The financing of African economies as they recover from the devastation of the Covid-19 pandemic will this week come into sharp focus when French President Emmanuel Macron hosts the continent’s heads of state.
Among those will be President Cyril Ramaphosa who departed for Paris on Sunday to participate in the summit.
The President will join several African heads of state and government, as well as leaders of global financing institutions, at the Grand Palais Ephémère on Tuesday.
International Relations and Cooperation Minister, Dr Naledi Pandor, and Khumbudzo Ntshavheni, acting minister in the presidency, will accompany him.
The purpose of the event, said the Presidency, was to support the economic recovery of African countries that have been affected by the health and economic crisis caused by the Covid-19 pandemic.
It also aims to foster investments in Africa and avert the risk of excessive debt, according to an advisory.
Delegates are expected to deliberate on debt relief and support from the International Monetary Fund (IMF) through special drawing rights (SDRs).
Said the presidency: “Leaders will also look at how to provide capital to the private sector on the African continent to support investments that will catalyse inclusive economic activity, create employment and accelerate the attainment of sustainable development goals.”
The summit follows a series of global stimulus package initiatives, including the World Bank’s $14-billion fast-tracking of Covid-19 financing, the African Development Bank’s $10-billion Covid-19 response facility, and the International Monetary Fund’s concessional financing and debt relief to assist countries and companies in their response to the pandemic.
During the visit, the President will also hold bilateral meetings with participating leaders to enhance South Africa’s diplomatic relations.
European leaders and representatives of G7 and G20 countries and of international institutions such as the IMF, World Bank and Organisation for Economic Co-operation and Development (OECD) are among delegates. – SAnews.gov.za
