Outlook for the Global Economy and Policy Priorities | 2023 Annual Meetings

For spe e I thank you ladies and gentlemen well alasan participant China the annual meetings of the IMF will take place in maresh in Morocco following the statement of the managing director we will listen to the president of the Republic and then we will have a bilateral discussion between the

Managing director and Minister kibali we will conclude our session with a Q&A with the students participating in this meeting please uh let us welcome the managing director to the podium excellence your Excell your Excellency president of the Republic ladies and gentlemen members of government representative of international organizations representatives of the employers organizations

Atives of the media distinguished guests ladies and gentlemen good afternoon here in Aban opportunity to cross the beautiful alasan Wat [Applause] bridge this new transport connection is not just critical for this city it symbolizes the transformation of cod Divo from a conflict affected and fragile economy just about a decade ago to one

Of the fastest growing economies in Africa we need this Spirit of optimism everywhere Bravo I here because of another important connection between Africa and the IMF next week our annual meetings will be held in Marakesh bringing together Finance ministers and Central Bank Governors from 190 countries they will mark an important

Anniversary half a century since the meetings were last held in Africa in Nairobi in 1973 just weeks after a terrible earthquake Morocco will bring the International Community together in a spirit of solidarity and commitment to all overcome the challenges we face I want to express my heartfelt

Sympathy to the Moroccan people and my gratitude for meetings in the 50 years since our last meeting in Africa the world has transformed in so many ways life expectancy is up poverty is down down the international monetary system has adapted to a flexible exchange rate regime and technology has transformed

The way we work the way we are entertained the way we communicate with each other but inequalities within and across countries have increased and we are facing an existential climate crisis and growth has been on a declining path over the last decade this demands actions to pay the

Way to the next 50 years our goal must be to build Bridges to strong future growth that is both sustainable and inclusive this will be the focus of my remarks today being here in Aban on African soil I take inspiration from Africa on this continent we can see as

Under a magnifying glass the challenges facing the whole world but we also see its great potential Africa has abundant resources boundless creativity and energy and it is home to the world’s youngest and fastest growing population to put it simply a prosperous world in the 21st century requires a prosperous

Africa advanced economies are rapidly aging but they have abundant Capital the key will be to better connect this Capital to Africa’s abundant human resources to inject more dynamism into the current anemic Global growth Outlook Africa also makes the strongest case for building economic resilience the coid 19 pandemic Russia’s

War in Ukraine climate disasters the cost of living crisis political in stability these are the many phases of a shock prone World their impact is most fully on display in Africa as is the overwhelming necessity to better prepare ourselves for that more shock prom world and a prosperous Africa requires

Maintaining the most important Bridge of all the bridge that connects all countries the bridge of international cooperation as people in Aban would say on at emble we are [Applause] together during the meetings we will make coming together meaningful for the people in our member countries let us start with the economic

Outlook the world economy has shown remarkable resilience and the first half of 2023 has brought some good news largely because stronger than expected demand for services and tangible progress in the fight against inflation this increases the chances for a soft Landing but we cannot let our guard down

While the recovery from the the shocks of the past continues it is slow and it is uneven as you will see from our updated forecast next week the current pace of global growth remains quite weak well below the 3.8% average in the two decades before the pandemic and looking ahead over the medium-term

Growth prospects have weakened further and there are Stark differences in growth Dynamics stronger momentum comes from the United States India and several other emerging economies including codir are bright spots but most advanced economies are slowing down and in China econ economic activity is below expectations many countries struggle with anemic growth economic

Fragmentation threatens to further undermine growth prospects especially for emerging and developing economies including right here in Africa this results in deepening Divergence in economic fortunes between and within the different country groups part of it comes from economic scarring we estimate that the cumulative Global output loss from successive shocks since 2020 amounts to

3.7 trillion dollar as of this year this loss is unevenly distributed across countries the us as you see on the graph is the only major major economy where output has returned to its prepandemic path the rest of the world is still below Trend with lowincome countries being hit the hardest why because they

Have had extremely limited capacity to buffer their economies and their people Divergence is also driven by many other factors differences in macroeconomic fundamentals in the extent of dependency on fuel and food imports in the share of goods versus services in the National economies in the role of trade and in the

Pace of the fight against inflation all those affect both countries policy choices and and their economic performance so what do we have now we have a world where countries increasingly are Marching on their to their own tune and given this Divergent Trends the fund has an important role to play to

