2024-07-12 05:39:12
“It is a question of promoting the concept of a new autonomous South while maintaining a partnership with the rest of the world. A South that actively engages in the new opportunities that are presenting themselves on a global scale,” said Mr. El Aynaoui, who was speaking at the opening of the 2nd edition of the African Economic Symposium (AES).
In this sense, he highlighted the importance of this type of meetings, which play a crucial role in training the next generation of economists, and which also constitute an opportunity to debate essential issues for the development of Africa as well as the policies necessary in the short and long term.
Referring to the challenges currently facing the world, Mr. El Aynaoui noted that this edition of the AES comes in a context marked by stricter monetary policies and high interest rates, having an impact on the external finances of many countries.
“Monetary and fiscal policies are thus becoming more complex, requiring delicate balances in this difficult environment,” he continued, noting that the Covid-19 pandemic has reinforced “global demands” for increased protection, strengthened solidarity mechanisms and more sophisticated social policies.
For his part, the director of the African department of the International Monetary Fund (IMF), Abebe Aemro Selassie, indicated that the current question is how policymakers can facilitate structural transformation despite limited resources.
The answer to this question, he said, involves several types of reforms, including strategic investments in infrastructure to reduce transaction costs associated with production and innovation, particularly in sectors such as electricity and logistics.
He added that structural transformation also requires the implementation of vigorous policies aimed at strengthening competitiveness.
Mr. Selassie also highlighted the importance of the transformations observed on the African continent over the last 30 years, specifying that these fundamental advances have profoundly changed the perspectives for an entire generation.
Organised under the theme “Fostering Africa’s Economic Transformation through Innovative Financing”, this edition of the AES, which runs until 12 July, aims to explore new challenges in macroeconomic management and focus on promoting Africa’s economic transformation.
The Symposium is divided into two distinct parts. The first part explores new challenges in macroeconomic management, including the effectiveness of monetary policy in controlling inflation while supporting economic growth, the implications of monetary tightening for financial stability, and the role of new fiscal strategies in ensuring fiscal discipline and debt sustainability.
In the second part, this meeting will focus on promoting Africa’s economic transformation through innovative financing mechanisms.
The AES will also be an opportunity to present the annual report on the African economy, which maps African economic dynamics at different scales.
2024-07-12 05:39:12