More support and more substantial international cooperation for African countries are more necessary than ever to save them from being severely affected by the inflationary wave that is hitting the world economy and to help them develop greater resilience to shocks. outside, maintained King Mohammed VI.
In a message addressed to participants in the Meeting of the African Group of Ministers of Finance and Governors of Central Banks of African Member States of the World Bank and the International Monetary Fund (African Caucus), opened on Tuesday in Marrakech, the Sovereign indicated that the world was barely emerging from the grip of the Covid-19 pandemic when the global economy found itself caught in a spiral of unprecedented supply chain disruptions and subjected to mounting inflationary pressures and record price increases energy, food and raw materials.
This crisis affects African countries unequally, its effects varying according to the economic potential and the needs of each in raw materials, in particular energy and food, noted the King in this message, which was read by the Minister of the Economy and of Finance, Nadia Fettah Alaoui, noting that the African continent appears, in this difficult situation, “as one of the most affected regions, both in terms of the multiple dangers that threaten its food and energy security and the decline in its economic growth rates”.
“Social conditions are thus greatly degraded in many African countries”continued the Sovereign, emphasizing that in a context of shortage of concessional financing and tightening of the conditions for their allocation, the increase in financing needs is leading to a sharp increase in the cost of debt service, which further weighs down the economic situation of many countries. Africans.
Observing that many African economies are not very diversified and are largely based on the export of raw materials, the King specified that these economies also suffer from the heavy dependence of agricultural sectors on climatic hazards, as well as a low in value of the considerable demographic potential at their disposal.
“In order to correct these shortcomings, efforts must be intensified to develop integrated development programs, according to clear objectives and innovative financing instruments”, supported the Sovereign, noting that these devices “will have to place the African citizen at the heart of their concerns and focus essentially on highlighting the opportunities for economic integration between African countries. They also assume an active involvement of the continent in the dynamics of digital transformation and energy transition at work in the world”.
The King, on this occasion, highlighted the progress made in the operationalization of the African Continental Free Trade Area (ZLECAF), which once again attests to the ability of the countries of the Continent to strengthen their economic integration according to a vision common.
The effective implementation of this area as soon as possible will, according to the Sovereign, “accelerate the integration of African economies among themselves and in global value chains”.
“The South-South trade and economic cooperation that We call for will certainly be strengthened”estimated the King, again inviting “Our bilateral and multilateral partners to support the efforts constantly deployed by the States of our Continent, in terms of development”.
For the Sovereign, this support, which is part of a win-win strategic partnership, will enable African States to acquire sufficient resources to promote the dynamics of sustainable development and, ultimately, ensure their respective peoples conditions for a decent and peaceful life.
Recalling that South-South cooperation remains the best way to promote economic development in the countries of the Continent, the King affirmed that Morocco, with its unchanging conviction and its constant commitment, now has to its credit achievements significant in the form of structuring projects, like the gas pipeline project between Morocco and Nigeria, which should greatly contribute to strengthening the energy security of many African countries.