African Finance Summit in Paris: Morocco Joins Global Effort to Support Post-COVID Recovery

According to a press release from the Directorate of the Treasury and External Finance (DTFE) under the ministry, this meeting organized under the authority of French President Emmanuel Macron, is in line with the initiatives launched, at regional and international levels, aimed at supporting the countries of Africa affected by the pandemic of the new coronavirus (Covid-19). This involves mobilizing the support of the international community around a common partnership for the sustainable financing of Africa, with the aim of repositioning African economies on the path of strong and inclusive growth, while ensuring that new cycles of over-indebtedness are not opened.

In his speech, Benchaâboun welcomed the initiative which comes at a time when African economies are bending under the impacts of an unprecedented health crisis, while renewing his country’s support for everything being done by the international community for the advent of a prosperous and autonomous Africa. He also stressed the structural nature of the problem of financing African economies and the need to provide concrete and lasting solutions, with particular attention to the financing needs of middle-income African countries, seen as sub-regional growth hubs.

Morocco endorses the recommendations contained in the Summit declaration, namely the response to the financing needs of African countries, support for the private sector as a key element in the dynamics of growth and job creation, and the emergence/financing of quality infrastructure projects.

Several African and European Heads of State and Government, leaders of the European Union, the African Union and the United Nations Economic Commission for Africa, as well as officials from the International Monetary Fund, the World Bank Group, the African Development Bank and the World Trade Organization were present at this meeting.