.

    The meeting of Mayors recognized that local governments has been at the forefront in fighting unforeseen COVID-19 pandemic, which has resulted in unexpected expenditure, and the reduction of owned-sourced revenues of around 30% to 50 %. Hence the proposal to include subnational and local government among the beneficiaries of Post-COVID support packages.

    The meeting of Mayors gave its full support to the setting up of the Africa Territorial Agency, the special purpose vehicle aimed at facilitating access of African cities and territories to the capital market. The meeting also praised the effort of UCLG Africa to facilitate access of African local government to climate finance; and fully supported the organization of a Forum of Mayors for Climate in the official program of COP 27 in Sharm-Al-Sheikh, Egypt.

    The meeting of Mayors recognized that, from now on, the digital transformation of subnational and local governments is a must and has become the urgent duty of the day. They therefore committed to embark into the digitalization their governance and operations. They praised the efforts of UCLG Africa that has digitalized the operations of its Academy, ALGA, by putting in place an e-academy and welcome the partnership established with the 01Talent Company aiming at producing 500.000 young coding specialists in African cities and territories within the coming 10 years. The mayors as well welcomed the proposal to set up a e-trading capacity building program to allow young Africans to become traders on the principal stock exchange in the world while still residing back home in Africa. Mayors also recommended the involvement of all stakeholders of the territory in digital transformation through the development of living labs approaches.

    The meeting of Mayors valued the decentralization cooperation as a means to associate subnational and local governments into the dynamism of African integration; to fight discrimination against migrant populations; to embed  the implementation of the African Continental Free Trade Area into the social, cultural  as well economic realities of the continent reflected in intermediary cities; and to participate in the early warning mechanism on conflicts put in place by the African Union at the level of the Regional Economic Communities. To that effect, the meeting of Mayors recommended that a mechanism be in place to encourage the participation of local governments in the regional economic dynamic. An example of such mechanism is given by the Council of Territorial Governments, CCT, established as a body the West African Economic and Monetary Union, WAEMU, a part of the Economic Community of West African Stated (ECOWAS). The meeting of Mayors recommended therefore to put in place a council of subnational and local governments in the different Regional Economic Communities, mirroring the High Council of African Local Authorities set up as a consultative body of the African Union.

    The meeting of Mayors recommended that all regional economic communities define cross-borders decentralized cooperation programs for cities and territories to be able to transform the borders of African countries inherited from colonial times from "breaking points to stitching points", following the wise word of His Excellency Alpha Oumar Konaré, former President of Mali and former President of the African Union Commission. 

    The meeting of Mayors urged all African countries to sign and ratify the African Charter on the Values and Principles of Decentralization, Local Governance and Local Development. The meeting also called on all city and territorial governments of Africa to adopt the African Charter on Gender Equality proposed by the REFELA, the network of female Mayors and Local Elected Officials of Africa.

    The meeting of Mayors praised the initiative of the Kingdom of Morocco to set up an African Fund for International Decentralized Cooperation that supports city-to-city partnerships in Africa; and called for the setting up of such decentralization cooperation funds in many other countries of Africa in order to build contribute, through robust decentralized cooperation programs, to the emergence of the “Africa of the Peoples above and beyond the Africa of post-colonial National States”, thus contributing to building African integration from its cities and territories.

    The meeting of Mayors considered that intermediary cities are the support points for the emergence of strong local economies, a sine qua non for the bifurcation towards the road to a more economically resilient, ecologically sustainable, and socially just and inclusive development pathway. The meeting supported therefore the effort of cities and territories engaged in the rethinking of their development policies and strategies, taking into account the Sustainable Development Goals and the objectives of Agenda 2063 of the African Union.

    The meeting of Mayors endorsed the proposal by the Youth Day to create youth empowerment councils bringing together youth organizations to take care of identifying opportunities for younger generations in terms of education, employment, and investment, and to advise the municipality on policies dedicated to youth in order to address the challenge of youth at odds with peaceful social relations and prey to delinquency and crime.

    “We have discussed several things but one of the key things that we hope will be implemented after the tripartite discussions is the harmonization of structures across Africa. This is because some countries have a minister in charge of Decentralization working directly with local authorities and other countries do not have it. This is why there is a discrepancy in budgets because some countries have 2% of their national resources allocated to subnational and local governments budgets while others have 15%. This is a huge difference and harmonizing of infrastructure would be a win” said Mrs. Khady Niang SYLLA, Deputy Mayor of Dakar.

    The meeting of Mayors then approved the five questions they would ask to ministers and development partners during the tripartite dialogue roundtable as well the delegates representing the Mayors and leaders of subnational governments, namely, Mayor Mrs. L´khiel, Mayor of Arbaoua, Morocco; Mrs. Kady Niang Deputy Mayor of Dakar, Senegal, Mrs. Maria Helena Langa, Mayor of Mandlakazi, Mozambique; Mr. Rama, Mayor of District 4, City of N’Djamena,  Chad; and Mr. Kitour, Mayor of Eldoret, Kenya.

    MEETING OF DEVELOPMENT PARTNERS

    The Development Partners meeting approved the 5 questions to be submitted to the ministers and mayors and subnational governments leaders. They also debated and proposed the roadmap to be adopted at the end of the Summit. This roadmap is supposed to make sure the support of development partners contributes to strengthening the place and role of intermediary cities in the implementation of the United Nations´ 2030 Agenda and of the African Union´s Agenda 2063.

    “One of the things we ask the mayors as development partners is what do you want and what do you need? We do ask these questions because local authorities are the best engineers of development. We hope that some of the donors including the major players will start to say:  we want to see how to finance local authorities directly”, said Laurent Bossard, Director of the Sahel and West Africa Club - OECD.

    Upcoming sessions

    On May 21st, the focus will be on the tripartite roundtable between ministers, mayors, and development partners, and on the presentation of declarations and adoption of the roadmap for the ninth edition of the Africities summit, and the official closing session, followed up by the official closing gala dinner.

    Video: B-Roll Day 4: https://bit.ly/3LSnAKc

  •   The ECOWAS Commission organized the Seventh 7th Regional Meeting on the draft ECOWAS Offer from April 25 to 27 2022 on the Protocol on Trade in Services within the framework of the Continental Free Trade Area African AfCFTA Before declaring the meeting open the Director of Bilateral Regional and Multilateral Trade of the Ministry of Commerce and Industry of the Republic of Ghana Mr Mickson OPOKU expressed his gratitude to the ECOWAS Commission for its support in the development of the capacity of the Member States to effectively negotiate Trade in Services He highlighted the fundamental role of the services sector for the development of national and regional economies and urged the participants to work hard to finalize their offers taking into account the expectations of their respective countries and the general objectives of the region On behalf of Mr T i KONZI ECOWAS Trade Customs and Free Circulation Commissioner Mr Kolawole SOFOLA Acting Director of Trade highlighted the support provided by the ECOWAS Commission to its member States such as technical assistance and capacity building to ensure that their Offer projects in the five 5 priority Sectors of Trade in Services are in accordance with the negotiation modalities as well as guarantee that the regional acquis is preserved Mr Desiree LOUMOU Lead Expert Trade in Services at the AfCFTA Secretariat on behalf of Ms Emily MBURU Director of Trade in Services at the AfCFTA Secretariat commended the ECOWAS Commission and its Member States for their active participation in the negotiation process and to present their Initial Offers in the five 5 priority Sectors of Trade in Services She reiterated the AfCFTA Secretariat s commitment to support African Union AU member states including ECOWAS in finalizing their offers The 7th Regional Meeting reviewed the draft ECOWAS Offer for the AfCFTA trade in services negotiations and held bilateral sessions between the ECOWAS Commission and Member States to address the various technical issues to ensure they comply with the agreed modalities and guidelines of the AfCFTA negotiations as well as considering requests from third parties The meeting was attended by experts on trade in services from ECOWAS Member States and Mauritania Officials of the ECOWAS and WAEMU Commissions and representatives of the AfCFTA Secretariat Forty two 42 African countries are now State Parties to the AfCFTA Agreement Forty 40 state parties and seven 7 non state parties have submitted bids The five 5 priority sectors of Trade in Services are Business Services Communication services Financial services services relating to tourism and travel and Transportation Services
    ECOWAS Experts Meet to Consider Draft Offer on Trade in Services for the African Continental Free Trade Area (AfCFTA)
      The ECOWAS Commission organized the Seventh 7th Regional Meeting on the draft ECOWAS Offer from April 25 to 27 2022 on the Protocol on Trade in Services within the framework of the Continental Free Trade Area African AfCFTA Before declaring the meeting open the Director of Bilateral Regional and Multilateral Trade of the Ministry of Commerce and Industry of the Republic of Ghana Mr Mickson OPOKU expressed his gratitude to the ECOWAS Commission for its support in the development of the capacity of the Member States to effectively negotiate Trade in Services He highlighted the fundamental role of the services sector for the development of national and regional economies and urged the participants to work hard to finalize their offers taking into account the expectations of their respective countries and the general objectives of the region On behalf of Mr T i KONZI ECOWAS Trade Customs and Free Circulation Commissioner Mr Kolawole SOFOLA Acting Director of Trade highlighted the support provided by the ECOWAS Commission to its member States such as technical assistance and capacity building to ensure that their Offer projects in the five 5 priority Sectors of Trade in Services are in accordance with the negotiation modalities as well as guarantee that the regional acquis is preserved Mr Desiree LOUMOU Lead Expert Trade in Services at the AfCFTA Secretariat on behalf of Ms Emily MBURU Director of Trade in Services at the AfCFTA Secretariat commended the ECOWAS Commission and its Member States for their active participation in the negotiation process and to present their Initial Offers in the five 5 priority Sectors of Trade in Services She reiterated the AfCFTA Secretariat s commitment to support African Union AU member states including ECOWAS in finalizing their offers The 7th Regional Meeting reviewed the draft ECOWAS Offer for the AfCFTA trade in services negotiations and held bilateral sessions between the ECOWAS Commission and Member States to address the various technical issues to ensure they comply with the agreed modalities and guidelines of the AfCFTA negotiations as well as considering requests from third parties The meeting was attended by experts on trade in services from ECOWAS Member States and Mauritania Officials of the ECOWAS and WAEMU Commissions and representatives of the AfCFTA Secretariat Forty two 42 African countries are now State Parties to the AfCFTA Agreement Forty 40 state parties and seven 7 non state parties have submitted bids The five 5 priority sectors of Trade in Services are Business Services Communication services Financial services services relating to tourism and travel and Transportation Services
    ECOWAS Experts Meet to Consider Draft Offer on Trade in Services for the African Continental Free Trade Area (AfCFTA)
    Africa5 months ago

    ECOWAS Experts Meet to Consider Draft Offer on Trade in Services for the African Continental Free Trade Area (AfCFTA)

    The ECOWAS Commission organized the Seventh (7th) Regional Meeting on the draft ECOWAS Offer, from April 25 to 27, 2022, on the Protocol on Trade in Services within the framework of the Continental Free Trade Area African (AfCFTA).

    Before declaring the meeting open, the Director of Bilateral, Regional and Multilateral Trade of the Ministry of Commerce and Industry of the Republic of Ghana, Mr. Mickson OPOKU, expressed his gratitude to the ECOWAS Commission for its support in the development of the capacity of the Member States to effectively negotiate Trade in Services. He highlighted the fundamental role of the services sector for the development of national and regional economies, and urged the participants to work hard to finalize their offers taking into account the expectations of their respective countries and the general objectives of the region.

    On behalf of Mr. Tèi KONZI, ECOWAS Trade, Customs and Free Circulation Commissioner, Mr. Kolawole SOFOLA, Acting Director of Trade, highlighted the support provided by the ECOWAS Commission to its member States, such as technical assistance and capacity building, to ensure that their Offer projects in the five (5) priority Sectors of Trade in Services are in accordance with the negotiation modalities, as well as guarantee that the regional acquis is preserved.

    Mr Desiree LOUMOU, Lead Expert - Trade in Services at the AfCFTA Secretariat, on behalf of Ms Emily MBURU, Director of Trade in Services at the AfCFTA Secretariat, commended the ECOWAS Commission and its Member States for their active participation in the negotiation process. , and to present their Initial Offers in the five (5) priority Sectors of Trade in Services. She reiterated the AfCFTA Secretariat's commitment to support African Union (AU) member states, including ECOWAS, in finalizing their offers.

    The 7th Regional Meeting reviewed the draft ECOWAS Offer for the AfCFTA trade in services negotiations and held bilateral sessions between the ECOWAS Commission and Member States to address the various technical issues to ensure they comply with the agreed modalities and guidelines. of the AfCFTA negotiations, as well as considering requests from third parties.

    The meeting was attended by experts on trade in services from ECOWAS Member States and Mauritania; Officials of the ECOWAS and WAEMU Commissions; and representatives of the AfCFTA Secretariat.

    Forty-two (42) African countries are now State Parties to the AfCFTA Agreement. Forty (40) state parties and seven (7) non-state parties have submitted bids. The five (5) priority sectors of Trade in Services are Business Services; Communication services; Financial services; services relating to tourism and travel; and Transportation Services.

