Draft resolution on special drawing rights

Abstract

The Conference of Ministers, Noting with grave concern the adverse socioeconomic and health impacts of the coronavirus disease (COVID-19) pandemic on African economies, coupled with their limited fiscal and monetary tools to respond to the crisis, which will most likely derail their efforts to build forward better and to achieve the goals set out in the 2030 Agenda for Sustainable Development and Agenda 2063: The Africa We Want, of the African Union. The Conference of Ministers, Encouraged by the financial assistance and support provided by the international community to low-income countries, including the postponement of debt service payments and the provision of much needed liquidity to save lives and rebuild livelihoods, Concerned that, notwithstanding existing support measures, the fiscal buffers of African countries have been depleted as revenues have declined and expenditures have surged, in the context of a rising number of COVID-19 cases, deteriorating trade balances, increasing inflationary pressures and depreciating exchange rates.