Marrakesh, July 5 (BNA) His Majesty King Mohammed VI, King of Morocco, stressed the urgent need for more international support and cooperation to enable African countries to mitigate the repercussions of the inflationary spiral affecting the global economy, and enhance their resilience in the face of it. external shocks.
In a message to the meeting of the African Assembly of Finance Ministers and Central Bank Governors of African Countries Members of the World Bank and the International Monetary Fund, which kicked off Tuesday in Marrakesh, His Majesty pointed out that at a time when the world was about to overcome the repercussions of the Covid-19 pandemic, the global economy witnessed Unprecedented disruptions in supply chains, mounting inflationary pressures, record increases in energy, food and raw materials prices, MAP reported.
In this message, which was read by the Minister of Economy, His Majesty indicated that the effects of this crisis on African countries were not the same, according to each country’s resources and needs of raw materials, especially in the energy and food sectors. And financing Nadia Fattah Alaoui.
“Under these difficult circumstances, our African continent has been one of the regions most affected by this situation, given the increasing threat to its security in terms of energy and food, the low levels of economic growth achieved, and the deteriorating social conditions faced by many African countries. His Majesty indicated that The increase in financing needs in an environment characterized by scarcity of concessional financing and stricter conditions for obtaining this financing has caused a sharp rise in debt service, which has exacerbated the economic conditions prevailing in the country and a large number of countries in the African continent.
Noting that there is very little diversification in many African economies, which depend heavily on the export of raw materials, His Majesty stressed that agriculture in these countries is dependent on climatic fluctuations, and that these countries are far from making the most of their massive demographics. origins.
His Majesty pointed out that “it is therefore necessary today to mobilize efforts to address the imbalances and shortcomings by preparing comprehensive development programs with clear objectives and innovative financing mechanisms, in which the African citizen comes first.” These programs, in particular, should create opportunities for economic integration among African countries and ensure that Africa actively participates in the digital transformation and energy transformation that the world is witnessing today.
In this regard, His Majesty stressed that the progress made in institutionalizing the African Continental Free Trade Area (AfCFTA), despite the challenges created by the current crisis, is further evidence of “our continent’s ability to enhance its economic integration, on the basis of a common vision” .
“Activating this free trade area as soon as possible will contribute to a faster integration of African economies – among themselves as well as into global value chains – and to the consolidation of trade and economic cooperation between the countries of the South that we aspire to,” His Majesty said. His Majesty once again called on “our partners at the bilateral and multilateral levels to support the efforts made by our countries to achieve development.”
The King stressed that this should take place within the framework of a strategic win-win partnership that provides African countries with sufficient resources to meet the challenge of achieving sustainable development while ensuring a safe and dignified life for our peoples.
His Majesty indicated that South-South cooperation remains the best way to improve the economic conditions of African countries.
“In addition to its firm convictions in this regard, Morocco has made great achievements through its continued commitment to the completion of large-scale projects, such as the Morocco-Nigeria gas pipeline project, which is expected to contribute effectively to enhancing energy security. His Majesty pointed out a large number of African countries.
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