Help countries identify policy choices and pursue successful growth strategies three priorities stand out first reinforce economic and financial stability fighting inflation is the number one priority thanks to the decisive actions of central banks and responsible fiscal policies inflation in most countries is going down but it is likely

To remain above Target for some countries all the way into 2025 High inflation undermines consumer and investor confidence erods the foundation for growth and above all it hurts the poorest people the most winning the fight against inflation requires interest rates to remain higher for longer our analysis shows that there

Is growing importance of inflation expectations as a driver for price increases in other words people expect prices to go up guess what they go up to help shape people’s views of inflation policy makers need to clearly communicate their goals manage these expectations they also need to safeguard Financial stability soft Landing

Expectations have lifted up asset Val valuations but if we have a rapid reassessment of risks for example if inflation all of all of a sudden jumps up that could lead to Sharp tightening of financial conditions Titan credit is already putting pressure on many borrowers commercial real estate firms in Us in

Europe in China continued stress on the property sector is a cause of concern so too is the high leverage in parts of the non banking financial sector and banks are facing more pressures as you would see in our Global Financial stability report next week what I want to stress especially

For for our U Governor Minister of Finance is that we Face significant risks on the fiscal side to prepare for tomorrow shocks and make vital Investments countries must rebuild their budgetary room for maneuver in most cases this means tighter fiscal policy which can also support monetary policy where inflation

Pressures are still strong and let me be clear very little room for errors the stakes are high because the shocks of the past few years have caused a further rise in debt burdens including here in Africa with little or no fiscal space left and with Rising debt servicing costs many

Governments are facing tough decisions it means what generating more and re reliable domestic Revenue prioritizing spending and communicating clear medium-term fiscal plans to build build credibility and reduce debt levels well macroeconomic stability is necessary it’s a prerequisite it’s not enough that takes us to the second policy priority laying the foundation

For inclusive sustainable growth through transformational reforms and building strong State institutions history teaches us that poor countries become richer by educating people putting in place good infrastructure and ensuring effective governance with respect to the rule of law these elements aren’t static skills requirements change infrastructure today includes digital connectivity and sophisticated

Trade channels and institutions are evolving at the same time these Remain the three key pillars for growth and for prosperity for all countries especially for countries where creating jobs for young people is a Paramount priority let me elaborate a bit further let’s take the investment in people for Africa this means expanding

High quality education at all levels so that young people people can seize the job opportunities of tomorrow right here in COD deoir the government is stepping up investments in in young people while also taking measures to diversify the economy so there are more opportunities for them second we need to address

Infrastructure gaps old and new this of course means Core Physical infrastructure as in the case with the new Bridges here here in Aban but also it means Rural Road networks extending electricity coverage and pursuing the green transition adaptation to climate shocks low carbon development digital also falls into the infrastructure

Bucket much of the same way electricity underpin economic progress in the 20th century digitalization can propel progress in the 21st century it offers African countries the greatest chance to advance to catch up to go further and we already see many examples in work in the region in recent years we teach everybody about

Mesa uh Kenya’s Mobile payment service it it it was expanded to six countries in Africa it offers high payment efficiency and also Financial inclusion or hello tractor this is a PL platform that operates in several countries in subsaharan Africa it allows Farmers to rent tractors by text message Africa has so much

Innovation bursting out more in investment in internet access will unlock the continent’s creativity but it also would improve Public Services increase tax collection and lift up the quality of spending during the uh pandemic in Togo they wrote a payment program program called nois it delivers emergency cash transfers to population in need using

Digital technology last but definitely not least are the improvements in governance and state capacity to Foster inclusive growth IMF analysis shows that emerging markets in developing countries pursuing package of reforms to cut red tape improve governance and reduce trade restrictions could lift their output by

8% in 4 years imagine what you can do with this 8% I would put the reforms required to realize the full potential of the African uh Continental trade agreement in this bucket removing trade barriers and improving the Border trade environment will push per per capita incomes in the

Mid median African country up by 10% fully implement ment it it is going to make Africa the largest free trade area in the entire world delivering a big lift of living standards and that brings me to our third policy priority this of collective action building resilience through International

Cooperation at the very time when we needed the lost cooperation is weakening the bridges that connect countries are corroding as trade and investment barriers are rising a fragmented world is especially challenging for who for emerging markets and developing economies because of their greater Reliance on trade and their more limited

