The aim of the Paris Summit on the Financing of African Economies on 18 May was to explore all possibilities for mobilizing resources, which would enable the continent to resume the growth path following the Covid-19 pandemic without falling into the debt trap.
Satisfied with France, which was on the initiative of the summit. Also pleased with the countries that participated, such as Ivory Coast. For Adama Coulibaly, Minister of Economic Affairs and Finance, “the summit made it possible to achieve very concrete results. There was a confirmation of some initiatives already underway, in this case the moratorium on the abolition of debt service, he said.
The Minister then added: “It is also a question of allocating SDR (IMF Special Drawing Rights). Of the $ 650 billion, Africa will benefit from $ 33 billion, including $ 24 billion for sub-Saharan Africa and for the UEMOA (West African Economic and Monetary Union) space, $ 2.2 billion, of which $ 900 million for the Ivory Coast. , ”He explains.
To support small and medium-sized enterprises in Côte d’Ivoire, 650 of them have received state aid in the form of loans with relatively low interest rates and in the form of subsidies.
► To read also: Paris Summit: Avoid Releasing Africa
Efforts that remain insufficient?
The SDR contribution for Côte d’Ivoire is therefore only a third of the antiquated response plan issued by the Côte d’Ivoire government in 2020: about $ 3 billion, or 5% of GDP. A great effort, but not enough, which also means that Didier Acouetey, chairman of the AfrikSearch group, minimizes the results of the Paris summit.
This type of high mass gave birth to a mouse. “I think the private sector was the key player missing at this Paris summit, although there were some private ones, I think Africa should have been better represented by the productive private sector,” said Didier Acouetey, president of AfrikSearch. group.
“For debt, it seems that there is not enough transparency about the resources that many states mobilize. So that today some of these debts can be quite dubious, as certain amounts are subject to massive embezzlement and are handled in total opacity in some countries, he adds.
► Also to listen: “The Paris Summit aims to start an international dynamic”
Support the development of small and medium-sized enterprises
Recently, there was Mozambique’s hidden debt scandal. This has led the International Monetary Fund to distance itself from Maputo for a while. At the Paris summit on the financing of African economies, the Ivorian economy and the Minister of Finance certify the presence of the private sector.
“The private sector was not absent. During the summit, there were testimonies from young entrepreneurs. In addition, there was a Commission on the Private Sector in preparation for the summit. That is why one of the decisions taken is to create an alliance to support the development of the private sector, especially small and medium-sized enterprises, ”he assures us.
One of the difficulties faced by most African countries is obtaining loans at low interest rates. They generally pay an extra risk premium, which for some is not justified.
.