  •  Dr Akinwumi Adesina president of the African Development Bank AfDB says the bank has secured an investment of 15 6 billion for the construction of the Lagos Abidjan highway Adesina tweeted this on his akin_adesina Twitter account obtained by the Nigerian News Agency on Friday in Abuja He said the investment would strengthen regional trade and integration in West Africa by linking the interior of the different Participating Member Countries PMCs The president said the investment would include providing seaport access to landlocked countries and some West African states in transition to vibrant seaports NAN reports that the Lagos Abidjan highway interconnects the capitals of five West African states covering approximately 1 028 km and eight border crossings They are Ivory Coast Ghana Togo Benin and Nigeria The Abidjan Lagos Corridor is a flagship project of the Program for Infrastructure Development in Africa PIDA It forms part of the broader Dakar Lagos Corridor and an important part of the Trans African Highway Network within the ECOWAS region The current alignment of the corridor runs through all the main economic centers of the five PMCs from Bingerville a suburb of Abidjan to Mile 2 Eric Moore in Lagos In a statement issued recently by the AfDB it was said that the Abidjan Lagos project is a key regional trade and transport corridor interconnecting some of Africa s largest and most economically dynamic cities Abidjan Accra Cotonou Lom and Lagos He also said that the corridor links other corridors along the north south axis and interconnects the landlocked countries of Burkina Faso Mali Niger and Chad The corridor interconnects the most densely populated and economically active parts of the subregion it intersects with a railway network and major The transport sector in West Africa plays a key role in the economic development of the region and generates between five and eight percent of its Gross Domestic Product GDP This remains mindful of the fact that an efficient regional transportation network is a necessary infrastructure to promote regional trade and socioeconomic development among other things ECOWAS and WAEMU member states have consistently committed to funding designated regional transportation corridors The Abidjan Lagos transport corridor currently supports approximately 75 percent of sub regional business activities However a combination of hard and soft infrastructure deficiencies negates its optimal contribution to regional economic growth the Bank said NAN
    AfDB secures .6bn investment for construction of Lagos-Abidjan highway
     Dr Akinwumi Adesina president of the African Development Bank AfDB says the bank has secured an investment of 15 6 billion for the construction of the Lagos Abidjan highway Adesina tweeted this on his akin_adesina Twitter account obtained by the Nigerian News Agency on Friday in Abuja He said the investment would strengthen regional trade and integration in West Africa by linking the interior of the different Participating Member Countries PMCs The president said the investment would include providing seaport access to landlocked countries and some West African states in transition to vibrant seaports NAN reports that the Lagos Abidjan highway interconnects the capitals of five West African states covering approximately 1 028 km and eight border crossings They are Ivory Coast Ghana Togo Benin and Nigeria The Abidjan Lagos Corridor is a flagship project of the Program for Infrastructure Development in Africa PIDA It forms part of the broader Dakar Lagos Corridor and an important part of the Trans African Highway Network within the ECOWAS region The current alignment of the corridor runs through all the main economic centers of the five PMCs from Bingerville a suburb of Abidjan to Mile 2 Eric Moore in Lagos In a statement issued recently by the AfDB it was said that the Abidjan Lagos project is a key regional trade and transport corridor interconnecting some of Africa s largest and most economically dynamic cities Abidjan Accra Cotonou Lom and Lagos He also said that the corridor links other corridors along the north south axis and interconnects the landlocked countries of Burkina Faso Mali Niger and Chad The corridor interconnects the most densely populated and economically active parts of the subregion it intersects with a railway network and major The transport sector in West Africa plays a key role in the economic development of the region and generates between five and eight percent of its Gross Domestic Product GDP This remains mindful of the fact that an efficient regional transportation network is a necessary infrastructure to promote regional trade and socioeconomic development among other things ECOWAS and WAEMU member states have consistently committed to funding designated regional transportation corridors The Abidjan Lagos transport corridor currently supports approximately 75 percent of sub regional business activities However a combination of hard and soft infrastructure deficiencies negates its optimal contribution to regional economic growth the Bank said NAN
    AfDB secures .6bn investment for construction of Lagos-Abidjan highway
    Economy5 months ago

    AfDB secures $15.6bn investment for construction of Lagos-Abidjan highway

    Dr. Akinwumi Adesina, president of the African Development Bank (AfDB), says the bank has secured an investment of $15.6 billion for the construction of the Lagos-Abidjan highway.

    Adesina tweeted this on his @akin_adesina Twitter account obtained by the Nigerian News Agency on Friday in Abuja.

    He said the investment would strengthen regional trade and integration in West Africa by linking the interior of the different Participating Member Countries (PMCs).

    The president said the investment would include providing seaport access to landlocked countries and some West African states in transition to vibrant seaports.

    NAN reports that the Lagos-Abidjan highway interconnects the capitals of five West African states, covering approximately 1,028 km and eight border crossings.

    They are Ivory Coast, Ghana, Togo, Benin and Nigeria.

    The Abidjan-Lagos Corridor is a flagship project of the Program for Infrastructure Development in Africa (PIDA).

    It forms part of the broader Dakar-Lagos Corridor and an important part of the Trans-African Highway Network within the ECOWAS region.

    The current alignment of the corridor runs through all the main economic centers of the five PMCs from "Bingerville", a suburb of Abidjan, to Mile 2 (Eric Moore), in Lagos.

    In a statement issued recently by the AfDB, it was said that the Abidjan Lagos project is a key regional trade and transport corridor interconnecting some of Africa's largest and most economically dynamic cities, Abidjan, Accra, Cotonou, Lomé and Lagos.

    He also said that the corridor links other corridors along the north-south axis and interconnects the landlocked countries of Burkina Faso, Mali, Niger and Chad.

    “The corridor interconnects the most densely populated and economically active parts of the subregion: it intersects with a railway network and major .

    “The transport sector in West Africa plays a key role in the economic development of the region and generates between five and eight percent of its Gross Domestic Product (GDP).

    “This remains mindful of the fact that an efficient regional transportation network is a necessary infrastructure to promote regional trade and socioeconomic development, among other things.

    “ECOWAS and WAEMU member states have consistently committed to funding designated regional transportation corridors.

    “The Abidjan-Lagos transport corridor currently supports approximately 75 percent of sub-regional business activities.

    "However, a combination of hard and soft infrastructure deficiencies negates its optimal contribution to regional economic growth," the Bank said.

    (NAN)

  •   An International Monetary Fund IMF mission led by Mr Luca Antonio Ricci conducted the 2022 Article IV consultation talks with the authorities from April 5 to 15 At the conclusion of the mission Mr Ricci made the following statement C te d Ivoire s economy has remained resilient in the face of the pandemic due to the rapid and well designed response policies of the Ivorian authorities COVID related deaths have been low by international standards while vaccination efforts continue and about half of the target population have received a first dose so far After a 2 percent slowdown in 2020 economic growth is expected to rebound strongly to an estimated 7 percent in 2021 driven by a pick up in consumption and investment Price inflation reached 5 6 in December 2021 mainly reflecting an increase in world prices before falling slightly to 4 5 in March The overall fiscal deficit reached 5 1 percent of GDP in 2021 percent of GDP below the budget forecast mainly due to gains from strengthening the tax administration and ongoing digitization efforts which in turn offset higher spending on security The deteriorating external environment related to the war in Ukraine is expected to influence the macroeconomic outlook in 2022 IMF staff forecast growth to slow to 6 this year due to subdued global demand deteriorating terms of trade and greater uncertainty The authorities have taken a series of temporary measures to contain the effects of the war in Ukraine and preserve food security including maximum prices for various food products subsidies for petroleum products and export permit requirements for some staple foods The macroeconomic outlook is favourable but C te d Ivoire still faces external downside risks These risks stem primarily from the global fallout from the war in Ukraine tighter monetary policy in advanced countries and the associated rise in the cost of borrowing as well as continued instability in some neighboring countries The country also faces upside risks in particular the recent substantial discovery of oil and gas and a determined implementation of reforms under the National Development Plan NDP 2021 25 could help boost the medium term outlook The staff encouraged the authorities to closely assess the impact of the measures that have been taken so far to mitigate the effects of the war in Ukraine and to ensure that such measures do not create market distortions remain temporary and are well targeted to the most vulnerable and remain in line with medium term fiscal sustainability objectives Staff emphasized the importance of preserving macroeconomic and debt sustainability by properly anchoring expectations The staff anticipates that to the extent that the external situation improves it will remain feasible to achieve the WAEMU convergence criterion of a 3 fiscal deficit target by 2024 Over time it will also be essential to rebuild the buffers C te d Ivoire authorities and IMF staff agreed that continuing to strengthen domestic revenue mobilization is crucial to financing critical spending and improving macroeconomic resilience Despite recent efforts tax revenues remain relatively low by international standards Staff noted the need to continue mobilizing additional domestic resources for priority spending to promote social convergence as well as to finance critical infrastructure and public services IMF staff welcomed the National Development Plan NDP 2021 25 approved in December 2021 which aims to accelerate economic and social transformation It emphasizes improving the role of the private sector industrialization human capital productivity and governance The authorities must continue to improve the business environment and infrastructure safeguarding property rights promoting access to credit and encouraging export diversification It is also crucial to continue developing sustainable policies for adaptation to climate change and mitigation of associated risks Continuing to improve the provision of public services and deepening social convergence remains essential to support more inclusive and sustainable growth The authorities made significant efforts under the government social program PSGouv 2019 2020 in particular expanding access to electricity drinking water and education throughout the country However efforts must continue to improve both the efficiency of spending and access to more efficient public services In this regard ongoing efforts to improve access to health care expand training for health professionals and strengthen vocational training programs are welcome The IMF team would like to express its appreciation to the authorities and other stakeholders for the open and constructive discussions The IMF team met with Prime Minister Patrick Achi the Minister and Secretary General of the Presidency Abdourahmane Ciss the Minister of State for Agriculture and Rural Development Kobenan Kouassi Adjoumani the Minister of Economy and Finance Adama Coulibaly the Minister of Budget and State Assets Moussa Sanogo the Minister of Planning and Development Nial Kaba the Minister of Public Services and Modernization of the Administration Anne D sir e Ouloto the Minister of Public Health Sanitation and Universal Health Coverage Pierre Dimba the Minister of Mining Oil and Energy Thomas Camara Minister for Environment and Sustainable Development Jean Luc Assi Minister for Trade and Industry Souleymane Diarrassouba Minister for Technical and Vocational Training Koffi N Guessan National Director of BCEAO Chalouho Coulibaly and other senior government and BCEAO officials as well as representatives from the business and donor communities
    IMF Staff Completes 2022 Article IV Mission to Côte d’Ivoire
      An International Monetary Fund IMF mission led by Mr Luca Antonio Ricci conducted the 2022 Article IV consultation talks with the authorities from April 5 to 15 At the conclusion of the mission Mr Ricci made the following statement C te d Ivoire s economy has remained resilient in the face of the pandemic due to the rapid and well designed response policies of the Ivorian authorities COVID related deaths have been low by international standards while vaccination efforts continue and about half of the target population have received a first dose so far After a 2 percent slowdown in 2020 economic growth is expected to rebound strongly to an estimated 7 percent in 2021 driven by a pick up in consumption and investment Price inflation reached 5 6 in December 2021 mainly reflecting an increase in world prices before falling slightly to 4 5 in March The overall fiscal deficit reached 5 1 percent of GDP in 2021 percent of GDP below the budget forecast mainly due to gains from strengthening the tax administration and ongoing digitization efforts which in turn offset higher spending on security The deteriorating external environment related to the war in Ukraine is expected to influence the macroeconomic outlook in 2022 IMF staff forecast growth to slow to 6 this year due to subdued global demand deteriorating terms of trade and greater uncertainty The authorities have taken a series of temporary measures to contain the effects of the war in Ukraine and preserve food security including maximum prices for various food products subsidies for petroleum products and export permit requirements for some staple foods The macroeconomic outlook is favourable but C te d Ivoire still faces external downside risks These risks stem primarily from the global fallout from the war in Ukraine tighter monetary policy in advanced countries and the associated rise in the cost of borrowing as well as continued instability in some neighboring countries The country also faces upside risks in particular the recent substantial discovery of oil and gas and a determined implementation of reforms under the National Development Plan NDP 2021 25 could help boost the medium term outlook The staff encouraged the authorities to closely assess the impact of the measures that have been taken so far to mitigate the effects of the war in Ukraine and to ensure that such measures do not create market distortions remain temporary and are well targeted to the most vulnerable and remain in line with medium term fiscal sustainability objectives Staff emphasized the importance of preserving macroeconomic and debt sustainability by properly anchoring expectations The staff anticipates that to the extent that the external situation improves it will remain feasible to achieve the WAEMU convergence criterion of a 3 fiscal deficit target by 2024 Over time it will also be essential to rebuild the buffers C te d Ivoire authorities and IMF staff agreed that continuing to strengthen domestic revenue mobilization is crucial to financing critical spending and improving macroeconomic resilience Despite recent efforts tax revenues remain relatively low by international standards Staff noted the need to continue mobilizing additional domestic resources for priority spending to promote social convergence as well as to finance critical infrastructure and public services IMF staff welcomed the National Development Plan NDP 2021 25 approved in December 2021 which aims to accelerate economic and social transformation It emphasizes improving the role of the private sector industrialization human capital productivity and governance The authorities must continue to improve the business environment and infrastructure safeguarding property rights promoting access to credit and encouraging export diversification It is also crucial to continue developing sustainable policies for adaptation to climate change and mitigation of associated risks Continuing to improve the provision of public services and deepening social convergence remains essential to support more inclusive and sustainable growth The authorities made significant efforts under the government social program PSGouv 2019 2020 in particular expanding access to electricity drinking water and education throughout the country However efforts must continue to improve both the efficiency of spending and access to more efficient public services In this regard ongoing efforts to improve access to health care expand training for health professionals and strengthen vocational training programs are welcome The IMF team would like to express its appreciation to the authorities and other stakeholders for the open and constructive discussions The IMF team met with Prime Minister Patrick Achi the Minister and Secretary General of the Presidency Abdourahmane Ciss the Minister of State for Agriculture and Rural Development Kobenan Kouassi Adjoumani the Minister of Economy and Finance Adama Coulibaly the Minister of Budget and State Assets Moussa Sanogo the Minister of Planning and Development Nial Kaba the Minister of Public Services and Modernization of the Administration Anne D sir e Ouloto the Minister of Public Health Sanitation and Universal Health Coverage Pierre Dimba the Minister of Mining Oil and Energy Thomas Camara Minister for Environment and Sustainable Development Jean Luc Assi Minister for Trade and Industry Souleymane Diarrassouba Minister for Technical and Vocational Training Koffi N Guessan National Director of BCEAO Chalouho Coulibaly and other senior government and BCEAO officials as well as representatives from the business and donor communities
    IMF Staff Completes 2022 Article IV Mission to Côte d’Ivoire
    Africa6 months ago

    IMF Staff Completes 2022 Article IV Mission to Côte d’Ivoire

    An International Monetary Fund (IMF) mission, led by Mr. Luca Antonio Ricci, conducted the 2022 Article IV consultation talks with the authorities from April 5 to 15.

