Initiative to establish African Financial Stability Mechanism presented in Tunis

Vice President for Economic Governance and Knowledge Management - African Development Bank (AfDB), Kevin Chika Urama, presented on Friday in Tunis the initiative to establish an African Financial Stability Mechanism (AFSM).This mechanism is designed to help African countries improve the governance of their external debt and ensure its effective management, he said during a meeting with Minister of Economy and Planning, Feryel Ouerghi.It aims to accelerate growth momentum and prioritise economically and socially viable programmes and projects, according to a press release from the Ministry of Economy.Urama stressed the importance of collective action to identify new sources of African financing within a new global financial framework, while working towards the establishment of an African sovereign credit rating agency for African economies.The Vice-President expressed the hope that member states would join these initiatives to ensure their speedy implementation.For her part, Minister Ouerghi highligh ted the initiatives taken by the African Development Bank to promote economic growth in African countries and stabilise their financial balances.She underlined the Tunisian government's commitment to good governance and the effective management of its external debt.She pointed to the government's commitment to sustainable development and investment aimed at creating wealth, boosting growth and ensuring economic development and social progress.In this context, the Minister reviewed the main development orientations and reform programmes currently being developed, in line with a new vision and model that responds to national needs and global changes.She highlighted programmes for energy transition, improving the business and investment climate, promoting green economy initiatives, digitisation and social equity.Efforts are also focused on advancing the reform and restructuring of state-owned enterprises to restore their competitiveness and role in wealth creation, thereby supporting government efforts to stabilise and improve fiscal balances.Source: Agence Tunis Afrique Presse