Policy space compared with other regions the African continent stands to suffer the biggest economic losses from severe fragmentation in no other area the need for international cooperation is as evident as in addressing the existential threat of climate change and thank you president watara for bringing this uh up

Today in our meetings the world has a responsibility to stand with vulnerable countries as they deal with shocks they have not caused this is why we at the IMF have created the new 40 billion dollar strong resilience and sustainability trust it provides long-term affordable financing to help lowincome and vulnerable

Middle-income countries to undertake climate reforms we have already approved 11 programs and I’m very proud CR six of them are on the African continent five of them are in subsaharan Africa and we are working hard in the next years to bring many more forward including in

Codir we also need to work together to help countries deal with debt challenges one fif of emerging economies and more than half of lowincome countries are at risk of Deb distress we have made progress the common framework is starting to deliver even if it is not delivering as fast as

We want it uh to do so let me give you the U timelines it took chat 11 months to move from staff staff level agreement with the IMF to secure credit assurances so we can go to board it then took nine months for Zambia six months for Sri Lanka

Five months for Ghana we are going in the right direction we just need to speed up and to speed up we are working hard we have created together with the World Bank and the G20 presidency the global Sovereign Deb Round Table it brings for a first time all creditors

Public and private and the DEA countries so we can figure out together how to accelerate that restructurings even if we are successful it would not be enough more needs to be done to support vulnerable emerging market and developing economies and this is why we urgently need to strengthen the Global Financial safety

Net currency reserves Central Bank swap lines and Regional Financial Arrangements offer some insurance against financial crisis but about 100 emerging and lowincome countries including almost all countries on the African continent lack sufficient reserves and access to swap lines look at this red line these are the reserves of 100

Countries so it is not surprising that they rely on support from the IMF which stands at the center of the global Safety Net in many cases the IMF is the insurer of the uninsured since the pandemic we have deployed nearly $1 trillion dollar in global liquidity and reserves through

The allocation of special drawing rights and through our Landing we have provided about 320 billion in financing to 96 countries through the poverty reduction and growth trust and through our um lending for emerging markets we have worked with economically stronger members to Channel A significant share of their special drawing rights two more

More vulnerable countries generating around a hundred billion dollars in new financing through our two trusts poverty reduction and growth resilience and sustainability and I want to thank you president watara for your support that we can wake up dormant assets and make them work for those who need

It when you look at the imf’s Landing capacity a share of global external liabilities it has diminished over the past few decades financial markets expanded and the share of borrowed resources has gradually increased you look at this chart and what you see is that in Rel relative terms we have less

And what we have is mostly not through quarters that are predictable but through borrowed resources and president watara you know this story and I know that you would expect from us to step up this is what we do to strengthen this core of the global safety net we are

Calling on our member countries to bolster the imf’s quarter resources and we are also encouraging our stronger members to step in with more support for our capacity to provide interest free loans to lowincome countries the fund with its near Universal membership plays a vital role in bringing countries together this

Means also expanding the voice of emerging markets in developing countries I very much look forward to our members agreeing to have a third a African chair on our executive board from 2: to 3 so the voice of Africa is heard loud and clear clear in our boardroom let me conclude by returning to

1973 the last time the annual meetings were held in Africa back then delegates faced many of the same challenges is high inflation conflicts a fundamental economic shift Kenyan president jok Kenyata finished his speech at the meetings with one words harambe meaning pulling together in full cooperation with the right policies and

Harambe we can build a bridge to a more prosperous and peaceful world we can lay the ground workor for a half a century that is even more impressive than the last 50 years [Applause] Mexi [Applause] thank you very much managing I would also like to take this opportunity to remind everyone that

Interpretation is available in the headsets on everyone’s seat and mon now please welcome for his opening remarks his Excellency the president of the Republic of C Mr Alison [Applause] watara [Applause] let see thank you very much please be seated first and foremost I would like to to invite you to make a Standing

Ovation for [Applause] Christina Merc thank you very much for your enormous contribution to the to transforming this institution which I have difficulty recognizing thanks to your effort your Excellency the vice president of the Republic of codo your Excellency the prime minister leaders of Institutions Madame managing director of the international monetary fund your

