In an age of uncertainty, Africa needs to lean towards resilience, inclusion, and transformation – Economic Commission for Africa (ECA) Chief
In his remarks, Gatete emphasised that African economies are currently navigating a complex landscape characterised by persistent funding shortages, trade disruptions, and escalating debt vulnerabilities.
"We are meeting at a critical time of profound uncertainty," he stated, underscoring the intertwined nature of the obstacles confronting African nations.
Mr. Gatete recognized the progress made by the IMF in implementing recommendations from the Africa High-level Working Group on the Global Financial Architecture, saying, 'We note the reforms to the Resilience and Sustainability Fund to have more catalytical role in attracting additional finance, broadening scope to include pandemic preparedness, strengthening collaboration with MDBs and streamlining programme reform measures.'
Additionally, he commended the IMF for maintaining higher General Resources Account (GRA) access limits and for the advancements made in reforming IMF Arrears Policy during debt restructuring. However, he stressed that more action is required to address the continent's challenges effectively.
Mr. Gatete highlighted some key priorities emanating from the recent ECA Conference of Ministers of Finance, Economic Development and Planning, noting their centrality in steering Africa toward resilience, inclusion, and transformation.
He highlighted the urgent implementation of the African Continental Free Trade Area (AfCFTA), which aims to create a unified market across African nations and the need to build competitive, climate-smart, and digitally enabled regional value chains while harmonising industrial policies and improving infrastructure and logistics.
To mobilise domestic resources, Mr. Gatete emphasised the need to enhance tax revenue collection through digitalisation, broadening the tax base, and improving tax administration. He also highlighted the necessity of combating illicit financial flows and revenue leakages while developing domestic financial markets.
Lastly, Mr. Gatete reiterated the need to advance Global Financial Architecture Reform to ensure Africa's adequate representation and voice in global decision-making processes. He also stressed the need to align common positions in key global platforms, such as the G20, Financing for Development (FfD4), and the UN Tax Convention.
Underscoring the importance of collaborative efforts required to navigate current complex challenges, Mr. Gatete expressed his commitment to partnering with the IMF and other stakeholders to secure meaningful reforms in these areas.
"ECA remains your committed partner in this journey,' he affirmed.
Distributed by APO Group on behalf of United Nations Economic Commission for Africa (ECA).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
35 minutes ago
- Zawya
Saudi Arabia revises unemployment target to 5% as IMF hails labor market transformation
RIYADH — The Saudi government has set a revised unemployment target of 5% following continued improvements in job creation and labor participation, as highlighted in the final International Monetary Fund (IMF) 2025 Article IV Consultation report. The Ministry of Human Resources and Social Development (HRSD) welcomed the IMF's final conclusions, which underscore the Kingdom's accelerating labor market transformation under Vision 2030. Among the major achievements, unemployment among Saudi nationals declined to 7% by the fourth quarter of 2024, surpassing the original Vision 2030 target ahead of schedule. The government's new goal of 5% signals growing confidence in the Kingdom's economic trajectory. The IMF report also noted that female labor force participation remains at 36%, doubling over the past five years. Both youth and female unemployment rates have halved over a four-year period, reflecting the inclusiveness of Saudi labor reforms. Private sector employment for Saudi nationals grew by an average of 12% in 2024, with sustained momentum into 2025. Wage premiums are increasing, especially in higher-skilled positions, indicating rising returns on education and workforce development. A spokesperson for HRSD commented on the report's findings, stating: 'This report confirms that our Labor Market Strategy is delivering results at scale. Unemployment is falling, private sector opportunities are growing, and female participation in the workforce has reached historic highs. The structural transformation underway is real and it is delivering tangible benefits to citizens across the Kingdom.' The IMF also welcomed the February 2025 amendments to Saudi labor law and praised investments in workforce training, flexible employment models, and affordable childcare as critical enablers of productivity and inclusivity. It further emphasized Saudi Arabia's strategic shift from quantity to quality of jobs, improved job-matching efforts, and stronger education-to-work alignment. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
UAE Moments
11 hours ago
- UAE Moments
♑ Capricorn: Daily Horoscope for August 6th, 2025
Capricorn, today the Moon in your sign shines a spotlight on your inner world, inviting you to honor your emotions and set healthy boundaries. Love Horoscope In love, the Moon's opposition to Venus stirs up deep feelings and may bring old wounds to the surface. If you feel misunderstood or distant from your partner, don't retreat into your shell. Instead, try expressing your vulnerability—perhaps by sharing a memory or a hope for the future. Single Capricorns, today is a day to be gentle with yourself. Self-love is the first step to attracting the right energy. A heartfelt conversation or a simple gesture of kindness can work wonders in healing and strengthening your bonds. Career Horoscope At work, Mars shifting into Libra encourages you to seek balance and collaboration. While your natural tendency is to shoulder responsibilities alone, today's cosmic energy nudges you to delegate and trust your team. If you're facing a challenging project, consider brainstorming with colleagues or asking for feedback. You'll find that different perspectives can spark creative solutions. Remember, leadership isn't about doing everything yourself—it's about inspiring others to rise with you. Celebrate small wins and acknowledge the efforts of those around you. Finance Horoscope Financially, it's a good day to review your budget and reassess your priorities. The Moon's influence may make you more aware of your material needs and long-term goals. If you've been putting off a financial decision—like investing in a course or planning a big purchase—take time to weigh the pros and cons. Remember, being prudent doesn't mean denying yourself joy. Sometimes, a small treat can boost your motivation. Trust your instincts, and don't be afraid to seek advice from someone you respect. Your careful planning paves the way for future abundance. Health Horoscope Your well-being benefits from grounding rituals today. The emotional intensity stirred by the Moon can be channeled into positive self-care—think a brisk walk in nature, a few minutes of mindful breathing, or even dancing to your favorite song in the living room. Don't underestimate the power of laughter; watch a funny video or share a joke with a friend. These small acts can lighten your mood and replenish your energy. Listen to your body's signals, and don't hesitate to rest if you need it. Your resilience grows when you nurture yourself.
