Draft resolution on the African High-Level Working Group on the Global Financial Architecture

Abstract

Draft resolution on the African High-Level Working Group on the Global Financial Architecture Committee of Experts of the Conference of African Ministers of Finance, Planning and Economic Development Forty-first meeting. The Conference of Ministers, Concerned that the asymmetric responses to the pandemic by developed and developing countries with regard to fiscal stimulus are slowing economic recovery in developing regions, in particular in Africa, and that, to date, wealthy countries and international organizations have not intervened sufficiently to help countries in the middle-income and lower-income brackets, leading to economic divergence, while African countries were scheduled to repay 64 billion United States dollars in debt repayments in 2022 – a sum that is twice the amount available as bilateral aid, The Conference of Ministers, Emphasizing that debt sustainability is essential for achieving inclusive growth and the Sustainable Development Goals, and acknowledging that debt crises are costly and disruptive, including for employment and productive investment, and tend to be followed by cuts in public spending, affecting the poor and vulnerable in particular, as stated in General Assembly resolution 76/193.