    At the conclusion of the mission, Mr. Ricci made the following statement:

    “Côte d'Ivoire's economy has remained resilient in the face of the pandemic due to the rapid and well-designed response policies of the Ivorian authorities. COVID-related deaths have been low by international standards, while vaccination efforts continue and about half of the target population have received a first dose so far.

    “After a 2 percent slowdown in 2020, economic growth is expected to rebound strongly to an estimated 7 percent in 2021, driven by a pick-up in consumption and investment. Price inflation reached 5.6% in December 2021, mainly reflecting an increase in world prices, before falling slightly to 4.5% in March. The overall fiscal deficit reached 5.1 percent of GDP in 2021, ½ percent of GDP below the budget forecast, mainly due to gains from strengthening the tax administration and ongoing digitization efforts, which in turn offset higher spending on security.

    “The deteriorating external environment related to the war in Ukraine is expected to influence the macroeconomic outlook in 2022. IMF staff forecast growth to slow to 6% this year due to subdued global demand, deteriorating terms of trade and greater uncertainty. The authorities have taken a series of temporary measures to contain the effects of the war in Ukraine and preserve food security, including maximum prices for various food products, subsidies for petroleum products and export permit requirements for some staple foods.

    “The macroeconomic outlook is favourable, but Côte d'Ivoire still faces external downside risks. These risks stem primarily from the global fallout from the war in Ukraine, tighter monetary policy in advanced countries and the associated rise in the cost of borrowing, as well as continued instability in some neighboring countries. The country also faces upside risks, in particular the recent substantial discovery of oil and gas and a determined implementation of reforms under the National Development Plan (NDP) 2021-25 could help boost the medium-term outlook.

    “The staff encouraged the authorities to closely assess the impact of the measures that have been taken so far to mitigate the effects of the war in Ukraine and to ensure that such measures do not create market distortions, remain temporary and are well targeted. to the most vulnerable. and remain in line with medium-term fiscal sustainability objectives.

    “Staff emphasized the importance of preserving macroeconomic and debt sustainability by properly anchoring expectations. The staff anticipates that, to the extent that the external situation improves, it will remain feasible to achieve the WAEMU convergence criterion of a 3% fiscal deficit target by 2024. Over time, it will also be essential to rebuild the buffers.

    “Côte d'Ivoire authorities and IMF staff agreed that continuing to strengthen domestic revenue mobilization is crucial to financing critical spending and improving macroeconomic resilience. Despite recent efforts, tax revenues remain relatively low by international standards. Staff noted the need to continue mobilizing additional domestic resources for priority spending to promote social convergence, as well as to finance critical infrastructure and public services.

    “IMF staff welcomed the National Development Plan (NDP) 2021-25 approved in December 2021, which aims to accelerate economic and social transformation. It emphasizes improving the role of the private sector, industrialization, human capital, productivity, and governance. The authorities must continue to improve the business environment and infrastructure, safeguarding property rights, promoting access to credit, and encouraging export diversification. It is also crucial to continue developing sustainable policies for adaptation to climate change and mitigation of associated risks.

    “Continuing to improve the provision of public services and deepening social convergence remains essential to support more inclusive and sustainable growth. The authorities made significant efforts under the government social program PSGouv 2019-2020, in particular, expanding access to electricity, drinking water and education throughout the country. However, efforts must continue to improve both the efficiency of spending and access to more efficient public services. In this regard, ongoing efforts to improve access to health care, expand training for health professionals, and strengthen vocational training programs are welcome.

    "The IMF team would like to express its appreciation to the authorities and other stakeholders for the open and constructive discussions."

    The IMF team met with Prime Minister Patrick Achi; the Minister and Secretary General of the Presidency Abdourahmane Cissé; the Minister of State for Agriculture and Rural Development, Kobenan Kouassi Adjoumani, the Minister of Economy and Finance, Adama Coulibaly; the Minister of Budget and State Assets, Moussa Sanogo; the Minister of Planning and Development, Nialé Kaba; the Minister of Public Services and Modernization of the Administration, Anne Désirée Ouloto; the Minister of Public Health, Sanitation and Universal Health Coverage, Pierre Dimba; the Minister of Mining, Oil and Energy Thomas Camara; Minister for Environment and Sustainable Development Jean-Luc Assi, Minister for Trade and Industry Souleymane Diarrassouba, Minister for Technical and Vocational Training Koffi N'Guessan, National Director of BCEAO Chalouho Coulibaly; and other senior government and BCEAO officials, as well as representatives from the business and donor communities.

  •   Fiscal policy must remain anchored in a credible revenue based consolidation towards a fiscal deficit of 3 of GDP by 2024 WASHINGTON DC United States of America January 11 2022 APO Group Recent indicators suggest that a strong recovery is taking place driven by industrial production services and retail activity The number of COVID 19 cases remains comparatively low and around 14 percent of the adult population is vaccinated The results of the program continue to be satisfactory Along with PCI the SCF SBA arrangements are helping to support the authorities response to the crisis promote a broad based recovery catalyze additional concessional financing and strengthen UEMOA s external position The completion of the first reviews under the SCF SBA allows the disbursement of SDR 129 4 million about US 180 million Maintaining macroeconomic stability improving public service delivery phasing out energy subsidies increasing investment in education and social protection as well as accelerating reforms aimed at overcoming key constraints for private sector development they will support strong inclusive and job rich growth Today the Executive Board of the International Monetary Fund IMF completed the Fourth Review under the Policy Coordination Instrument PCI 1 and the First Reviews Under the Stand by Agreement SBA 2 and the Agreement under the Standby Credit Facility SCF 3 Completion of the reviews allows for the release of SDR 129 4 million about US 180 million bringing total disbursements under the agreements to SDR 258 8 million about US 360 million Senegal s three year ICP was approved on January 10 2020 and is based on three pillars i achieving inclusive and private sector led growth ii consolidating macroeconomic stability through prudent fiscal policy and solid debt and iii manage oil and gas revenues in a sustainable and transparent manner see Press Release No 20 06 Senegal s 18 month SCF SBA arrangements totaling 140 percent of the quota were approved on June 7 2021 to help support the authorities response to the COVID 19 crisis catalyze financing additional concessionaire and strengthen the country s external position WAEMU see Press Release No 21 259 Authorities are meeting their commitments regarding transparency of COVID 19 spending have released detailed budget execution reports a special audit of the COVID 19 fund and an audit on the regularity of COVID 19 recruitment procedures The final report of the Court of Auditors on the 2020 budget and the execution of the COVID 19 spending is expected in March 2022 The Executive Board also concluded the 2021 Article IV consultation 4 with Senegal A strong economic recovery has been taking place since mid 2020 driven by industrial production and the service sector and 2021 growth has been revised up from 3 to around 5 percent The recovery is expected to continue into 2022 and beyond with a temporary new boost in oil and gas production in 2023 24 The 2021 second supplementary budget incorporates additional one off expenditures related to the use of approximately two thirds of Senegal s SDR allocation 0 9 of GDP to support recovery and strengthen social protection and the health sector including the national production of vaccines This along with additional spending on energy subsidies will bring the 2021 deficit to 6 3 percent of GDP Senegal s public sector debt is projected to reach 73 percent of GDP in 2021 before gradually decreasing to less than 60 percent of GDP The 2021 current account deficit is projected to widen to 10 6 of GDP and decline to around 5 of GDP in the medium term The financial system remained resilient during the pandemic in part due to the accommodative stance of the regional central bank BCEAO including the additional provision of liquidity to banks The outlook is for stronger and more sustained activity as the impact of the pandemic is waning but it is subject to significant uncertainty and risks are sloping downward These include repeated COVID 19 outbreaks a deteriorating regional security situation delays in the start of oil and gas production and a rapid rise in global interest rates Following the Executive Board discussion Mr Kenji Okamura Deputy Managing Director and Acting President issued the following statement The COVID 19 pandemic interrupted a decade of high growth and development in Senegal It caused serious difficulties for many households although the impact on the Senegalese economy was mitigated by the vigorous response of the authorities Senegal s economy is now on the way to a solid recovery The outlook is favorable as long as risks and growing vulnerabilities are well managed Risks are sloping to the downside including the prolonged impact of the pandemic higher oil prices a volatile regional security environment slower implementation of reforms and delays in the start of oil and gas production Public debt has risen continuously in recent years and risks to debt sustainability must be carefully monitored The authorities reform agenda supported by the Policy Coordination Instrument the Stand By Agreement and the agreement under the Standby Credit Facility remains appropriate to achieve the objectives of the strong and inclusive growth program while maintaining macroeconomic stability and risks to debt sustainability are limited Fiscal policy must remain anchored in a credible revenue based consolidation towards a fiscal deficit of 3 percent of GDP by 2024 in line with WAEMU commitments Communication and implementation of the medium term revenue mobilization strategy and steps to limit fuel subsidies while protecting the vulnerable are essential in this regard Achieving more inclusive growth will also require further improving the business environment enhancing the social safety net expanding access to quality education and tackling youth unemployment The SDR allocation provides additional policy space to support the health sector and economic recovery Ongoing reforms to improve public financial management will help strengthen the efficiency and transparency of spending particularly for SDR related spending While the financial system remained resilient during the pandemic long standing weaknesses including deficiencies in the AML CFT framework will need to be addressed and reforms to promote financial inclusion must be accelerated 1 The PCI is a non financial tool open to all members of the International Monetary Fund IMF It enables them to signal commitment to reforms and catalyze funding from other sources The establishment of the ICP is part of the Fund s broader effort to strengthen the global financial safety net a network of insurance and loan instruments that countries can turn to if faced with a crisis 2 In an economic crisis countries often need financing to help them overcome their balance of payments problems Since its inception in June 1952 the IMF s SBA has been the workhorse lending instrument for advanced and emerging market countries The SBA was updated in 2009 along with the Fund s broader toolkit to be more flexible and responsive to the needs of member countries Terms were streamlined and simplified and more funds were made available upfront The reform also allows for wider elevated access on a precautionary basis 3 The SCF provides financial assistance to low income countries LICs with short term balance of payments needs The SCF was created within the framework of the Poverty Reduction and Growth Trust PRGT as part of a broader reform to make the Fund s financial support more flexible and better tailored to the diverse needs of countries in the world low income even in times of shocks or crises 4 Pursuant to Article IV of the Articles of Agreement of the IMF the IMF holds bilateral discussions with members generally every year A team of staff visits the country collects economic and financial information and discusses with officials the country s economic and political developments Upon returning to headquarters staff prepare a report which forms the basis for the Executive Board discussion
    IMF Executive Board Completes the Fourth Review Under the Policy Coordination Instrument and the First Reviews Under the Stand-By Arrangement and the Arrangement Under the Standby Credit Facility, and Concludes the 2021 Article IV Consultation for Senegal
      Fiscal policy must remain anchored in a credible revenue based consolidation towards a fiscal deficit of 3 of GDP by 2024 WASHINGTON DC United States of America January 11 2022 APO Group Recent indicators suggest that a strong recovery is taking place driven by industrial production services and retail activity The number of COVID 19 cases remains comparatively low and around 14 percent of the adult population is vaccinated The results of the program continue to be satisfactory Along with PCI the SCF SBA arrangements are helping to support the authorities response to the crisis promote a broad based recovery catalyze additional concessional financing and strengthen UEMOA s external position The completion of the first reviews under the SCF SBA allows the disbursement of SDR 129 4 million about US 180 million Maintaining macroeconomic stability improving public service delivery phasing out energy subsidies increasing investment in education and social protection as well as accelerating reforms aimed at overcoming key constraints for private sector development they will support strong inclusive and job rich growth Today the Executive Board of the International Monetary Fund IMF completed the Fourth Review under the Policy Coordination Instrument PCI 1 and the First Reviews Under the Stand by Agreement SBA 2 and the Agreement under the Standby Credit Facility SCF 3 Completion of the reviews allows for the release of SDR 129 4 million about US 180 million bringing total disbursements under the agreements to SDR 258 8 million about US 360 million Senegal s three year ICP was approved on January 10 2020 and is based on three pillars i achieving inclusive and private sector led growth ii consolidating macroeconomic stability through prudent fiscal policy and solid debt and iii manage oil and gas revenues in a sustainable and transparent manner see Press Release No 20 06 Senegal s 18 month SCF SBA arrangements totaling 140 percent of the quota were approved on June 7 2021 to help support the authorities response to the COVID 19 crisis catalyze financing additional concessionaire and strengthen the country s external position WAEMU see Press Release No 21 259 Authorities are meeting their commitments regarding transparency of COVID 19 spending have released detailed budget execution reports a special audit of the COVID 19 fund and an audit on the regularity of COVID 19 recruitment procedures The final report of the Court of Auditors on the 2020 budget and the execution of the COVID 19 spending is expected in March 2022 The Executive Board also concluded the 2021 Article IV consultation 4 with Senegal A strong economic recovery has been taking place since mid 2020 driven by industrial production and the service sector and 2021 growth has been revised up from 3 to around 5 percent The recovery is expected to continue into 2022 and beyond with a temporary new boost in oil and gas production in 2023 24 The 2021 second supplementary budget incorporates additional one off expenditures related to the use of approximately two thirds of Senegal s SDR allocation 0 9 of GDP to support recovery and strengthen social protection and the health sector including the national production of vaccines This along with additional spending on energy subsidies will bring the 2021 deficit to 6 3 percent of GDP Senegal s public sector debt is projected to reach 73 percent of GDP in 2021 before gradually decreasing to less than 60 percent of GDP The 2021 current account deficit is projected to widen to 10 6 of GDP and decline to around 5 of GDP in the medium term The financial system remained resilient during the pandemic in part due to the accommodative stance of the regional central bank BCEAO including the additional provision of liquidity to banks The outlook is for stronger and more sustained activity as the impact of the pandemic is waning but it is subject to significant uncertainty and risks are sloping downward These include repeated COVID 19 outbreaks a deteriorating regional security situation delays in the start of oil and gas production and a rapid rise in global interest rates Following the Executive Board discussion Mr Kenji Okamura Deputy Managing Director and Acting President issued the following statement The COVID 19 pandemic interrupted a decade of high growth and development in Senegal It caused serious difficulties for many households although the impact on the Senegalese economy was mitigated by the vigorous response of the authorities Senegal s economy is now on the way to a solid recovery The outlook is favorable as long as risks and growing vulnerabilities are well managed Risks are sloping to the downside including the prolonged impact of the pandemic higher oil prices a volatile regional security environment slower implementation of reforms and delays in the start of oil and gas production Public debt has risen continuously in recent years and risks to debt sustainability must be carefully monitored The authorities reform agenda supported by the Policy Coordination Instrument the Stand By Agreement and the agreement under the Standby Credit Facility remains appropriate to achieve the objectives of the strong and inclusive growth program while maintaining macroeconomic stability and risks to debt sustainability are limited Fiscal policy must remain anchored in a credible revenue based consolidation towards a fiscal deficit of 3 percent of GDP by 2024 in line with WAEMU commitments Communication and implementation of the medium term revenue mobilization strategy and steps to limit fuel subsidies while protecting the vulnerable are essential in this regard Achieving more inclusive growth will also require further improving the business environment enhancing the social safety net expanding access to quality education and tackling youth unemployment The SDR allocation provides additional policy space to support the health sector and economic recovery Ongoing reforms to improve public financial management will help strengthen the efficiency and transparency of spending particularly for SDR related spending While the financial system remained resilient during the pandemic long standing weaknesses including deficiencies in the AML CFT framework will need to be addressed and reforms to promote financial inclusion must be accelerated 1 The PCI is a non financial tool open to all members of the International Monetary Fund IMF It enables them to signal commitment to reforms and catalyze funding from other sources The establishment of the ICP is part of the Fund s broader effort to strengthen the global financial safety net a network of insurance and loan instruments that countries can turn to if faced with a crisis 2 In an economic crisis countries often need financing to help them overcome their balance of payments problems Since its inception in June 1952 the IMF s SBA has been the workhorse lending instrument for advanced and emerging market countries The SBA was updated in 2009 along with the Fund s broader toolkit to be more flexible and responsive to the needs of member countries Terms were streamlined and simplified and more funds were made available upfront The reform also allows for wider elevated access on a precautionary basis 3 The SCF provides financial assistance to low income countries LICs with short term balance of payments needs The SCF was created within the framework of the Poverty Reduction and Growth Trust PRGT as part of a broader reform to make the Fund s financial support more flexible and better tailored to the diverse needs of countries in the world low income even in times of shocks or crises 4 Pursuant to Article IV of the Articles of Agreement of the IMF the IMF holds bilateral discussions with members generally every year A team of staff visits the country collects economic and financial information and discusses with officials the country s economic and political developments Upon returning to headquarters staff prepare a report which forms the basis for the Executive Board discussion
    IMF Executive Board Completes the Fourth Review Under the Policy Coordination Instrument and the First Reviews Under the Stand-By Arrangement and the Arrangement Under the Standby Credit Facility, and Concludes the 2021 Article IV Consultation for Senegal
    Africa9 months ago