Excellenc is the Ministries your excellencies ambassadors the director of the Africa Department of the IMF representatives of international organizations corporate leaders and representatives of uh private sector organizations distinguished guests ladies and gentlemen it is a it is with a great pleasure that I am welcoming you in Aban

On the occasion of the official curtain Razer event for the annual meetings of the IMF and the World Bank Group which will be held in Morocco from October 9th to 15th 2023 I wish each and every one of you a warm welcome on ivorian soil aquaa aquaba to each and every one of

You to ctiv I would like to thank very specially Mrs christalina Gea managing director of the international monetary fund for honoring civo by organizing in Aban the Cur raisers event for the annual meetings thank you very much crystalina managing director I would like to express to you and to the

President of the World Bank group my gratitude for the very good relations between your institutions and civor and your Relentless efforts to support the economic and social development in the world and in Africa particularly we won’t forget your leadership in the in the special allocation of 650 billion special drawing rights to

Support economies affected by the coid crisis this was uh a first in the history of the international monetary fund and I would like to commend your talent in convening the International Community for this major effort managing director distinguished guests ladies and gentlemen we have emerged from the economic

Hardship in the face of coid 19 and right immediately countries in the world are now confronted with instability and multiple shocks with significant economic financial and social consequences this includes geopolitical crisis the war in Ukraine after the invasion of Ukraine by Russia security challenges especially in Sahel and natural disasters linked to climate

Change these events have led to widespread and sustained inflation as you said Rising interest rates in the international markets slow growth across the world which have created difficulties in funding our economies red reduce the Ping power of our people especially the most vulnerable and increased illegal immigration these also have been an

Obstacle to African to the progress of African countries towards sustainable development targets those challenges are Global and call for Global Solutions through concerted action International solidarity and uh Stronger multilateral cooperation in this context the international monetary fund and the World Bank group have a crucial role to play and I commend your

Own efforts towards that I welcome the topic Global action Global impact for these IMF and World B group annual meetings managing director ladies and gentlemen now I would like to focus on one of those global challenges namely climate change you must have heard Pope Francis yesterday in his statement regarding Injustice and the

History of uh climate change across the world over the last few months many climate events and natural disasters occurred across the world including recent floods in Libya and earthquakes in Morocco Syria and turkey I would like to seize this opportunity to rate on behalf of the government and people of C Divo my

Sympathy with the brother count the brother people of those countries I sent messages of condolence to his majesty the king of Morocco and each one of the head of states of all the other countries as you are aware Africa only contributes 4% of global emissions of greenhouse

Gases yet our continent more than all others is the main victim and is very hard hit by the ravaging effects of climate change I would like to recall that this dates back to the 20th and 19th century During the period of the industrialization of the now developed countries who are the most

The who are most responsible for that phenomenon in civo for example according to the World Bank 2023 report on climate and development in the absence of appropriate action and funding climate change will lead to potential loss of 133% of the income per cap by 2050 this is most injust this is unacceptable and

This has to be addressed for Global Justice as a consequence industrialized countries who are most responsible of for climate change as I stated earlier should support a reform of the Global Financial architecture and increased access for African countries for cheaper funding I would like to seize this

Opportunity to make a plea on behalf of developing countries in favor of adjusting IMF funding instruments to the requirements of the current environment and I would like to thank you for to thank you in advance for your favorable look at civo situation here I mean setting a ceiling on SDR interest

Rates for low income countries and also strengthening and increasing the resource es of the concessional loan uh Windows of the IMF also I would like to invite the IMF to look at the opportunity of a new SDR allocation to those countries you’ve done a lot already through your diplomacy we know

That this does not come easy but with you nothing is impossible managing director I would like also to encourage the IMF to continue its efforts in order to restructure the debt of African countries through the common the common um framework of the of the G20 also I would like to reiterate the

Call the long-standing call to strengthen to increase the voice and agency of member countries who are the most vulnerable including by creating a third seat for subsaharan Africa on the IMF and the world bank’s Board of executive directors and I thank you once again for the assurances you have given

Us in this regard once again managing director thank you managing director ladies and gentlemen codor has achieved remarkable economic performance over the last 10 years which led this country to join the group of uh mid middle inome countries this was not easy and this is thanks to the aarian effort to their hard

Work and their dedication to restoring peace economic growth should remain robust inclusive and resilient in the medium term with about 7% growth rate the IMF thinks it’s a little less than that over the period 2023 2025 fiscal consolidation efforts will continue I can assure you with the acceleration of Revenue mobilization and

