BIZweek n°336 2 avr 2021
BIZweek n°336 2 avr 2021
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  • Parution : n°336 de 2 avr 2021

  • Périodicité : hebdomadaire

  • Editeur : Capital Publications Ltd

  • Format : (260 x 370) mm

  • Nombre de pages : 8

  • Taille du fichier PDF : 1,6 Mo

  • Dans ce numéro : le commerce mondial prêt pour une reprise forte mais inégale après le choc causé par la pandémie de covid-19.

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VENDREDI 02 AVRIL 2021 BIZWEEK ÉDITION 336 FISCAL SPACE BIZ ALERT Debt distressis placing achievement of the Sustainable Development Goals at risk Several heads of state and government, the United Nations and heads of multilateral development finance institutions on Monday called for expansion of the Debt Service Suspension Initiative, under which low-income countries have suspended paying down debt during the Covid-19 pandemic. Prime Minister Justin Trudeau of Canada, Prime Minister Andrew Holness of Jamaica and UN Secretary-General António Guterres convened the virtual meeting The initiative should be widened beyond low-income countries and its current expiration extended to offer much-needed fiscal space, panelists urged in a discussion of international debt architecture and liquidity. The meeting also called for Special Drawing Rights to be reallocated to poorer countries. Prime Minister Justin Trudeau of Canada, Prime Minister Andrew Holness of Jamaica and UN Secretary-General António Guterres convened the virtual meeting. African Development Bank Group President Akinwumi A. Adesina took part in a roundtable event with IMF Managing Director Kristalina Georgieva ; World Bank President David Malpass ; OECD Secretary-General Ángel Gurría ; World Trade Organization Director-General Ngozi Okonjo-Iweala ; and Inter-American Development Bank President Mauricio Claver-Carone. Tackle longstanding weaknesses Debt distressis placing achievement of the Sustainable Development Goals at risk, Guterres said. He commended ongoing efforts to widen debt relief and improve access to special drawing rights but urged more. « I’m calling for bolder and more ambitious measures. A new debt mechanism could provide a menu of options, including debt swaps, buybacks and cancellations, » he said. « This is also the moment to tackle longstanding weaknesses in debt architecture, » he added. Holnessissued a blunt warning. « Debt servicing has come at tremendous socioeconomic costs to our populations, which have borne the burden of steep costs in public expenditures. » He also praised the G20’s decision to extend the debt suspension initiative. « I believethere is a sound basis for it to be further extended to next year. Consideration should also be given to expanding its beneficiaries to include highly-indebted middle-income countries, » he said. Economic recovery would require a comprehensive approach to increasing fiscal space for poor nations, Georgieva noted. This must include « measures to include revenue collection, spending efficiency, the business environment, as wellas very substantial international support, grants and concessional lending. » She said the IMF had discussed a proposal to allocate an additional $650 billion in special drawing rights, enabling member countries 4My.:[ ! ›.- UNTIL DEBT TEAR US ARABI" -c -1-, -4- 7 ! n _. r_i _,-j,- -_. _-_,. _, -,- -.4.with strong economic fundamentals to divert reserves to low-income and vulnerable countries. Worsened debt dynamics African Development Bank Group President Akinwumi A. Adesina said Africa’s economic recovery would hinge on securing equitable access to vaccines and developing solutions for debt distress. « Africa needs debt relief, debt restructuring and debt sustainability, » he said, pointing out that in the absence of reallocations, low-income countries would receive only about 3.2% of special drawing rights. The Bank Group President called for the formation of an African financial stability mechanism, modelled on the European Stability Mechanism, to provide jointly guaranteed emergency support. « The mechanism will provide a much-needed fiscal safety net for African economies and help to avoid regional spill-over effects of countries falling into illiquidity and insolvency. » « Trade and debt sustainability are closely linked, » said the WTO’s Iweala. « By closing off export opportunities and lowering commodity prices, Covid-19 has worsened debt dynamics for many developing countries. » She called on governments to « deliver results » at the WTO this year, to reinforce the rules of global trade and pave the way for low-income countries to earnforeign exchange earnings. AfCFTA  : Free trade bloc can be a game changer for African people and business Exploring strategies to deepen private sector participation in the implementation African Continental Free Trade Area (Af- CFTA) was the highlight of a panel session during the 2021 WTO Aid-for-Trade Stocktaking meeting. The African Development Bank, the United Nations Industrial Development Organization (UNIDO) and International Trade Centre (ITC) organized the session held on Wednesday 24 March. Ambassador Usha Dwarka-Canabady, Permanent Representative of Mauritius at the United Nations Office at Geneva and coordinator of the African Group at the World Trade Organization acted as moderator. « The success of the AfCFTA hinges on the ability of African firms to understand and capitalize on the trade related opportunities offered by the AfCFTA, » said Pamela Coke-Hamilton, International Trade Centre (ITC) Executive Director. The Aid-for-Trade initiative – which promotes the role of trade in development and supports building productive capacities– should focus on three priorities to boost the private sector’s role in AfCFTA  : empowering businesses with skills and know-how ; fostering multi-stakeholder partnerships to attract investment for greater value addition and enhancing market connections using e-commerce and digital platforms, Coke-Hamilton said. « This is a trade area of the people, so we need to understand and engage the people to go forward and believein this dream of an African free trade area, » said Ambassador Usha Dwarka-Canabady, Permanent Representative of Mauritius at the United Nations Office at Geneva and coordinator of the African Group at the World Trade Organization, who moderated. Discussion focused on boosting private sector involvement in policy dialogues on trade, investment and infrastructure, strategies to increase participation by micro, smalland mediumenterprises, and the need for greater partnerships to attract investment in promising industries. The meeting comes in the wake of the entry into force of the AfCFTA on 1 January 2021. The free trade area brings together 1.3 billion Africans in a $3.4 trillion economic bloc. The bloc is the largest free trade area since the establishment of the World Trade Organization, and economists project that its benefits and impacts could lift tens of millions out of poverty over the next 15 years. 3

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