    IMF Executive Board Completes the Fourth Review Under the Policy Coordination Instrument and the First Reviews Under the Stand-By Arrangement and the Arrangement Under the Standby Credit Facility, and Concludes the 2021 Article IV Consultation for Senegal

    Fiscal policy must remain anchored in a credible revenue-based consolidation towards a fiscal deficit of 3% of GDP by 2024

    WASHINGTON DC, United States of America, January 11, 2022 / APO Group / -

    Recent indicators suggest that a strong recovery is taking place, driven by industrial production, services and retail activity. The number of COVID-19 cases remains comparatively low and around 14 percent of the adult population is vaccinated. The results of the program continue to be satisfactory. Along with PCI, the SCF / SBA arrangements are helping to support the authorities' response to the crisis; promote a broad-based recovery; catalyze additional concessional financing; and strengthen UEMOA's external position. The completion of the first reviews under the SCF / SBA allows the disbursement of SDR 129.4 million (about US $ 180 million). Maintaining macroeconomic stability, improving public service delivery, phasing out energy subsidies, increasing investment in education and social protection, as well as accelerating reforms aimed at overcoming key constraints for private sector development, they will support strong, inclusive and job-rich growth.

    Today, the Executive Board of the International Monetary Fund (IMF) completed the Fourth Review under the Policy Coordination Instrument (PCI)[1] and the First Reviews Under the Stand-by Agreement (SBA)[2] and the Agreement under the Standby Credit Facility (SCF). [3] Completion of the reviews allows for the release of SDR 129.4 million (about US $ 180 million), bringing total disbursements under the agreements to SDR 258.8 million (about US $ 360 million).

    Senegal's three-year ICP was approved on January 10, 2020 and is based on three pillars: (i) achieving inclusive and private-sector-led growth, (ii) consolidating macroeconomic stability through prudent fiscal policy and solid debt, and (iii) manage oil and gas revenues in a sustainable and transparent manner (see Press Release No. 20/06).

    Senegal's 18-month SCF / SBA arrangements, totaling 140 percent of the quota, were approved on June 7, 2021 to help support the authorities' response to the COVID-19 crisis, catalyze financing additional concessionaire and strengthen the country's external position. WAEMU (see Press Release No. 21/259). Authorities are meeting their commitments regarding transparency of COVID-19 spending; have released detailed budget execution reports, a special audit of the COVID-19 fund, and an audit on the regularity of COVID-19 recruitment procedures. The final report of the Court of Auditors on the 2020 budget and the execution of the COVID-19 spending is expected in March 2022.

    The Executive Board also concluded the 2021 Article IV consultation [4] with Senegal.

    A strong economic recovery has been taking place since mid-2020, driven by industrial production and the service sector, and 2021 growth has been revised up from 3½ to around 5 percent. The recovery is expected to continue into 2022 and beyond, with a temporary new boost in oil and gas production in 2023–24.

    The 2021 second supplementary budget incorporates additional one-off expenditures related to the use of approximately two-thirds of Senegal's SDR allocation (0.9% of GDP) to support recovery and strengthen social protection and the health sector, including the national production of vaccines. This, along with additional spending on energy subsidies, will bring the 2021 deficit to 6.3 percent of GDP. Senegal's public sector debt is projected to reach 73 percent of GDP in 2021 before gradually decreasing to less than 60 percent of GDP. The 2021 current account deficit is projected to widen to 10.6% of GDP and decline to around 5% of GDP in the medium term. The financial system remained resilient during the pandemic, in part due to the accommodative stance of the regional central bank (BCEAO), including the additional provision of liquidity to banks.

    The outlook is for stronger and more sustained activity, as the impact of the pandemic is waning, but it is subject to significant uncertainty and risks are sloping downward. These include repeated COVID-19 outbreaks, a deteriorating regional security situation, delays in the start of oil and gas production, and a rapid rise in global interest rates.

    Following the Executive Board discussion, Mr. Kenji Okamura, Deputy Managing Director and Acting President, issued the following statement:

    “The COVID-19 pandemic interrupted a decade of high growth and development in Senegal. It caused serious difficulties for many households, although the impact on the Senegalese economy was mitigated by the vigorous response of the authorities. Senegal's economy is now on the way to a solid recovery.

    “The outlook is favorable as long as risks and growing vulnerabilities are well managed. Risks are sloping to the downside, including the prolonged impact of the pandemic, higher oil prices, a volatile regional security environment, slower implementation of reforms, and delays in the start of oil and gas production. Public debt has risen continuously in recent years and risks to debt sustainability must be carefully monitored.

    “The authorities' reform agenda, supported by the Policy Coordination Instrument, the Stand-By Agreement and the agreement under the Standby Credit Facility, remains appropriate to achieve the objectives of the strong and inclusive growth program while maintaining macroeconomic stability and risks to debt sustainability are limited. .

    “Fiscal policy must remain anchored in a credible revenue-based consolidation towards a fiscal deficit of 3 percent of GDP by 2024, in line with WAEMU commitments. Communication and implementation of the medium-term revenue mobilization strategy and steps to limit fuel subsidies while protecting the vulnerable are essential in this regard.

    Achieving more inclusive growth will also require further improving the business environment, enhancing the social safety net, expanding access to quality education and tackling youth unemployment. The SDR allocation provides additional policy space to support the health sector and economic recovery. Ongoing reforms to improve public financial management will help strengthen the efficiency and transparency of spending, particularly for SDR-related spending.

    "While the financial system remained resilient during the pandemic, long-standing weaknesses, including deficiencies in the AML / CFT framework, will need to be addressed and reforms to promote financial inclusion must be accelerated."

    [1] The PCI is a non-financial tool open to all members of the International Monetary Fund (IMF). It enables them to signal commitment to reforms and catalyze funding from other sources. The establishment of the ICP is part of the Fund's broader effort to strengthen the global financial safety net, a network of insurance and loan instruments that countries can turn to if faced with a crisis.

    [2] In an economic crisis, countries often need financing to help them overcome their balance of payments problems. Since its inception in June 1952, the IMF's SBA has been the workhorse lending instrument for advanced and emerging market countries. The SBA was updated in 2009 along with the Fund's broader toolkit to be more flexible and responsive to the needs of member countries. Terms were streamlined and simplified, and more funds were made available upfront. The reform also allows for wider elevated access on a precautionary basis.

    [3] The SCF provides financial assistance to low-income countries (LICs) with short-term balance of payments needs. The SCF was created within the framework of the Poverty Reduction and Growth Trust (PRGT) as part of a broader reform to make the Fund's financial support more flexible and better tailored to the diverse needs of countries in the world. low income, even in times of shocks or crises.

    [4] Pursuant to Article IV of the Articles of Agreement of the IMF, the IMF holds bilateral discussions with members, generally every year. A team of staff visits the country, collects economic and financial information, and discusses with officials the country's economic and political developments. Upon returning to headquarters, staff prepare a report, which forms the basis for the Executive Board discussion.

