The African Development Bank Group’s African Development Institute and its partners hosted the 8th Policy Dialogue of the Global Community of Practice on Public Financial Management in Times of Crisis in Africa on February 28 and March 1, 2022.
More than 500 delegates from 58 countries representing global institutions, governments, research organizations and think tanks attended. Also in attendance were representatives from several think tanks and universities in Africa, former finance ministers, former and current central bank governors, heads of academic institutions, the private sector and civil society.
Opening the meetings, the Bank Group’s Senior Vice President, Bajabulile Swazi Tshabalala, warned that the continent would not achieve the 2030 global sustainable development goals without affordable financing and prudent public financial management systems. Tshabalala commended the partners for working together to convene dialogue on such an important topic.
“There is an urgent need for better targeted policy support to African countries, structured within a framework that integrates both crisis management, post-pandemic resilience and green recovery,” she said.
In his welcome address, Professor Kevin Chika Urama, Acting Chief Economist and Vice President for Economic Governance and Knowledge Management at the African Development Bank Group, called for urgent action to improve the public financial management systems in Africa, based on lessons learned from Covid-19. 19 crisis.
“This has undoubtedly reinforced the need for increased mobilization and prudential management of scarce public finances to deliver development impacts,” Urama said.
The seminar was followed by an inaugural three-day executive training program for representatives of government agencies, ministries and central banks. The training focused on the main policy tools for managing public finances in times of crisis. It included introductory courses on the main pillars of the public financial management cycle.
A total of 140 public finance management practitioners from 40 countries had been nominated by their respective countries to participate in the training, which was expected to be completed in 12 to 18 months. It covers upstream, midstream and downstream issues, including domestic resource mobilization, budget and expenditure planning and management, debt management and sustainability, fiscal policy forecasting and modelling, accountability and transparency, and building public finance management capacity in public-private partnerships.
The Covid-19 crisis has exacerbated the challenges of financing the 2030 Sustainable Development Goals, the 2015 Paris Climate Agreement, Africa’s Agenda 2063 and national development goals across Africa. It has had a fundamental impact on the continent’s macroeconomic outlook, debt vulnerabilities, livelihoods and financial flows, undoing decades of progress on the continent.
For more details on the seminar and the list of institutions represented, click here.