Opening speech of the outgoing chair (expert committee): fifty-fifth session of the conference of African Ministers of Finance, planning and economic development expert segment : Fostering recovery and transformation in Africa to reduce inequalities and vulnerabilities

Abstract

Opening speech of the outgoing Chair (Expert Committee) at the Fifty-fifth session of the Conference of African Ministers of Finance, Planning and Economic Development Expert segment Fostering recovery and transformation in Africa to reduce inequalities and vulnerabilities. The Chair Expert Committee highlighted that the tightening of monetary policy in developed economies has lowered global demand and increased borrowing costs, thereby reducing investment in African countries, simultaneously as public debt continues to rise, reaching alarming levels in some nations, undermining attempts to improve debt sustainability and protect the poor. Through analytical work, technical assistance, and advisory services, the ECA assisted African nations in bolstering their capacity to mobilize public resources and enhancing their economic governance architecture. The ECA worked with African countries throughout the year to combat Illicit Financial Flows (IFFs), implement Integrated National Financing Frameworks (INFFs), and ensure greater transparency in public financial management, in addition to regular publications and advocacy work.