HE Mia Amor Mottley, QC, Prime Minister of Barbados, is this year’s keynote speaker at the Sixth Annual Babacar Ndiaye Lecture. The conference, which provides an opportunity to reflect on the most important development challenges facing Africa and the developing world, is a flagship event organized each year by Professor Benedict Oramah, President of the African Bank of import-export (Afreximbank) (www.Afreximbank.com); Drawing parallels to the events that led to the creation of Afreximbank, the theme of this year’s conference is “The developing world in a turbulent global financial architecture”. Afreximbank was created in response to the debt crisis that rocked the developing world in the 1980s. This year’s conference comes at a time when aggressive interest rate hikes in response to soaring global inflation jeopardize the quest for macroeconomic stability and debt sustainability and raise the specter of a new debt crisis in the developing world; The Sixth Annual Babacar Ndiaye Lecture is the first in-person edition of the event since the start of the COVID-19 pandemic and will be held at the Ritz Carlton Hotel, on the sidelines of the World Bank and IMF Annual Meetings, on October 14. , 2022, in Washington DC, United States.
After two years of virtual conferences, the African Export-Import Bank (Afreximbank) will hold its Sixth Annual Babacar Ndiaye Conference on October 14, 2022 in Washington, DC, USA. This year’s event will be held under the theme “The developing world in a turbulent global financial architecture”.
Speaking at a press briefing on Friday, October 7, 2022 and leading the coordination of the 2022 edition of the Babacar Ndiaye Conference, Dr. Hippolyte Fofack, Chief Economist and Director of Research at Afreximbank, explained the importance of this year’s theme: “Africa’s total external debt is about $726 billion. This represents less than a third of Italy’s debt estimated at around US$2.8 trillion. And expressed as a percentage of GDP, Africa’s total external debt is 27%, compared to 130% in Europe. Yet African countries are more at risk of debt distress than their European counterparts, largely due to the wide spreads and default borrowing rates attributed to African sovereigns and corporations.
He said this year’s keynote speaker, Prime Minister of Barbados, HE Mia Amor Mottley, QC”is one of the most powerful intellectual voices of reason in the world today. She also happens to be one of the rare politicians to understand the mysteries of finance.Explaining why he thinks Prime Minister Mottley is the right person to articulate and elaborate on the theme of the conference, Dr Fofack said the Prime Minister has been the global ambassador for fairer funding rules for a process more inclusive globalization.
More recently, this was exemplified in the powerful statement she delivered to the United Nations General Assembly last month, urging “leaders to embrace a more inclusive global financial architecture that better serves the majority of current UN member states, most of whom were not involved in the World War II Bretton Woods agreement that gave birth to the Bank world and the International Monetary Fund.”
The government of Barbados recently released what it called the “Bridgetown Initiative (https://bit.ly/3EzvI1U)”. Prime Minister Mottley is expected to expand on this agenda and more at his highly anticipated conference to inform ongoing efforts to reform the global financial architecture to take account of changing economic weights and the rise of the countries of the South.
Held annually on the sidelines of World Bank meetings, the Babacar Ndiaye Conferences serve as a link between Afreximbank shareholders, partners and professionals, as well as existing and potential clients from all sectors. The event also hosts senior government officials and central bankers, leaders and representatives of international organizations and DFIs, researchers and members of the academic community, as well as the continent’s diplomatic corps and chambers of commerce. .
Speaking on the importance of the upcoming conference, Dr Fofack said: “it is very important to emphasize that what we are going to do next week is not just a technical or academic exercise, it is an intellectual exercise guided by political objectives in a strategic area that has important implications for economic development of the global South and more generally the world.”
The Babacar Ndiaye conference will be broadcast live from Washington, DC. To register go to https://bit.ly/3g0Og0S
Distributed by APO Group on behalf of Afreximbank.
Amadou Labba Sall,
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The African Export-Import Bank (Afreximbank) is a pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. Afreximbank deploys innovative structures to provide financing solutions that support the transformation of the structure of African trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A strong supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) which has been adopted by the African Union (AU) as a payment and settlement platform. regulation to support the implementation of the AfCFTA. Afreximbank is working with the AU and the AfCFTA Secretariat to develop an adjustment facility to help countries participate effectively in the AfCFTA. At the end of 2021, the Bank’s total assets and collateral stood at approximately US$25 billion, and its equity stood at US$4 billion. Afreximbank has disbursed over $51 billion between 2016 and 2021. The Bank is rated by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). The Bank is headquartered in Cairo, Egypt.
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