Addis Ababa (Ethiopia), April 14: The United Nations Economic Commission for Africa (UNECA) on Wednesday said that the upcoming Africa's premier economic conference will discuss Africa's recovery from the brunt of COVID-19.
According to the UNECA, this year's edition of the Conference of African Ministers of Finance, Planning and Economic Development will take place from May 11 to 17 in Senegal's capital Dakar.
Noting that development financing gaps have widened significantly since the COVID-19 pandemic outbreak, the UNECA in a statement said African finance ministers will discuss financing Africa's recovery from the brunt of the pandemic.
For Africa, annual Sustainable Development Goal expenditures are expected to rise by 154 billion U.S. dollars annually as a consequence of the pandemic and by an additional 285 billion U.S. dollars over the next five years to ensure an adequate response to COVID-19, it said.
The UNECA said the unprecedented financing needs demand disruptive approaches that break new financing ground and provide sustainable options to scale up public financing, crowd in private sector financing on favorable terms, leverage climate financing and facilitate trade finance.
The high-level ministerial gathering will promote results-driven discussions amongst seasoned and high-level panelists both from within and outside Africa to support the continent's development agenda.
The conference is one of the premier forums on the continent for dialogue and exchanges of views between African ministers responsible for finance, planning and economic development and governors of central banks on issues pertinent to the development agenda of Africa.
Source: Xinhua