Rationalization of public expenditure the government is committed to continue its fight against climate change in accordance with our commitment made during cop 15 in in Paris we are also committing committed to investing in human capital and supporting the private sector in order to create employment for our

Youth and in this regard we would like to reiterate the value of international cooperation and The crucial role of the IMF and the World Bank group as key multilateral partners and here again we would like to express our appreciation to those two organizations and their leaders for

Trusting codir and I will assure you that we will make sure we deserve that confidence in this regard we would like to commend the approval in May 2023 by the board of directors of the IMF of our New Economic and Fin Financial program with a financing of 400% of our qua that is

$3.5 billion over the next few years also I would like to comend the positive conclusion of the referendum this year of the first review of our program the government with the IMF staff will continue negotiations on the resilience and sustainability trust fund accessed by kivir to this fund which we hope to

Finalize the discussions for before the board of director of the IMF meets next month will help accelerate the implementation of our actions and necessary reforms in fighting climate change with we discussed at length this issue this morning managing director ladies and gentlemen the reforms that we

Have that have been uh that have started both at the United Nations and Breton woods and institutions provide an opportunity to reaffirm the need for international solidarity in the face of global challenges it is together as you said that we can devise and propose Global action for a better world for all

I can only conclude by thanking you Madame managing director and pay tribute to you sincerely and publicly for your leadership and the hard work that you and your teams especially yourself and most notably the team of the Africa Department which I was honored to lead and which is currently ably led by my

Brother AB SAS congratulations once again to conclude I would like to wish each and everyone excellent and fruitful annual meetings of the IMF and the world B bank group on Africa soil thank you thanks thank you once again bravo bravo bravo Mrs Christan Gea managing director of the IMF thanks

For honoring us thank you and I wish you a pleasant stay in codir thank you very much President ratar we will now take a short pause ahead of our next segment please do remain in your seats and we will resume the program shortly it was a very short pause um now it is

My great pleasure to welcome managing director christalina gorg Eva and minister of economy and finance Mr Adama kibali to the stage for their fireside chat ah they are being their microphones are being put on so we will welcome them in just a moment and and here is the managing director

And Minister of Finance and economy and um can I get I so I think is this we’ll get started mer managing director thank you managing director okay man director thank you managing director for your speech we will now start with uh the economic uh growth economic Outlook you

Said earlier that there is a an infinish recovery I would like us to uh go back to those concerns uh the on the African continent from South Africa to East and West Africa and on the way to Marakesh we can talk about North Africa so how do this fit in the global

Perspective very important to reflect on the enormity of the shocks we have gone through and the fact that despite two Unthinkable events happening within Less Than 3 years the world economy today is not in a recession small number of countries are but overall growth is positive and it is

Because policy makers like you have been making the right choices but as I said in my in my uh presentation there is significant Divergence across countries when we look at subsaharan Africa what is particularly painful to watch is how these shocks disproportionately affect majority of countries on the continent because of

The relatively limited e space because of the tremendous impact of high interest rates and strong on finances in these countries and also because what we see is unfortunately stagnation of development assistance development Support over the last years the IM is an exception we actually increased since 2020 five times

Financing we provide to subsaharan Africa in in 2020 it was 10 times more than normal but overall your financial years squeezed in a very dramatic way and what this means is that the continent that has the greatest potential as I have shown with the graph of population population growth

Cannot utilize this potential Africa should grow seven8 9 10 12% and I’m very happy for a cir growing close to 7% but mass of Africa is half that uh growth for next year we expect a better picture we see some up swing in uh growth in

Africa but again it is far far from where we must be and this is why we have been I need I think I can you hear me it’s kind okay uh this is why we are advoc advocating so strongly for more attention more engagement more resources going to Africa okay

Thank you very much I would like to talk about uh something related to the situation of Africa more generally to build a strong Africa that is the objective of the African leaders you said it and we’ve seen it the pandemic the war in Ukraine and the cost of living crisis the infl

That we see those are all external factors that are not controlled by the continent but they have an impact on our economies in such a context context you talked about codo as a symbol of prosperity I thank you for that now what would be your policy recommendations to protect Africa and

Strengthen uh the continent in light of these exposure to these external risks it is uh true that what we see are exod shocks when you’re hit by something you have not created yourself and uh I would be ly if I say oh those that have happened this is the

