AfriCatalyst, a leading pan-African development consultancy firm based in Dakar, Senegal, in partnership with The Center for Global Development (CGD), a nonprofit think tank based in Washington, DC, is organizing a hybrid event to discuss and share expertise on the role of SDRs in spurring Africa’s economic recovery.
Happening on Wednesday 25th January, the event dubbed “Rechanneling SDRs to accelerate Africa’s Development” will seek further discussion of critical issues related to Africa’s economic recovery following multiple shocks including COVID-19 ,climate and food crises. This event will further catalyze the conversation on innovative financing options for African countries, notably through re-channeling SDRs to vulnerable African economies to finance economic recovery.
In August 2021, the IMF board approved the largest general allocation of IMF’s SDRs in the IMF history, amounting to $650 billion, of which African countries received a total of $33 billion in line with their quota shares.
The G20 members agreed on the importance of reallocating $100 billion worth of SDRs to low-income countries (LICs), small island developing states and the most vulnerable middle-income countries. Against this backdrop, different mechanisms have been proposed with an aim of rechanneling SDRs to finance Africa’s recovery.
Moderated by Maggie Mutesi, Managing Editor, Mansa Media, the event will consist of a a high level panel of experts composed of the most prolific, incisive and prominent minds including ;Vice-President for Finance and Chief Financial Officer, African Development Bank Hassatou Diop N’Sele, Head of International Finance Institutions, Foreign Commonwealth and Development Office Phil Stevens,Special Envoy to the Prime Minister of Barbados Avinash Persaud, Executive Director for Global Policy, The ONE Campaign David McNair, CEO, AfriCatalyst, Daouda Sembene and Senior Fellow, Center for Global Development Mark Plant