Answers from ECA, Addis Ababa

The meeting of the committee of experts of the Conference of African Ministers organised by the Economic Commission of Africa (ECA) in Addis Ababa, Ethiopia, between March 17 and 19, 2021 ended Friday ahead of the African Finance Ministers Meeting next week. 

For three full days, delegates thrashed out issues related to Africa, particularly how to respond to the urgent need of overcoming the challenges brought about by Covid-19. 

The ECA conference saw experts pledge to do more to accelerate the implementation of the AfCFTA, improve domestic resource mobilisation, deepen digitalisation and accelerate implementation of the global Agenda 2030 and Africa’s Agenda 2063.

ECA Executive Secretary, Vera Songwe, welcomed the move by the G7 Finance Ministers to support issuance of new Special Drawing Rights which will help developing countries better respond to the COVID 19 crisis. 

The Ministers agreed to support a new Special Drawing Rights (SDR) allocation to assist vulnerable countries respond adequately to the health and economic crisis triggered by the pandemic.

Speaking following the G7 Finance Ministers meeting, the United Kingdom’s Chancellor of the Exchequer, Rishi Sunak, said: “Today’s milestone agreement among the G7 paves the way for crucial and concerted action to support the world’s low-income countries, ensuring that no country is left behind in the global economic recovery from coronavirus.”

https://www.uneca.org/stories/vera-songwe-commends-g7-finance-ministers-decision-to-back-sdrs-for-developing-and-covid