  •   The success of the IMF program also depends on a series of reforms aimed at improving the transparency accountability and efficiency of public finances WASHINGTON DC United States of America December 13 2021 APO Group Progress on the Staff Monitored Program SMP reform agenda has continued since the first review in October 2021 Strengthening revenue mobilization and new tax yields and ensuring spending containment remain essential to shore up debt sustainability and support growth and social spending Macroeconomic stabilization strong governance and transparency measures will help secure concessional financing and grants from international partners and encourage private investment A team of staff from the International Monetary Fund IMF headed by Mr Jos Gij n held virtual and face to face meetings with the authorities from November 30 to December 13 2021 to carry out the second review of the 9 supervised months By staff Program SMP The review aimed to assess the efforts being made to build a policy track record towards an Extended Credit Facility ECF arrangement in 2022 At the end of the visit Mr Gij n issued the following statement The IMF team reached a staff level agreement with the authorities on the completion of the second review of the SMP The review is subject to the approval of the IMF Management Overall performance and progress on the reform program have been strong despite difficult socioeconomic conditions exacerbated by the COVID 19 pandemic Most of the structural benchmarks and quantitative targets assessed at the end of September 2021 have been met Despite this challenging context Guinea Bissau s economic recovery continued until 2021 and the medium term outlook is strengthening Inflation should remain around 3 percent in line with the West African Economic and Monetary Union WAEMU regional threshold The 2022 budget approved by Parliament on December 9 is consistent with the policy measures agreed between the IMF staff and the authorities to ensure the key objectives of the program These measures aim to reduce the projected fiscal deficit to around 4 2 percent of GDP in 2022 and gradually converge to the WAEMU regional deficit rule of 3 percent of GDP by 2025 The fiscal strategy aims to reduce the level of some current expenses including the wage bill and debt service while strengthening the profitability of taxes including those of new implementation such as the telecommunications tax and the digitization of tax collection Macro fiscal consolidation will help to avoid arrears and to contain the level of public debt that is above the limit defined in the WAEMU convergence pact and to generate space for spending in priority areas favorable to growth such as health education and infrastructure In this regard IMF staff support the authorities decision to use the allocation of SDR 27 2 million to Guinea Bissau about US 38 4 million for the early payment of costly external debt and for COVID 19 related expenses including vaccination and improvement in health services Authorities have already managed to significantly increase the proportion of the target population fully vaccinated around 35 percent in early December 2021 The success of the IMF program also depends on a series of reforms aimed at improving the transparency accountability and efficiency of public finances This includes the completion and publication of an independent audit of COVID 19 spending as part of the governance safeguards committed by IMF members who have received emergency funding such as the Rapid Credit Facility RCF disbursed to Guinea Bissau in January 2021 The authorities are also formulating an amendment to the procurement legal framework to ensure the collection and publication of the names of the successful bidders and the information related to the final beneficiary as well as ex post reports on the validation of the delivery of goods and services They are also preparing a reform of the asset disclosure regime to combat corruption Another critical reform of the governance of public finances is the gradual establishment of a Single Treasury Account These efforts will help foster financial support from international partners and investment decisions from the private sector IMF staff will continue to support the authorities efforts to reach out to other international partners to mobilize grants and concessional financing and to support the reform agenda including through the provision of appropriate capacity development The IMF team met with HE President Sissoco Embal Prime Minister Nabiam Deputy Prime Minister Samb Minister of Finance Fadi the National Director of BCEAO Embal the President of the Bald Court of Accounts and the High Commission for the COVID 19 The team also met with officials from the Ministries of Finance Economy the National Directorate of the BCEAO the National Institute of Statistics the Financial Intelligence Unit and other officials In addition the team met with representatives from various public and private sector companies and key international partners The team thanks the authorities for their openness and constructive discussions and looks forward to continued close cooperation that paves the way for an Extended Credit Facility ECF agreement in 2022
    IMF Staff Completes Mission for the Second Review of a Staff-Monitored Program to Guinea Bissau
      The success of the IMF program also depends on a series of reforms aimed at improving the transparency accountability and efficiency of public finances WASHINGTON DC United States of America December 13 2021 APO Group Progress on the Staff Monitored Program SMP reform agenda has continued since the first review in October 2021 Strengthening revenue mobilization and new tax yields and ensuring spending containment remain essential to shore up debt sustainability and support growth and social spending Macroeconomic stabilization strong governance and transparency measures will help secure concessional financing and grants from international partners and encourage private investment A team of staff from the International Monetary Fund IMF headed by Mr Jos Gij n held virtual and face to face meetings with the authorities from November 30 to December 13 2021 to carry out the second review of the 9 supervised months By staff Program SMP The review aimed to assess the efforts being made to build a policy track record towards an Extended Credit Facility ECF arrangement in 2022 At the end of the visit Mr Gij n issued the following statement The IMF team reached a staff level agreement with the authorities on the completion of the second review of the SMP The review is subject to the approval of the IMF Management Overall performance and progress on the reform program have been strong despite difficult socioeconomic conditions exacerbated by the COVID 19 pandemic Most of the structural benchmarks and quantitative targets assessed at the end of September 2021 have been met Despite this challenging context Guinea Bissau s economic recovery continued until 2021 and the medium term outlook is strengthening Inflation should remain around 3 percent in line with the West African Economic and Monetary Union WAEMU regional threshold The 2022 budget approved by Parliament on December 9 is consistent with the policy measures agreed between the IMF staff and the authorities to ensure the key objectives of the program These measures aim to reduce the projected fiscal deficit to around 4 2 percent of GDP in 2022 and gradually converge to the WAEMU regional deficit rule of 3 percent of GDP by 2025 The fiscal strategy aims to reduce the level of some current expenses including the wage bill and debt service while strengthening the profitability of taxes including those of new implementation such as the telecommunications tax and the digitization of tax collection Macro fiscal consolidation will help to avoid arrears and to contain the level of public debt that is above the limit defined in the WAEMU convergence pact and to generate space for spending in priority areas favorable to growth such as health education and infrastructure In this regard IMF staff support the authorities decision to use the allocation of SDR 27 2 million to Guinea Bissau about US 38 4 million for the early payment of costly external debt and for COVID 19 related expenses including vaccination and improvement in health services Authorities have already managed to significantly increase the proportion of the target population fully vaccinated around 35 percent in early December 2021 The success of the IMF program also depends on a series of reforms aimed at improving the transparency accountability and efficiency of public finances This includes the completion and publication of an independent audit of COVID 19 spending as part of the governance safeguards committed by IMF members who have received emergency funding such as the Rapid Credit Facility RCF disbursed to Guinea Bissau in January 2021 The authorities are also formulating an amendment to the procurement legal framework to ensure the collection and publication of the names of the successful bidders and the information related to the final beneficiary as well as ex post reports on the validation of the delivery of goods and services They are also preparing a reform of the asset disclosure regime to combat corruption Another critical reform of the governance of public finances is the gradual establishment of a Single Treasury Account These efforts will help foster financial support from international partners and investment decisions from the private sector IMF staff will continue to support the authorities efforts to reach out to other international partners to mobilize grants and concessional financing and to support the reform agenda including through the provision of appropriate capacity development The IMF team met with HE President Sissoco Embal Prime Minister Nabiam Deputy Prime Minister Samb Minister of Finance Fadi the National Director of BCEAO Embal the President of the Bald Court of Accounts and the High Commission for the COVID 19 The team also met with officials from the Ministries of Finance Economy the National Directorate of the BCEAO the National Institute of Statistics the Financial Intelligence Unit and other officials In addition the team met with representatives from various public and private sector companies and key international partners The team thanks the authorities for their openness and constructive discussions and looks forward to continued close cooperation that paves the way for an Extended Credit Facility ECF agreement in 2022
    IMF Staff Completes Mission for the Second Review of a Staff-Monitored Program to Guinea Bissau
    Africa10 months ago

    IMF Staff Completes Mission for the Second Review of a Staff-Monitored Program to Guinea Bissau

    The success of the IMF program also depends on a series of reforms aimed at improving the transparency, accountability, and efficiency of public finances.

    WASHINGTON DC, United States of America, December 13, 2021 / APO Group / -

    Progress on the Staff Monitored Program (SMP) reform agenda has continued since the first review in October 2021; Strengthening revenue mobilization and new tax yields and ensuring spending containment remain essential to shore up debt sustainability and support growth and social spending; Macroeconomic stabilization, strong governance, and transparency measures will help secure concessional financing and grants from international partners and encourage private investment.

    A team of staff from the International Monetary Fund (IMF), headed by Mr. José Gijón, held virtual and face-to-face meetings with the authorities, from November 30 to December 13, 2021, to carry out the second review of the 9 supervised months By staff. Program (SMP). The review aimed to assess the efforts being made to build a policy track record towards an Extended Credit Facility (ECF) arrangement in 2022.

    At the end of the visit, Mr. Gijón issued the following statement:

    “The IMF team reached a staff-level agreement with the authorities on the completion of the second review of the SMP. The review is subject to the approval of the IMF Management. Overall performance and progress on the reform program have been strong despite difficult socioeconomic conditions exacerbated by the COVID-19 pandemic. Most of the structural benchmarks and quantitative targets assessed at the end of September 2021 have been met.

    “Despite this challenging context, Guinea-Bissau's economic recovery continued until 2021 and the medium-term outlook is strengthening. Inflation should remain around 3 percent in line with the West African Economic and Monetary Union (WAEMU) regional threshold.

    “The 2022 budget approved by Parliament on December 9 is consistent with the policy measures agreed between the IMF staff and the authorities to ensure the key objectives of the program. These measures aim to reduce the projected fiscal deficit to around 4.2 percent of GDP in 2022 and gradually converge to the WAEMU regional deficit rule of 3 percent of GDP by 2025. The fiscal strategy aims to reduce the level of some current expenses, including the wage bill and debt service, while strengthening the profitability of taxes, including those of new implementation, such as the telecommunications tax, and the digitization of tax collection.

    “Macro-fiscal consolidation will help to avoid arrears and to contain the level of public debt that is above the limit defined in the WAEMU convergence pact, and to generate space for spending in priority areas favorable to growth such as health, education and infrastructure. In this regard, IMF staff support the authorities' decision to use the allocation of SDR 27.2 million to Guinea-Bissau (about US $ 38.4 million) for the early payment of costly external debt and for COVID-19 related expenses, including vaccination and improvement. in health services. Authorities have already managed to significantly increase the proportion of the target population fully vaccinated (around 35 percent in early December 2021).

    “The success of the IMF program also depends on a series of reforms aimed at improving the transparency, accountability and efficiency of public finances. This includes the completion and publication of an independent audit of COVID-19 spending as part of the governance safeguards committed by IMF members who have received emergency funding such as the Rapid Credit Facility (RCF) disbursed to Guinea-Bissau in January 2021. The authorities are also formulating an amendment to the procurement legal framework to ensure the collection and publication of the names of the successful bidders and the information related to the final beneficiary, as well as ex-post reports on the validation of the delivery. of goods and services. They are also preparing a reform of the asset disclosure regime to combat corruption. Another critical reform of the governance of public finances is the gradual establishment of a Single Treasury Account. These efforts will help foster financial support from international partners and investment decisions from the private sector.

    “IMF staff will continue to support the authorities' efforts to reach out to other international partners to mobilize grants and concessional financing, and to support the reform agenda, including through the provision of appropriate capacity development.

    “The IMF team met with HE President Sissoco Embaló, Prime Minister Nabiam, Deputy Prime Minister Sambú, Minister of Finance Fadiá, the National Director of BCEAO Embaló, the President of the Baldé Court of Accounts and the High Commission for the COVID-19. The team also met with officials from the Ministries of Finance, Economy, the National Directorate of the BCEAO, the National Institute of Statistics, the Financial Intelligence Unit and other officials. In addition, the team met with representatives from various public and private sector companies and key international partners.

    "The team thanks the authorities for their openness and constructive discussions and looks forward to continued close cooperation that paves the way for an Extended Credit Facility (ECF) agreement in 2022."

