{"id":46321,"date":"2022-11-02T17:45:59","date_gmt":"2022-11-02T17:45:59","guid":{"rendered":"https:\/\/thefreezonechannel.com\/?p=46321"},"modified":"2022-11-02T17:46:04","modified_gmt":"2022-11-02T17:46:04","slug":"africa-needs-to-mobilise-innovative-financing-for-development-programmes-uneca","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/africa-needs-to-mobilise-innovative-financing-for-development-programmes-uneca\/","title":{"rendered":"Africa needs to mobilise innovative financing for development programmes -UNECA"},"content":{"rendered":"<p>United Nations Economic Commission for Africa (UNECA) has said Africa needs to mobilise innovative financing for development programmes and effectively manage its debt burden.<\/p>\n\n\n\n<p>This is contained in a statement issued by the Communications Section, ECA on Wednesday.<\/p>\n\n\n\n<p>Mr Adam Elhiraika, Director of the Macroeconomics and Governance Division, UNECA said this at a workshop on Debt Management, organised for policy makers from different African countries and research institutions.<\/p>\n\n\n\n<p>He said if the debt burden was left not tackled, it threatened economic growth.<\/p>\n\n\n\n<p>He, however, said while debt was a significant source of funding for the economic growth and development of African countries, managing it had remained a major challenge for many countries.<\/p>\n\n\n\n<p>\u201cThe COVID-19 pandemic and the Russia-Ukraine war have negatively affected the fiscal performance of African countries, where the debt-to-GDP ratio has increased from 57 per cent in 2019 and by 2021 it was to 66 per cent in 2022.\u201d<\/p>\n\n\n\n<p>He attrbuted the increase in the debt burden to a growing spending on the health sector in responding to the pandemic.<\/p>\n\n\n\n<p>He also spoke on the social costs states had endured to reduce the negative effects of the total or partial shutdown of economic activities.<\/p>\n\n\n\n<p>Elhiraika said the global crises had worsened the debt distress for a number of African countries.<\/p>\n\n\n\n<p>According to the statement, the International Monetary Fund\u2019s (IMF) latest list of low-income countries\u2019 Debt Sustainability Analysis shows that as of May 31, 16 African countries were at high risk of debt distress.<\/p>\n\n\n\n<p>Also, seven were already in debt distress.<\/p>\n\n\n\n<p>The IMF had recommended the G20 to launch the DSSI which was established in 2021.<\/p>\n\n\n\n<p>The DSSI helped countries in focusing their efforts on combating the epidemic and protecting the lives and livelihoods of the most vulnerable individuals.<\/p>\n\n\n\n<p>Furthermore, in an effort to help member states, UNECA in 2021 launched the Liquidity and Sustainability Facility to lower liquidity premiums and enhance sovereign access to international bond markets for African countries.<\/p>\n\n\n\n<p>The facility has the potential to save African countries&nbsp; an estimated 11 billion dollars over the next five years on borrowing costs.<\/p>\n\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-46321\" data-postid=\"46321\" class=\"themify_builder_content themify_builder_content-46321 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->","protected":false},"excerpt":{"rendered":"<p>United Nations Economic Commission for Africa (UNECA) has said Africa needs to mobilise innovative financing for development programmes and effectively manage its debt burden. This is contained in a statement issued by the Communications Section, ECA on Wednesday. Mr Adam Elhiraika, Director of the Macroeconomics and Governance Division, UNECA said this at a workshop on [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":5050,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[949],"tags":[22,353],"class_list":["post-46321","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-africa","tag-uneca","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Africa needs to mobilise innovative financing for development programmes -UNECA - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/africa-needs-to-mobilise-innovative-financing-for-development-programmes-uneca\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Africa needs to mobilise innovative financing for development programmes -UNECA - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"United Nations Economic Commission for Africa (UNECA) has said Africa needs to mobilise innovative financing for development programmes and effectively manage its debt burden. 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