Last there would be no more we know that Africa is particularly vulnerable to planets we see droughts and floods and hurricanes fitting with tremendous Force they will continue to do that in the future so what can Africa do well first make best use of what you control what you control is how you

Generate fiscal strength how you create environment for more Investments how you build the foundation for block and I talked about that in in my in my comments it is second hugely important for the continent to p a fade um uh agreement this is if if it is implement it it can

Give tremendous boost to economies I mean look as long as connectivity among countries in Africa is weak as long as trade and non-trade barriers are high you can’t make the best of what Africa has and Africa has a lot so there been you cannot control the fact in the

United States you you cannot control but trade across uh borders the uh par barriers you can control that do it and three help us accountable the institutions that are there to support you as presidenta just did it presses to stretch to do more and to amplify the

African voice in the high corridors of power because what is good for Africa is good for the whole world and U saying that um um uh Minister you you’re coming to mares we’re going to be there uh together what would you like the meetings to deliver what is top of mind for you

Maresh we will be in maresh indeed we’ll have high level discussions we are going to uh talk about the issues that affect fect the continent as we said earlier but the most important issue today has to do with the youth and I’m talking about the youth

Because when you take a look at the statistics at the Continental level on the continent we have today about 1 billion and a half inhabitants out of this 1.5 billion 55% of are young people able to work those young people are many it is a work force that can contribute to the

Economic transformation of our continent let’s go back to our country civo the last census that was done the minister in charge is here the sensus says that we have a little bit more than 29 million inhabitants in civo out of these 29 million 75% so about 22 million are age

Uh less than 35 years old so we have an extremely young population and that’s a challenge how can we make sure that this youth is employed that the youth has hope I am going to share the experience of codiva in relation with the the ministry in charge of uh youth

Employment to say that here in codo with the support of the president of codir the government worked on the issues of Youth Employment many programs have been uh established between 2012 and 2019 2 million 800,000 Employments have been created here created here for the Youth beyond that uh other initiatives have

Been uh uh implemented to help the youth you talked about um fiscal space with the private sector with companies agreements have been signed to encourage them to recruit young people for internships for employment or short-term contract we give them in turn we give them tax benefits so the issues that concern the

Youth should be at the heart of all that we do so the dis at maresh those are issues we’re going to raise what I was saying earlier there are certainly exogenous factors that uh impact the continent the response to that should be a Global Response a concerted uh answer to those questions

So we’ll call for more solidarity in the the face of those global challenges thank you great great answer and um uh we will make every effort to have the meetings concentrate exactly on that how we can make the tremendous resource that young people in Africa present not Idol but fully deployed

Um you are a minister of finance of a country that is doing well what are your biggest hopes what are your biggest fears what makes you lose sleep at night and what makes you wake up in the morning excited about what you can do I can see president is very

Interesting in the answer as much as me managing director um managing director what uh Keeps Us awake at night is uh that we want to meet the expectation of the population but also to meet the expectations of the president the ministers those who have given us the

Date to do our work when we go to sleep at night and we see that the following day we’ll have to face challenges expenditures and we are worried that’s an issue so if we have the possibility to get significant resources I think that as a minister of

Finance this is what is expected from us mobilize resources to finance projects if we are able to do so then we sleep we have a sound sleep because we are a cross cutting Ministry line Ministries are looking to us when they need to fund their activities they always look for funding

And without funding nothing can happen and the will of government will be clogged so this is why we do not want to bear that huge burden alone so we need to find the necessary resources because so that we can meet our priorities thank you uh Minister um the and of course uh you

Just um brought the um um expectations about our team being us um we can help you to sleep better um I U I know that we have students in the audience that um may have sent up questions for us maybe we should turn to them and uh I see Julie coming to help

Us very good so we will now begin the segment where we will take questions from our audience if you have a question please raise your hand um we have ushers who will hand you a microphone um and then you will have an opportunity to ask

Your question and um we will try to take as many questions as we can in the time that we have remaining so please I turn to the audience I particularly encourage our students to please come forward and ask a question okay young women in the white my name is H Andrea doctorate

Student at University felis ofan first of all managing director please allow me to thank you for your very brilliant speech this is my question in codiv the president of the Republic his Excellency president watara declared 2023 the year of the youth with a lot of efforts and projects to be

