The members of the African union’s committee of the fifteen finance ministers (F15) have been meeting since monday morning in Rabat, capital of Morocco. The theme of this meeting is “Beyond the Covid-19 pandemic and the Ukrainian conflict: Building African economic resilience and financial viability of the African Union”.
For two days, participants in this high-level event discuss topics such as post-Covid-19, the Ukrainian crisis and economic recovery, as well as the financial viability of the African Union and the performance evaluation of the F15.
Indeed, this meeting comes at a time when African economies are already quite weakened by the coronavirus pandemic. In addition to the effects of this health crisis, the war in Ukraine is causing not only an inflationary shock, but also a scarcity of cereals and fertilizers.
Thus, on the occasion of the work of the F15 committee, the deputy chairperson of the AU Commission, Monique Nsanzabaganwa, noted that the outbreak of the economic crisis caused by the pandemic and the Ukrainian crisis have exacerbated the challenges facing the African continent, which is now facing an inflationary spiral from which it is difficult to escape in the short run.
The severity of the crisis could jeopardise the financial viability of the AU, hence the need to develop a set of golden rules that establish clear principles for the financial management of the Union, in addition to devising innovative recovery strategies, she insists.
Meanwhile, the Chief of Staff at the Kenyan Ministry of Finance and Treasury, Ukur Yatani, noted that the meeting would enhance the resilience of African economies and the financial sustainability of the AU, which are in line with the AU’s Agenda 2063 and whose ongoing institutional reforms are expected to lead to Africa’s integration and emergence.
For her part, the Moroccan Minister of Economy and Finance, Nadia Fettah, noted that this retreat is an opportunity for the Committee and all its members to reiterate their commitment to the reforms initiated by the Kigali Decision. This decision aims to promote a budgetary and financial culture based on the principles of good governance and accountability within the Union.
The meeting, jointly organised by the Moroccan Ministry of Economy and Finance and the African Union, ends tomorrow, Tuesday 14 June. Various actors in the field of finance and representatives of the AU Commission are participating.