  •   Effective application of the regional competition framework would improve ECOWAS productivity LOM Togo November 29 2021 APO Group The thirteenth meeting of Trade Ministers of the ECOWAS member states was held on November 25 2021 at the Sarakawa Hotel in Lom the capital of Togo The meeting which was a follow up to the Meeting of Experts of the ECOWAS member states in charge of trade held on November 24 2021 in Lom aimed to review and validate the report and preliminary documents for the operationalization of the Contest ECOWAS Regional Authority ERCA which is expected to begin operations soon The opening ceremony featured three 3 speeches by Mr Tei Konzi ECOWAS Commissioner for Trade Customs and Free Movement of Persons Mr Kodjo Adedze Minister of Commerce Industry and Local Consumption of Togo and the Mr Herbert Krapa Deputy Minister of International Trade at the Ghana Ministry of Trade and Industry In his opening speech Mr Tei Konzi welcomed the participants and on behalf of the President of the Commission HE Jean Claude Kassi Brou expressed his gratitude to the President of the Togolese Republic for his commitment and leadership in the search for integration and thanked the Government of Togo for hosting the meeting He congratulated the experts for the consensus reached on the draft documents presented for their consideration He stressed that time is of the essence given the current challenges of the AfCFTA and that companies in the region must be prepared to face the arrival of new competitors He urged ECOWAS and WAEMU to intensify dialogue to finalize their cooperation framework Speaking on behalf of the Government of Togo Mr Kodjo Adedze welcomed the participants to Lom the center of the meeting He noted that ECOWAS member states are experiencing an unprecedented health crisis and that appropriate mechanisms need to be put in place to sustain trade and increase transactions between them Recalling the revised ECOWAS Treaty which aims to create a common market and enhance free competition he stressed the need for countries to work to establish a harmonized competitive framework In addition he praised the presentation of the preliminary documents for the start up of ERCA and pointed out that the collective effort is yielding results Finally he called on Member States to develop a sense of competence and increase public satisfaction and wished them success in the deliberations Mr Herbert Krapa also took the floor to welcome the participants and expressed his joy at being part of the meeting He revealed that the importance of competition cannot be overstated and noted that effective application of the regional competition framework would enhance ECOWAS productivity He hinted that the ERCA would ensure healthy and effective competition and that the regional framework would be in line with the results of the second phase of the AfCFTA negotiations He concluded by informing the meeting that only 5 member states have independent national competition commissions and then declared open the 13th meeting of ECOWAS Trade Ministers After the opening ceremony the Ministers reviewed and validated the report of the Meeting of Experts as well as the draft texts for the operationalization of ERCA During the closing ceremony the various speakers expressed their appreciation to the Government of Togo for the warm welcome and hospitality extended to the participants since their arrival in Lom They praised the quality of the work done that ensured the success of the meeting The recommendations of the Thirteenth Meeting of Trade Ministers of the ECOWAS member states will be presented at the next meeting of the Council of Ministers for validation and recommendation to the ECOWAS Authority of Heads of State and Government
    Thirteenth Meeting of ECOWAS Trade Ministers on the validation of Draft Supplementary Acts and Regulations for the ECOWAS Regional Competition Authority (ERCA)
      Effective application of the regional competition framework would improve ECOWAS productivity LOM Togo November 29 2021 APO Group The thirteenth meeting of Trade Ministers of the ECOWAS member states was held on November 25 2021 at the Sarakawa Hotel in Lom the capital of Togo The meeting which was a follow up to the Meeting of Experts of the ECOWAS member states in charge of trade held on November 24 2021 in Lom aimed to review and validate the report and preliminary documents for the operationalization of the Contest ECOWAS Regional Authority ERCA which is expected to begin operations soon The opening ceremony featured three 3 speeches by Mr Tei Konzi ECOWAS Commissioner for Trade Customs and Free Movement of Persons Mr Kodjo Adedze Minister of Commerce Industry and Local Consumption of Togo and the Mr Herbert Krapa Deputy Minister of International Trade at the Ghana Ministry of Trade and Industry In his opening speech Mr Tei Konzi welcomed the participants and on behalf of the President of the Commission HE Jean Claude Kassi Brou expressed his gratitude to the President of the Togolese Republic for his commitment and leadership in the search for integration and thanked the Government of Togo for hosting the meeting He congratulated the experts for the consensus reached on the draft documents presented for their consideration He stressed that time is of the essence given the current challenges of the AfCFTA and that companies in the region must be prepared to face the arrival of new competitors He urged ECOWAS and WAEMU to intensify dialogue to finalize their cooperation framework Speaking on behalf of the Government of Togo Mr Kodjo Adedze welcomed the participants to Lom the center of the meeting He noted that ECOWAS member states are experiencing an unprecedented health crisis and that appropriate mechanisms need to be put in place to sustain trade and increase transactions between them Recalling the revised ECOWAS Treaty which aims to create a common market and enhance free competition he stressed the need for countries to work to establish a harmonized competitive framework In addition he praised the presentation of the preliminary documents for the start up of ERCA and pointed out that the collective effort is yielding results Finally he called on Member States to develop a sense of competence and increase public satisfaction and wished them success in the deliberations Mr Herbert Krapa also took the floor to welcome the participants and expressed his joy at being part of the meeting He revealed that the importance of competition cannot be overstated and noted that effective application of the regional competition framework would enhance ECOWAS productivity He hinted that the ERCA would ensure healthy and effective competition and that the regional framework would be in line with the results of the second phase of the AfCFTA negotiations He concluded by informing the meeting that only 5 member states have independent national competition commissions and then declared open the 13th meeting of ECOWAS Trade Ministers After the opening ceremony the Ministers reviewed and validated the report of the Meeting of Experts as well as the draft texts for the operationalization of ERCA During the closing ceremony the various speakers expressed their appreciation to the Government of Togo for the warm welcome and hospitality extended to the participants since their arrival in Lom They praised the quality of the work done that ensured the success of the meeting The recommendations of the Thirteenth Meeting of Trade Ministers of the ECOWAS member states will be presented at the next meeting of the Council of Ministers for validation and recommendation to the ECOWAS Authority of Heads of State and Government
    Thirteenth Meeting of ECOWAS Trade Ministers on the validation of Draft Supplementary Acts and Regulations for the ECOWAS Regional Competition Authority (ERCA)
    Africa10 months ago

    Thirteenth Meeting of ECOWAS Trade Ministers on the validation of Draft Supplementary Acts and Regulations for the ECOWAS Regional Competition Authority (ERCA)

    Effective application of the regional competition framework would improve ECOWAS productivity

    LOMé, Togo, November 29, 2021 / APO Group / -

    The thirteenth meeting of Trade Ministers of the ECOWAS member states was held on November 25, 2021 at the Sarakawa Hotel in Lomé, the capital of Togo. The meeting, which was a follow-up to the Meeting of Experts of the ECOWAS member states in charge of trade, held on November 24, 2021 in Lomé, aimed to review and validate the report and preliminary documents for the operationalization of the Contest. ECOWAS Regional. Authority (ERCA), which is expected to begin operations soon.

    The opening ceremony featured three (3) speeches by Mr. Tei Konzi, ECOWAS Commissioner for Trade, Customs and Free Movement of Persons, Mr. Kodjo Adedze, Minister of Commerce, Industry and Local Consumption of Togo, and the Mr. Herbert Krapa, Deputy Minister of International Trade at the Ghana Ministry of Trade and Industry.

    In his opening speech, Mr. Tei Konzi welcomed the participants and, on behalf of the President of the Commission, HE Jean Claude Kassi Brou, expressed his gratitude to the President of the Togolese Republic for his commitment and leadership in the search for integration and thanked the Government of Togo for hosting the meeting. He congratulated the experts for the consensus reached on the draft documents presented for their consideration.

    He stressed that time is of the essence, given the current challenges of the AfCFTA, and that companies in the region must be prepared to face the arrival of new competitors. He urged ECOWAS and WAEMU to intensify dialogue to finalize their cooperation framework.

    Speaking on behalf of the Government of Togo, Mr. Kodjo Adedze welcomed the participants to Lomé, the center of the meeting. He noted that ECOWAS member states are experiencing an unprecedented health crisis and that appropriate mechanisms need to be put in place to sustain trade and increase transactions between them. Recalling the revised ECOWAS Treaty, which aims to create a common market and enhance free competition, he stressed the need for countries to work to establish a harmonized competitive framework.

    In addition, he praised the presentation of the preliminary documents for the start-up of ERCA and pointed out that the collective effort is yielding results. Finally, he called on Member States to develop a sense of competence and increase public satisfaction, and wished them success in the deliberations.

    Mr. Herbert Krapa also took the floor to welcome the participants and expressed his joy at being part of the meeting. He revealed that the importance of competition cannot be overstated and noted that effective application of the regional competition framework would enhance ECOWAS productivity. He hinted that the ERCA would ensure healthy and effective competition and that the regional framework would be in line with the results of the second phase of the AfCFTA negotiations.

    He concluded by informing the meeting that only 5 member states have independent national competition commissions and then declared open the 13th meeting of ECOWAS Trade Ministers.

    After the opening ceremony, the Ministers reviewed and validated the report of the Meeting of Experts, as well as the draft texts for the operationalization of ERCA.

    During the closing ceremony, the various speakers expressed their appreciation to the Government of Togo for the warm welcome and hospitality extended to the participants since their arrival in Lomé. They praised the quality of the work done that ensured the success of the meeting.

    The recommendations of the Thirteenth Meeting of Trade Ministers of the ECOWAS member states will be presented at the next meeting of the Council of Ministers for validation and recommendation to the ECOWAS Authority of Heads of State and Government.

  •   Authorities and staff discussed policies and reforms underlying the SMP WASHINGTON DC United States of America October 12 2021 APO Group Progress on the Staff Monitored Program SMP reform program has been satisfactory despite difficult socio economic conditions made worse by the COVID 19 pandemic Ensuring revenue mobilization and expenditure containment including in the wage bill will help free up space for spending in critical social and growth friendly areas and strengthen debt sustainability Strict control of budget execution strong governance and transparency measures will help secure concessional financing and grants from international partners and encourage private investment A team of staff from the International Monetary Fund IMF led by Mr Jos Gijon held virtual meetings with the authorities from September 28 to October 11 2021 to conduct the first review of the personnel monitoring program SMP 9 months The review aims to assess efforts to establish a political track record for a possible Extended Credit Facility ECF arrangement in 2022 At the end of the mission Mr Gijon made the following statement The authorities and staff have discussed the policies and reforms that underpin the SMP The structural benchmarks and most of the quantitative targets were met Based on the overall performance of the implementation of the reform package an agreement at the staff level was reached on the completion of this first review subject to the approval of IMF management The authorities have made satisfactory progress in their reform program despite difficult socio economic conditions made worse by the COVID 19 pandemic In a context of very limited resources they have managed to achieve relatively high levels of immunization compared to other countries in sub Saharan Africa Despite the persistence of the COVID 19 pandemic the economic recovery continued in 2021 and the medium term outlook remains strong Inflation is expected to remain moderate and below the regional threshold of 3 of the West African Economic and Monetary Union UEMOA The budget deficit is expected to be contained at 5 2 of GDP in 2021 in line with program targets The IMF team and the authorities have agreed on policy measures for the 2022 budget to ensure the key objectives of the program These measures should reduce the projected budget deficit to around 4 of GDP in 2022 and gradually converge towards the WAEMU regional deficit standard of 3 of GDP by 2025 The IMF team and the authorities also agreed that for the program to be successful political priorities should focus on macro fiscal sustainability This will help create space for spending in critical emergency and growth areas such as health education and physical infrastructure The team recommends that the budget execution in 2021 and the design of the 2022 budget avoid any accumulation of arrears and the use of expensive non concessional borrowing in the context of a level of public debt already above the defined limit in the UEMOA Convergence Pact This implies focusing on revenue mobilization and expenditure containment measures including more efficient management in order to contain any increase in the wage bill and the decline in interest payments on the debt representing 80 and 20 respectively 5 of tax revenue in 2020 Attracting external subsidies will be essential to cover the current expenses of the government In this context the authorities of Guinea Bissau have decided to use most of the recent allocation of SDR 27 2 million to Guinea Bissau approximately US 38 4 million to strengthen the sustainability debt by repaying non concessional debt in particular to BOAD and allocating the remaining amount to support COVID related expenses including vaccination and improvement of health services The success of the IMF s program also hinges on meeting strong governance commitments aimed at improving transparency accountability and efficiency in public finances These measures aim to ensure that expenditure decisions that may affect the budget are exclusively authorized by the Ministry of Finance in accordance with the legislation in force The objective of the other governance and transparency measures is that the budgetary allocations related to COVID 19 are spent in an appropriate manner and consistent with the commitments of the Rapid Credit Facility FCR disbursed in January 2021 This implies the achievement of an independent audit of crisis mitigation expenses The related report will be published with the regular expenditure reports public contracts mentioning the successful companies and beneficial owners as well as the ex post reports on the validation of the delivery of goods and services The IMF supports the implementation of these measures by providing adequate capacity building IMF staff will continue to support the authorities efforts to reach out to other international partners to mobilize concessional financing for the reform program The IMF team met with HE President Sissoco Embal Deputy Prime Minister Samb Minister of Finance Fadi National Director of BCEAO Embal President of the Court of Auditors Bald and High Commissioner for COVID 19 Robalo The team also met officials from the Ministries of Finance Economy Public Administration the National Directorate of the BCEAO the National Institute of Statistics the FIU and other officials In addition the team met representatives of development partners The team thanks the authorities for their openness and constructive discussions and looks forward to continuing a very close cooperation in the coming period
    Staff completes virtual mission for first review of staff-controlled program in Guinea-Bissau
      Authorities and staff discussed policies and reforms underlying the SMP WASHINGTON DC United States of America October 12 2021 APO Group Progress on the Staff Monitored Program SMP reform program has been satisfactory despite difficult socio economic conditions made worse by the COVID 19 pandemic Ensuring revenue mobilization and expenditure containment including in the wage bill will help free up space for spending in critical social and growth friendly areas and strengthen debt sustainability Strict control of budget execution strong governance and transparency measures will help secure concessional financing and grants from international partners and encourage private investment A team of staff from the International Monetary Fund IMF led by Mr Jos Gijon held virtual meetings with the authorities from September 28 to October 11 2021 to conduct the first review of the personnel monitoring program SMP 9 months The review aims to assess efforts to establish a political track record for a possible Extended Credit Facility ECF arrangement in 2022 At the end of the mission Mr Gijon made the following statement The authorities and staff have discussed the policies and reforms that underpin the SMP The structural benchmarks and most of the quantitative targets were met Based on the overall performance of the implementation of the reform package an agreement at the staff level was reached on the completion of this first review subject to the approval of IMF management The authorities have made satisfactory progress in their reform program despite difficult socio economic conditions made worse by the COVID 19 pandemic In a context of very limited resources they have managed to achieve relatively high levels of immunization compared to other countries in sub Saharan Africa Despite the persistence of the COVID 19 pandemic the economic recovery continued in 2021 and the medium term outlook remains strong Inflation is expected to remain moderate and below the regional threshold of 3 of the West African Economic and Monetary Union UEMOA The budget deficit is expected to be contained at 5 2 of GDP in 2021 in line with program targets The IMF team and the authorities have agreed on policy measures for the 2022 budget to ensure the key objectives of the program These measures should reduce the projected budget deficit to around 4 of GDP in 2022 and gradually converge towards the WAEMU regional deficit standard of 3 of GDP by 2025 The IMF team and the authorities also agreed that for the program to be successful political priorities should focus on macro fiscal sustainability This will help create space for spending in critical emergency and growth areas such as health education and physical infrastructure The team recommends that the budget execution in 2021 and the design of the 2022 budget avoid any accumulation of arrears and the use of expensive non concessional borrowing in the context of a level of public debt already above the defined limit in the UEMOA Convergence Pact This implies focusing on revenue mobilization and expenditure containment measures including more efficient management in order to contain any increase in the wage bill and the decline in interest payments on the debt representing 80 and 20 respectively 5 of tax revenue in 2020 Attracting external subsidies will be essential to cover the current expenses of the government In this context the authorities of Guinea Bissau have decided to use most of the recent allocation of SDR 27 2 million to Guinea Bissau approximately US 38 4 million to strengthen the sustainability debt by repaying non concessional debt in particular to BOAD and allocating the remaining amount to support COVID related expenses including vaccination and improvement of health services The success of the IMF s program also hinges on meeting strong governance commitments aimed at improving transparency accountability and efficiency in public finances These measures aim to ensure that expenditure decisions that may affect the budget are exclusively authorized by the Ministry of Finance in accordance with the legislation in force The objective of the other governance and transparency measures is that the budgetary allocations related to COVID 19 are spent in an appropriate manner and consistent with the commitments of the Rapid Credit Facility FCR disbursed in January 2021 This implies the achievement of an independent audit of crisis mitigation expenses The related report will be published with the regular expenditure reports public contracts mentioning the successful companies and beneficial owners as well as the ex post reports on the validation of the delivery of goods and services The IMF supports the implementation of these measures by providing adequate capacity building IMF staff will continue to support the authorities efforts to reach out to other international partners to mobilize concessional financing for the reform program The IMF team met with HE President Sissoco Embal Deputy Prime Minister Samb Minister of Finance Fadi National Director of BCEAO Embal President of the Court of Auditors Bald and High Commissioner for COVID 19 Robalo The team also met officials from the Ministries of Finance Economy Public Administration the National Directorate of the BCEAO the National Institute of Statistics the FIU and other officials In addition the team met representatives of development partners The team thanks the authorities for their openness and constructive discussions and looks forward to continuing a very close cooperation in the coming period
    Staff completes virtual mission for first review of staff-controlled program in Guinea-Bissau
    Africa12 months ago

