UNECA chief urges African governments to swiftly implement people-centered strategies

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ADDIS ABABA, March 21 (Xinhua) -- Acting Executive Secretary of the United Nations Economic Commission for Africa (UNECA) Antonio Pedro has urged African governments to swiftly invest in and implement people-centered strategies to mobilize financial resources and accelerate continental economic recovery.

Opening the ministerial segment of the 55th Session of the ECA's Conference of African Ministers of Finance, Planning and Economic Development Monday, Pedro said Africa was at the center of global sustainability transitions, such as decarbonization of production systems, electrification of transportation infrastructure and accelerated use of renewable energy, which he said should underpin Africa's recovery from the multiple crises.

"We need to adopt measures to mitigate the economic and social vulnerability, reduce economic inequality, foster inclusive and resilient growth and accelerate poverty reduction in Africa," Pedro told participants.

He stressed that Africa needs a people-centered development model that integrates poverty and inequality reduction into national and regional development strategies.

The theme of the Conference is "Fostering recovery and transformation in Africa to reduce inequalities and vulnerabilities," which, according to Pedro, was timely against the background of overlapping crises that have eroded achievements in Africa.

He said the continent needs to strengthen its macroeconomic fundamentals and access adequate financing to promote structural transformation.

"We must de-risk investment on the continent for both domestic and foreign investors," Pedro said, calling for the development of bankable projects that can yield maximum socioeconomic impacts.

Pointing out that the African Continent Free Trade Area was an opportunity to bridge the inequality and vulnerability gap while fostering recovery and transformation in Africa, he stressed the need to accelerate its implementation to support Africa's economic recovery.

In addition, he underscored that raising funding for long-term development needs multiple approaches, such as boosting domestic and regional financial markets and engaging in the carbon credit market, which could unlock 82 billion U.S. dollars for Africa that could drive sustainable industrialization and economic diversification. Enditem

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