Arabian Post
18 hours ago
- Arabian Post
Shiga Digital Brings Blockchain Finance to African Businesses
Shiga Digital, a rapidly expanding blockchain-based fintech company, is reshaping financial access for African businesses with its newly launched mobile applications. Available on both Android and iOS, the platform provides businesses and individuals across the continent with seamless access to a suite of digital finance tools, including stablecoin payments, cross-border transactions, and secure digital asset management. This move marks a significant step forward in the company's mission to empower African businesses, particularly mid-sized enterprises, by providing them with modern alternatives to traditional financial systems. Shiga Digital's mobile apps are designed to make it easier for users to navigate the digital finance landscape, directly addressing the unique challenges faced by businesses in Africa. The company's breakthrough comes on the back of a strategic partnership with Tether, a global leader in digital assets and the issuer of the world's most widely used stablecoin. Tether's backing reinforces the credibility of Shiga Digital's platform and signals growing international confidence in Africa's fintech potential. This collaboration aims to drive further blockchain adoption across the continent, ensuring businesses have access to secure and scalable financial tools. ADVERTISEMENT Paolo Ardoino, CEO of Tether, underscored the importance of the partnership, stating that the collaboration is a step towards empowering businesses in Africa. 'Africa is on the cusp of a financial transformation, and at Tether, we believe in being more than just observers; we are active enablers. Our partnership with Shiga Digital is a long-term commitment to providing African businesses with the technology and infrastructure they need to succeed,' he said. The partnership aims to unlock new growth avenues and contribute to a more inclusive financial future for the continent. Shiga Digital's platform is uniquely tailored to the needs of African businesses, which often face barriers to accessing reliable financial services. By leveraging blockchain technology, the platform simplifies financial transactions, making payments faster, more transparent, and secure. This move is especially important for cross-border trade, where traditional financial systems can be slow and expensive. Abiola Shogbeni, Co-Founder and CEO of Shiga Digital, emphasized the company's focus on building infrastructure that is not only technologically advanced but also highly relevant to local contexts. 'We're not just building tech; we're building financial infrastructure that works for Africa. Our new mobile apps bring intuitive, locally relevant financial tools right into the hands of business owners, wherever they are,' Shogbeni explained. In addition to making transactions smoother, Shiga Digital partners with licensed financial transmitters in each of its markets. This ensures that the company's services comply with local regulations and maintain a strong legal framework. By adhering to these regulatory standards, Shiga Digital ensures that its platform is trusted and accepted across the continent. The company's focus on creating solutions with scalability and impact in mind distinguishes it from others in the fintech space. Dami Etomi, Co-Founder and COO, elaborated on the company's approach, stating, 'It's not just about technology; it's about creating solutions that scale impact. Our partnership with Tether goes beyond financial backing; it's a shared commitment to the future of finance in Africa.' As blockchain technology continues to gain traction across the continent, Shiga Digital's platform is positioned to play a pivotal role in driving the next wave of financial innovation. Its ability to integrate local needs with global standards has placed the company at the forefront of Africa's fintech revolution. Shiga Digital is also poised to help bridge the financial inclusion gap, which remains a critical issue in many African countries. A significant portion of the population still lacks access to traditional banking services, particularly in rural areas. The launch of the company's mobile apps provides an essential solution by enabling businesses and individuals to perform financial transactions from their mobile phones, expanding access to digital finance.