    Staff completes virtual mission for first review of staff-controlled program in Guinea-Bissau

    Authorities and staff discussed policies and reforms underlying the SMP

    WASHINGTON DC, United States of America, October 12, 2021 / APO Group / -

    Progress on the Staff Monitored Program (SMP) reform program has been satisfactory despite difficult socio-economic conditions made worse by the COVID-19 pandemic; Ensuring revenue mobilization and expenditure containment, including in the wage bill, will help free up space for spending in critical social and growth-friendly areas, and strengthen debt sustainability; Strict control of budget execution, strong governance and transparency measures will help secure concessional financing and grants from international partners and encourage private investment.

    A team of staff from the International Monetary Fund (IMF), led by Mr. José Gijon, held virtual meetings with the authorities, from September 28 to October 11, 2021, to conduct the first review of the personnel monitoring program (SMP). ) 9 months. . The review aims to assess efforts to establish a political track record for a possible Extended Credit Facility (ECF) arrangement in 2022.

    At the end of the mission, Mr. Gijon made the following statement:

    “The authorities and staff have discussed the policies and reforms that underpin the SMP. The structural benchmarks and most of the quantitative targets were met. Based on the overall performance of the implementation of the reform package, an agreement at the staff level was reached on the completion of this first review subject to the approval of IMF management.

    “The authorities have made satisfactory progress in their reform program despite difficult socio-economic conditions made worse by the COVID-19 pandemic. In a context of very limited resources, they have managed to achieve relatively high levels of immunization compared to other countries in sub-Saharan Africa.

    “Despite the persistence of the COVID-19 pandemic, the economic recovery continued in 2021 and the medium-term outlook remains strong. Inflation is expected to remain moderate and below the regional threshold of 3% of the West African Economic and Monetary Union (UEMOA). The budget deficit is expected to be contained at 5.2% of GDP in 2021, in line with program targets.

    “The IMF team and the authorities have agreed on policy measures for the 2022 budget to ensure the key objectives of the program. These measures should reduce the projected budget deficit to around 4 ½% of GDP in 2022 and gradually converge towards the WAEMU regional deficit standard of 3% of GDP by 2025.

    “The IMF team and the authorities also agreed that for the program to be successful, political priorities should focus on macro-fiscal sustainability. This will help create space for spending in critical emergency and growth areas such as health, education and physical infrastructure.

    “The team recommends that the budget execution in 2021 and the design of the 2022 budget avoid any accumulation of arrears and the use of expensive non-concessional borrowing, in the context of a level of public debt already above the defined limit. in the UEMOA Convergence Pact. This implies focusing on revenue mobilization and expenditure containment measures, including more efficient management in order to contain any increase in the wage bill and the decline in interest payments on the debt (representing 80 and 20, respectively). , 5% of tax revenue in 2020). Attracting external subsidies will be essential to cover the current expenses of the government.

    “In this context, the authorities of Guinea-Bissau have decided to use most of the recent allocation of SDR 27.2 million to Guinea-Bissau (approximately US $ 38.4 million) to strengthen the sustainability debt by repaying non-concessional debt, in particular to BOAD, and allocating the remaining amount to support COVID-related expenses, including vaccination and improvement of health services.

    “The success of the IMF's program also hinges on meeting strong governance commitments aimed at improving transparency, accountability and efficiency in public finances. These measures aim to ensure that expenditure decisions that may affect the budget are exclusively authorized by the Ministry of Finance in accordance with the legislation in force. The objective of the other governance and transparency measures is that the budgetary allocations related to COVID-19 are spent in an appropriate manner and consistent with the commitments of the Rapid Credit Facility (FCR) disbursed in January 2021. This implies the achievement of '' an independent audit of crisis mitigation. expenses. The related report will be published with the regular expenditure reports, public contracts mentioning the successful companies and beneficial owners, as well as the ex post reports on the validation of the delivery of goods and services. The IMF supports the implementation of these measures by providing adequate capacity building.

    “IMF staff will continue to support the authorities' efforts to reach out to other international partners to mobilize concessional financing for the reform program.

    “The IMF team met with HE President Sissoco Embaló, Deputy Prime Minister Sambú, Minister of Finance Fadiá, National Director of BCEAO Embaló, President of the Court of Auditors Baldé and High Commissioner for COVID -19 Robalo. The team also met officials from the Ministries of Finance, Economy, Public Administration, the National Directorate of the BCEAO, the National Institute of Statistics, the FIU and other officials. In addition, the team met representatives of development partners.

    "The team thanks the authorities for their openness and constructive discussions and looks forward to continuing a very close cooperation in the coming period."