Implemented as part of the government program for 2023 2025 I would like to know which practical measures the IMF is suggesting to S accelerate the economic development of African countries in order to meet the challenge of employability of the large young population thank you perhaps take two or

Three questions and then give an opportunity to respond I think there was a young woman here in the white yes please stand up to ask your question president alasan watara honorable ministers distinguished guests ladies and gentlemen and guests good evening my name is AD sh maram student engineer stci and Economist at

NCA Mr Minister this this is my question recently in in May 2023 kivir concluded an economic and financial program of about 2,000 billion CFA honorable Minister please what justifies such a huge amount of funding thank you looks like perhaps we’ll start with those two so why why don’t we start with those

Uh uh two um we we are very very uh impressed uh by countries taking the um job opportunities for young young people and how they can be uh met to heart and in that sense congratulations to president watara uh to the government of codir for the

Dedication to the young people of uh uh codir what we see working in um those countries that are successful in creating opportunities especially for young people are three things the first one is um uh making sure that young people get education for tomorrow they learn but they also learn how to learn throughout

Their whole life in other words high quality of the um uh education uh system and connecting studies to what the economy will need not what it used to need in the decades before second that I can can not stress that enough uh it is digitalization uh Africa civo is doing

Better than than uh overall the average of Africa but in Africa we still have about half of the uh uh population uh without access to the internet uh and that is wrong uh I think that and I look at my brother aen the president of the African

Development Bank I think that the we we have tremendous responsibility to make sure that by the end of these decades every African citizen every African business every African public institution is connected to the internet 100% that would make that would unleash opportunities for services for Innovation for entrepreneurship and then

Comes the third thing clean the path for entrepreneurs red tape still exists red tape is very damaging because it takes away from the capacity and I would uh Mr President I would add to that especially open up opportunities for women in business here is an interesting fact and

I’m saying that lovingly to all the men in the audience but here is an interesting fact in Africa it is proven that women on average are better entrepreneurs than men they pay on time they run their businesses responsibly but women have six times less access to financing than

Men that makes no sense so opening up opportunities for access to finance uh uh to both when and women but especially to to women would make a difference uh and I would finish with this people like you the young people of of Africa um make it happen whatever it is

Whatever your dream is make it happen we have Nelson Mel telling us impossible until it is done so do it make Africa the continent of prosperity that it must be in relation to the question which was asked about the newly concluded program with the 2,000 billion CFA funding this program I

Should say is the third one before this one we had two other program from 2012 to 2015 and then from 2016 to 2020 the two programs were uh performed satisfactory with the macroeconomic sectoral reforms and most of the key sectors were impacted by the measures that were implemented and this is what

Uh LED to all these uh uh infrastructure projects you’ve seen in the country this third one covers 2023 2026 March 2026 this is a specific program both in terms of its uh its content but also the volume of funding which you mentioned it contains far-reaching reforms focusing on domestic

Resource mobilization this was said many times we are facing International financing terms that have tightened considerably the cost of funding has significantly increased so the only alternative that we have is focusing on domestic resource mobilization this program includes many reforms that aim at mobilizing domestic resources it also includes

Uh measures for promoting the private sector we are going to address the implementation the Improvement of the business climate a lot has been done which is is going to continue and be sustained so that our economy remains competitive and attractive just like it is now there are another series of measures related to

The financial sector Financial inclusion is key we need the people people to have access to financial services we also need to increase bankk penetration so these are a few uh key reforms which are included in the program now funding funding is 2,000 billion as you said this is 400% of our

Quarter this uh uh volume of resources is uh aligned with uh the reforms that we aim to implement and this shows the confidence of the IMF in civo if those other programs previous programs were not success successfully implemented with the very commending results we would not have had access to

That program and this goes to show uh how much confidence the IMF has for cir and you know why because kivir is led by this great person that you all know may I I to this very very comprehensive uh answer uh two things one the uh access

Of um uh African countries to financial markets uh has narrowed down significantly and the cost of borrowing on intern on on the international markets uh they have gone up tremendously in comparison the IMF provides lower cost financing to our members and we need to remember that that is not

Necessarily bad this is my second point that is bad when the money is wasted but when you borrow and you turn this money into investment that generates growth and opportunities then you create more income to pay down your loan and you have left over and there is the extra

