Ultimate magazine theme for WordPress.

Macron hosts Africa summits on Sudan, post-Covid finance

Issued on: 16/05/2021 – 10:24 Modified: 16/05/2021 – 10:23

Paris (AFP)

French President Emmanuel Macron is hosting African leaders and heads of global financial institutions this week for double summits that will seek to help Sudan enter a new democratic era and provide Africa with crucial funding wiped out by the Covid-19. pandemic.

A conference attended by several heads of state on Monday will aim to rally support for the Sudanese government led by Prime Minister Abdalla Hamdok in the transition following the 2019 deposition of longtime strongman Omar al-Beshir.

This will be followed by a Tuesday summit on African economies that will try to fill a nearly $ 300 billion funding gap caused by the Covid-19 pandemic.

Both meetings, held in a temporary exhibition center under the shadow of the Eiffel Tower in Paris, will give Macron the chance to show himself as a statesman on Africa whose influence extends beyond the continent’s French-speaking regions.

With about two dozen African heads of state attending Tuesday’s summit, it will be one of the largest top-level personal gatherings to be held during the Covid-19 pandemic.

It should also see a rare visit to France from Rwandan President Paul Kagame as Paris pushes for reconciliation with Kigali after a historic report made it clear that France is failing to prevent the 1994 genocide.

– ‘Discover opportunities’ –

Hamdok told AFP in an interview ahead of the meeting that he hopes Sudan can help clear a $ 60 billion foreign debt this year by negotiating aid and investment deals at the Paris conference.

Sudan’s debts to the Paris Club, to which its major creditors belong, are estimated to make up about 38 percent of the total $ 60 billion in external debt.

“We are going to the conference in Paris to allow foreign investors to explore options for investing in Sudan,” said Hamdok.

“We are not looking for grants or donations,” he added.

Hamdok and his government have pushed to rebuild the crippled economy and end Sudan’s international isolation under Bashir, whose three decades of iron rule have been marked by economic hardship and international sanctions.

Sudan was removed from the blacklist of state sponsors of terrorism in Washington in December, removing a major barrier to foreign investment.

But there are still many challenges ahead.

His government is pushing for peace with rebel groups to end conflict in the western region of Darfur and in the southern states of South Kordofan and Blue Nile.

– ‘New, cheaper, longer’ –

Africa has so far been less affected by the Covid-19 pandemic than other global regions – with a total of 130,000 deaths across the continent – although the human disaster in India shows that it is far too early to make it clear.

But the economic costs are all too obvious, with the International Monetary Fund warning in the fall that Africa faces a shortage of resources needed for future development – a financial gap – from $ 290 billion through 2023.

A moratorium on public debt repayment agreed by the Paris Club and the G20 last April was welcomed, but will not be enough in itself. Many want a moratorium on paying off all foreign debts until the end of the pandemic.

“We are collectively moving out of Africa using solutions dating back to the 1960s,” Macron said last month, warning that failure would lead to diminished economic opportunities, sudden migration flows and even the spread of terrorism.

International financial leaders will include Kristalina Georgieva, head of the IMF and Axel van Trotsenburg, general manager of the World Bank.

Serge Ekue, the president of the West African Development Bank (BOAD), told AFP that Africa needs much longer maturities longer than seven years and interest rates of 3 percent instead of 6 percent.

“In West Africa, the average age is 20 years old. You’re walking in (the largest city in Ivory Coast) Abidjan and there’s incredible energy,” he said, noting that Africa had seen growth rates of 5-6 percent in recent years.

“So the issue is not so much a moratorium as it is getting low rates. Because it is better to issue new, cheaper and longer debt than to get a suspension,” he said.

Comments are closed.

Situs sbobet resmi terpercaya. Daftar situs slot online gacor resmi terbaik. Agen situs judi bola resmi terpercaya. Situs idn poker online resmi. Agen situs idn poker online resmi terpercaya. Situs idn poker terpercaya.

situs idn poker terbesar di Indonesia.

List website idn poker terbaik.

Game situs slot online resmi