  •   GGGI will work closely with the Government of Burkina Faso and local partners to reduce energy demand and improve energy efficiency in the housing sector OUAGADOUGOU Burkina Faso September 1 2021 APO Group The construction sector consumes up to 40 of energy and contributes up to 1 3 of the world s annual greenhouse gas emissions The use of air conditioners and fans for thermal comfort accounts for around 20 of the total electricity used in buildings in the world 1 Among 35 of the world s population living in countries with a climate considered hot where the average daily temperature is gt 25 C only 10 have an air conditioning unit 2 Improved living standards population growth and the occurrence of heatwaves due to global warming are expected to drive huge cooling demand over the next decade The number of installed air conditioners could increase by 2 3 by 2030 worldwide Indeed according to the first part of the 6th report of the Intergovernmental Panel on Climate Change IPCC increases in extreme heat events are likely to continue throughout the 21st century with further global warming over the African continent 3 Energy demand for space cooling impacts electricity generation and distribution capacity particularly during peak demand periods and extreme heat events as well as CO2 emissions CO2 emissions from living space cooling are correlated with energy needs and are growing rapidly more than one gigaton between 1990 and 2019 The figure shows the projections made by the International Energy Agency on energy consumption in buildings using a rapid energy transition scenario between 2017 and 2050 1 Measures related to the improvement of the building envelope technological choices and equipment performance are the three most relevant mitigation and adaptation levers to reduce the energy demand of buildings and consequently limit carbon dioxide emissions Sub regional initiative Buildings in urban peri urban and rural areas account for about 40 of total energy consumption in the member states of the West African Economic and Monetary Union The challenges of energy consumption and climate change have led to the establishment of policies and regulations In 2020 the WAEMU Commission adopted Directives N 0004 2020 CM UEMOA and N 0005 2020 CM UEMOA through the Regional Energy Saving Program RESP a key component of the Regional Initiative for Sustainable Energy RIESE Directive N 0004 2020 CM UEMOA relates to the energy labeling of electric lamps and new household appliances and Directive N 0005 2020 CM UEMOA sets energy efficiency measures in the construction of buildings These measures will have significant energy savings potential 20 or more and are positioned at the heart of WAEMU s energy access and environmental preservation policies Implementation is underway at the state level through the transposition phases into national legislation Burkina Faso is at the transposition stage of the directives into national laws before an implementation phase Context of Burkina Faso The rate of urbanization which was previously low is increasing rapidly and the need for new buildings is high In addition to this rapid urbanization we can note the insufficiency of some local technologies to meet the socio cultural needs which has led to the adoption of building technologies without consideration of the energy and climate context The cooling demand is constantly increasing and is linked to growing urbanization 32 in 2018 expected to reach 35 by 2026 the developing real estate sector 7 5 per year 4 increasing incomes severity of the climate and improving electricity coverage Compared to the 2011 2015 period imports of air conditioning equipment increased by 26 5 for the 2016 2020 period according to data from the Burkina Faso Customs Department The market is characterized by inefficient equipment s and is mainly dominated by single stage compressors non ducted air conditioning units Unlike other countries in the sub region the country does not have sufficient market regulation and control instruments to prevent imports of energy using obsolete technologies such as refrigerants with high Global Warming Potential GWP Urban spaces present two aspects when it comes to energy consumption In some sections of society incomes are quite high and the energy consumption is high due to the use of energy intensive equipment and unsuitable constructions For the other parts which constitute a large part of the population consumption patterns are low In the area of buildings this is evidenced by high energy consumption in public buildings and in the residences of the privileged classes for cooling The lower income classes face thermal discomfort because the buildings run without air conditioning systems The Government and development partners have recognized the need to prepare for and adapt to the impacts of climate change through the development of Nationally Determined Contributions NDCs and the National Adaptation Plan In the NDC the need for energy efficient cooling is considered through the promotion of building envelope materials and energy efficiency measures in both urban and rural housing It is in this context that the Global Green Growth Institute GGGI in its missions to support Burkina Faso in accelerating the transition to green growth in partnership with the Clean Cooling Collaborative is active in the implementation of SHEECP Social Housing Energy Efficiency Cooling Project The overall objective is to reduce energy demand and improve energy efficiency in the housing sector The main outcomes are the following Enhance regulatory environment supporting energy efficient cooling Enhance the implementation of the Minimum Energy Performance Standards MEPS for air conditioning and ventilation equipment Update national housing and urban planning policies codes and texts to consider energy efficiency Strengthen the capacity to implement energy efficient cooling solutions in the building sector Bring together the actors of the construction sector on the theme of energy efficient cooling in a formal framework in the form of a community of practice Organize awareness sessions on improving the energy performance of buildings Develop training programs on building energy efficiency Integrate cooling solutions and bioclimatic approach in public housing programs in Burkina Faso Increase the demand for efficient cooling solutions in the residential sector Conduct nationwide awareness campaigns on passive housing cooling Increase the access to financial solutions for energy efficiency projects in building sector GGGI will work closely with the Government of Burkina Faso and local partners to reduce energy demand and improve energy efficiency in the housing sector Through this three year project GGGI will help the government to reduce GHG emissions from the building sector by increasing access to residential cooling solutions As a reminder the Global Green Growth Institute GGGI is an Intergovernmental Organization and Burkina Faso has joined as a member state The headquarter is based in Seoul South Korea and supports the Member States in accelerating their transition to green growth The development of green cities including the promotion of green buildings is one of the four pillars of its interventions in its Member States 1 IEA 2019 The Critical Role of Buildings IEA Paris https bit ly 3DygHL1 2 IEA 2020 Cooling IEA Paris https bit ly 3kEouhO 3 IPCC 2021 Climate Change 2021 The Physical Science Basis Contribution of Working Group I to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change e Masson Delmotte V P Zhai A Pirani S L Connors C P an S Berger N Caud Y Chen L Goldfarb M I Gomis M Huang K Leitzell E Lonnoy J B R Matthews T K Maycock T Waterfield O Yelek i R Yu and B Zhou eds Cambridge University Press In Press 4 Ministry of Urbanization and Housing National Housing and Urban Development Policy Burkina Faso 2008
    Building cooling: an opportunity for green growth?
      GGGI will work closely with the Government of Burkina Faso and local partners to reduce energy demand and improve energy efficiency in the housing sector OUAGADOUGOU Burkina Faso September 1 2021 APO Group The construction sector consumes up to 40 of energy and contributes up to 1 3 of the world s annual greenhouse gas emissions The use of air conditioners and fans for thermal comfort accounts for around 20 of the total electricity used in buildings in the world 1 Among 35 of the world s population living in countries with a climate considered hot where the average daily temperature is gt 25 C only 10 have an air conditioning unit 2 Improved living standards population growth and the occurrence of heatwaves due to global warming are expected to drive huge cooling demand over the next decade The number of installed air conditioners could increase by 2 3 by 2030 worldwide Indeed according to the first part of the 6th report of the Intergovernmental Panel on Climate Change IPCC increases in extreme heat events are likely to continue throughout the 21st century with further global warming over the African continent 3 Energy demand for space cooling impacts electricity generation and distribution capacity particularly during peak demand periods and extreme heat events as well as CO2 emissions CO2 emissions from living space cooling are correlated with energy needs and are growing rapidly more than one gigaton between 1990 and 2019 The figure shows the projections made by the International Energy Agency on energy consumption in buildings using a rapid energy transition scenario between 2017 and 2050 1 Measures related to the improvement of the building envelope technological choices and equipment performance are the three most relevant mitigation and adaptation levers to reduce the energy demand of buildings and consequently limit carbon dioxide emissions Sub regional initiative Buildings in urban peri urban and rural areas account for about 40 of total energy consumption in the member states of the West African Economic and Monetary Union The challenges of energy consumption and climate change have led to the establishment of policies and regulations In 2020 the WAEMU Commission adopted Directives N 0004 2020 CM UEMOA and N 0005 2020 CM UEMOA through the Regional Energy Saving Program RESP a key component of the Regional Initiative for Sustainable Energy RIESE Directive N 0004 2020 CM UEMOA relates to the energy labeling of electric lamps and new household appliances and Directive N 0005 2020 CM UEMOA sets energy efficiency measures in the construction of buildings These measures will have significant energy savings potential 20 or more and are positioned at the heart of WAEMU s energy access and environmental preservation policies Implementation is underway at the state level through the transposition phases into national legislation Burkina Faso is at the transposition stage of the directives into national laws before an implementation phase Context of Burkina Faso The rate of urbanization which was previously low is increasing rapidly and the need for new buildings is high In addition to this rapid urbanization we can note the insufficiency of some local technologies to meet the socio cultural needs which has led to the adoption of building technologies without consideration of the energy and climate context The cooling demand is constantly increasing and is linked to growing urbanization 32 in 2018 expected to reach 35 by 2026 the developing real estate sector 7 5 per year 4 increasing incomes severity of the climate and improving electricity coverage Compared to the 2011 2015 period imports of air conditioning equipment increased by 26 5 for the 2016 2020 period according to data from the Burkina Faso Customs Department The market is characterized by inefficient equipment s and is mainly dominated by single stage compressors non ducted air conditioning units Unlike other countries in the sub region the country does not have sufficient market regulation and control instruments to prevent imports of energy using obsolete technologies such as refrigerants with high Global Warming Potential GWP Urban spaces present two aspects when it comes to energy consumption In some sections of society incomes are quite high and the energy consumption is high due to the use of energy intensive equipment and unsuitable constructions For the other parts which constitute a large part of the population consumption patterns are low In the area of buildings this is evidenced by high energy consumption in public buildings and in the residences of the privileged classes for cooling The lower income classes face thermal discomfort because the buildings run without air conditioning systems The Government and development partners have recognized the need to prepare for and adapt to the impacts of climate change through the development of Nationally Determined Contributions NDCs and the National Adaptation Plan In the NDC the need for energy efficient cooling is considered through the promotion of building envelope materials and energy efficiency measures in both urban and rural housing It is in this context that the Global Green Growth Institute GGGI in its missions to support Burkina Faso in accelerating the transition to green growth in partnership with the Clean Cooling Collaborative is active in the implementation of SHEECP Social Housing Energy Efficiency Cooling Project The overall objective is to reduce energy demand and improve energy efficiency in the housing sector The main outcomes are the following Enhance regulatory environment supporting energy efficient cooling Enhance the implementation of the Minimum Energy Performance Standards MEPS for air conditioning and ventilation equipment Update national housing and urban planning policies codes and texts to consider energy efficiency Strengthen the capacity to implement energy efficient cooling solutions in the building sector Bring together the actors of the construction sector on the theme of energy efficient cooling in a formal framework in the form of a community of practice Organize awareness sessions on improving the energy performance of buildings Develop training programs on building energy efficiency Integrate cooling solutions and bioclimatic approach in public housing programs in Burkina Faso Increase the demand for efficient cooling solutions in the residential sector Conduct nationwide awareness campaigns on passive housing cooling Increase the access to financial solutions for energy efficiency projects in building sector GGGI will work closely with the Government of Burkina Faso and local partners to reduce energy demand and improve energy efficiency in the housing sector Through this three year project GGGI will help the government to reduce GHG emissions from the building sector by increasing access to residential cooling solutions As a reminder the Global Green Growth Institute GGGI is an Intergovernmental Organization and Burkina Faso has joined as a member state The headquarter is based in Seoul South Korea and supports the Member States in accelerating their transition to green growth The development of green cities including the promotion of green buildings is one of the four pillars of its interventions in its Member States 1 IEA 2019 The Critical Role of Buildings IEA Paris https bit ly 3DygHL1 2 IEA 2020 Cooling IEA Paris https bit ly 3kEouhO 3 IPCC 2021 Climate Change 2021 The Physical Science Basis Contribution of Working Group I to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change e Masson Delmotte V P Zhai A Pirani S L Connors C P an S Berger N Caud Y Chen L Goldfarb M I Gomis M Huang K Leitzell E Lonnoy J B R Matthews T K Maycock T Waterfield O Yelek i R Yu and B Zhou eds Cambridge University Press In Press 4 Ministry of Urbanization and Housing National Housing and Urban Development Policy Burkina Faso 2008
    Building cooling: an opportunity for green growth?
    Africa1 year ago

    Building cooling: an opportunity for green growth?

    GGGI will work closely with the Government of Burkina Faso and local partners to reduce energy demand and improve energy efficiency in the housing sector

    OUAGADOUGOU, Burkina Faso, September 1, 2021/APO Group/ --

    The construction sector consumes up to 40 % of energy and contributes up to 1/3 of the world's annual greenhouse gas emissions. The use of air conditioners and fans for thermal comfort accounts for around 20 % of the total electricity used in buildings in the world [1]. Among 35% of the world's population living in countries with a climate considered hot (where the average daily temperature is >25 °C), only 10 % have an air conditioning unit [2]. Improved living standards, population growth, and the occurrence of heatwaves (due to global warming) are expected to drive huge cooling demand over the next decade. The number of installed air conditioners could increase by 2/3 by 2030 worldwide. Indeed, according to the first part of the 6th report of the Intergovernmental Panel on Climate Change (IPCC), increases in extreme heat events are likely to continue throughout the 21st century with further global warming over the African continent [3].

    Energy demand for space cooling impacts electricity generation and distribution capacity, particularly during peak demand periods and extreme heat events, as well as CO2 emissions. CO2 emissions from living space cooling are correlated with energy needs and are growing rapidly, more than one gigaton between 1990 and 2019. The figure shows the projections made by the International Energy Agency on energy consumption in buildings using a rapid energy transition scenario between 2017 and 2050 [1]. Measures related to the improvement of the building envelope, technological choices and equipment performance are the three most relevant mitigation, and adaptation levers to reduce the energy   demand   of   buildings   and   consequently limit carbon dioxide emissions.

    Sub-regional initiative,

    Buildings in urban, peri-urban and rural areas account for about 40% of total energy consumption in the member states of the West African Economic and Monetary Union. The challenges of energy consumption and climate change have led to the establishment of policies and regulations. In 2020, the WAEMU Commission adopted Directives N° 0004/2020/CM/UEMOA and N° 0005/2020/CM/UEMOA through the Regional Energy Saving Program (RESP), a key component of the Regional Initiative for Sustainable Energy (RIESE). Directive N° 0004/2020/CM/UEMOA relates to the energy labeling of electric lamps and new household appliances and Directive N° 0005/2020/CM/ UEMOA sets energy efficiency measures in the construction of buildings. These measures will have significant energy savings potential (20% or more) and are positioned at the heart of WAEMU's energy access and environmental preservation policies. Implementation is underway at the state level through the transposition phases into national legislation. Burkina Faso is at the transposition stage of the directives into national laws before an implementation phase.

    Context of Burkina Faso,

    The rate of urbanization, which was previously low, is increasing rapidly and the need for new buildings is high. In addition to this rapid urbanization, we can note the insufficiency of some local technologies to meet the socio-cultural needs, which has led to the adoption of building technologies without consideration of the energy and climate context. The cooling demand is constantly increasing and is linked to growing urbanization (32% in 2018, expected to reach 35% by 2026), the developing real estate sector (7.5% per year) [4], increasing incomes, severity of the climate and improving electricity coverage. Compared to the 2011-2015 period, imports of air conditioning equipment increased by 26.5% for the 2016-2020 period, according to data from the Burkina Faso Customs Department. The market is characterized by inefficient equipment’s and is mainly dominated by single-stage compressors non-ducted air conditioning units. Unlike other countries in the sub-region, the country does not have sufficient market regulation and control instruments to prevent imports of energy- using obsolete technologies such as refrigerants with high Global Warming Potential (GWP).

    Urban spaces present two aspects when it comes to energy consumption. In some sections of society, incomes are quite high, and the energy consumption is high due to the use of energy-intensive equipment and unsuitable constructions. For the other parts, which constitute a large part of the population, consumption patterns are low. In the area of buildings, this is evidenced by high energy consumption in public buildings and in the residences of the privileged classes for cooling. The lower income classes face thermal discomfort because the buildings run without air-conditioning systems.

    The Government and development partners have recognized the need to prepare for and adapt to the impacts of climate change through the development of Nationally Determined Contributions (NDCs) and the National Adaptation Plan. In the NDC, the need for energy efficient cooling is considered through the promotion of building envelope materials and energy-efficiency measures in both urban and rural housing.

    It is in this context that the Global Green Growth Institute (GGGI) in its missions to support Burkina Faso in accelerating the transition to green growth, in partnership with the Clean Cooling Collaborative, is active in the implementation of SHEECP " Social Housing Energy Efficiency Cooling Project ". The overall objective is to reduce energy demand and improve energy efficiency in the housing sector. The main outcomes are the following:

    Enhance regulatory environment supporting energy efficient cooling.

    Enhance the implementation of the Minimum Energy Performance Standards (MEPS) for air conditioning and ventilation equipment; Update national housing and urban planning policies, codes, and texts to consider energy efficiency.

    Strengthen the capacity to implement energy efficient cooling solutions in the building sector.

    Bring together the actors of the construction sector on the theme of energy-efficient cooling in a formal framework in the form of a community of practice; Organize awareness sessions on improving the energy performance of buildings; Develop training programs on building energy efficiency; Integrate cooling solutions and bioclimatic approach in public housing programs in Burkina Faso.

    Increase the demand for efficient cooling solutions in the residential sector.

    Conduct nationwide awareness campaigns on passive housing cooling; Increase the access to financial solutions for energy efficiency projects in building sector.

    GGGI will work closely with the Government of Burkina Faso and local partners to reduce energy demand and improve energy efficiency in the housing sector. Through this three-year project, GGGI will help the government to reduce GHG emissions from the building sector by increasing access to residential cooling solutions.

    As a reminder, the Global Green Growth Institute (GGGI) is an Intergovernmental Organization and Burkina Faso has joined as a member state. The headquarter is based in Seoul, South Korea, and supports the Member States in accelerating their transition to green growth. The development of green cities, including the promotion of green buildings, is one of the four pillars of its interventions in its Member States.

    [1] IEA (2019), The Critical Role of Buildings, IEA, Paris https://bit.ly/3DygHL1

    [2] IEA (2020), Cooling, IEA, Paris https://bit.ly/3kEouhO

    [3] IPCC, 2021: Climate Change 2021: The Physical Science Basis. Contribution of Working Group I to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change e [Masson-Delmotte, V., P. Zhai, A. Pirani, S.L. Connors, C. Péan, S. Berger, N. Caud, Y. Chen, L. Goldfarb, M. I. Gomis, M. Huang, K. Leitzell, E. Lonnoy, J. B.R. Matthews, T. K. Maycock, T. Waterfield, O. Yelekçi, R. Yu and B. Zhou (eds.)]. Cambridge University Press. In Press.

    [4] Ministry of Urbanization and Housing/ National Housing and Urban Development Policy, Burkina Faso 2008.