Benefit that the minister gets a good night’s sleep very good I will take one more question um given the late hour I see a gentlemen here in the center this will be the last question your Excellency president alasan watara prime minister Mrs uh managing director ladies and gentlemen from the Govern government

Distinguished guest ladies and gentlemen I am mini Al Alam bodler I am student Economist at uh the statistical School of codir I am uh an avarian citizen managing director in your speech you spoke about uh the uh climate change uh phenomenon and its implications the Minister of Finance has mentioned the

Dramatic uh implications of climate change African countries contribute less to climate change barely 4% of uh uh greenhouse gas emissions they are also faced with development issues insecurity and food insecurity how can the IMF and the International Community help them guide them toward words a cleaner cleaner

Economies I want to I want to thank you um sincerely for this question because uh this is the most significant risk we face as a global Community it is an existential risk and you’re so right to say Africa has has contributed almost nothing to this problem but it is bearing its most

Severe uh consequences what can Africa do well first it is and what the partners of Africa must do uh first Africa must prioritize adaptation to climate shocks because if we don’t the consequences in terms of food Security in terms of coastal uh uh cities in terms of the ability to

Sustain growth in the future all of this may go down with the misery that that would fall on the on on on ordinary people I am uh 10 years ago when we talk about climate change many people in Africa would say ah that is rich people’s problem not our problem no it

Is Africa’s problem because the implications for for Africa so are so so dramatic uh when I when we look at the fund and that takes me to the uh to the uh U um substance the core of your question when we look at the fund what

Can we do uh it is to help countries Define the policies that would shift trajectory to more resilience and that would help move to a green economy for the future what are these policies well we would like to see much more attention to the agriculture sustainability because food

Security for a continent with growing population is Paramount and that means investing in research and development for food security drought resilient uh seeds uh water resilient uh because we see floods now being a major problem but also building transportation and storage so what you produce doesn’t get

Wasted looking into the rural roads and basically infrastructure can we make this infrastructure last so when the next floods take place they don’t wash the road away in other words climate proofing investments in development and focusing on the sectors that are most critical and that means that in our

Analysis of fiscal uh objectives we cannot anymore ignore that major uh task of of of adaptation to climate change and Africa may not be a source of emissions but as Africa grows if you do not switch to clean energy you will be a source of emissions

And what is this going to do harm you because we want win the fight against climate change so one thing I would tell you always always I come to I come to Africa always pains me I used to live in Brussels for seven years uh I don’t know how many of you

Have been in Brussels Sunny Place Brussels is not but you look around and there are solar panel on all this uh Brussels houses and you come here and where are the solar panels not quite there so getting the ambition to write on the green transition and being very loud and

Clear to the rest of the world and the message from you is to those who became Rich before you have an obligation to us we carry that voice we tell everybody everywhere you became Rich by a meeting now you need to make sure that others do

Not have to follow this uh path uh and I want to finish where in a way you started no country can win this fight alone this is the place where cooperation is categorically a necessity I’m begging you cooperate with others we spend too much time time and energy pointing

Fingers we have to spend all our energy holding hands so we can succeed thank you very much unfortunately that brings us to the end of our program um managing director and Minister thank you very much for this fireside chat uh president watara your EXC Excellency thank you for your

Inspiring words and managing director thank you for sharing your curtain Riser speech with us today and thank you very much to our audience for your engagement and participation today and we wish you all a wonderful rest of the evening thank you very much Oh

Ahead of the 2023 Annual Meetings in Marrakech, Morocco, IMF Managing Director Kristalina Georgieva will deliver the Curtain Raiser speech outlining the policy priorities in Abidjan, Côte d’Ivoire.
President Alassane Ouattara of Côte d’Ivoire will also deliver remarks, and the speech will be followed by a fireside chat between the Managing Director and Mr. Adama Coulibaly, Minister of Economy and Finance of Côte d’Ivoire.
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5 Komentar

  1. So the first world economies had reached the ceiling but sitting with massive capital!? Drop the fiat to curb inflation. High interest rates is not solution but it will further deepen the inequalities

  2. Thanks for the session

  3. Ah yes…the global "economy" of alphabet soup communism…

  4. It stuns me enormously the way that I go from carrying on with a typical way of life to making over 63k each month. Why lose your money?I've gleaned some useful knowledge throughout recent years that there are a lot of plenty opportunities in the financial markets;all it takes is just to focus on the right thing. Credits to Edward Joseph James.

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