Premier Mario Draghi told the G20
conference Compact with Africa Friday that the debt of the most
indebted countries must be restructured.
"The countries of the Compact with Africa have been a beacon of
hope in these dark times," he said.
"During the pandemic your resilience to adverse shocks has
risen, thanks to your investments in the ecological and digital
transformation.
"Your experience teaches us that courageous, transforming and
inclusive reforms give results".
Draghi added that the recovery had been unequal and more must be
done to help poorer countries.
"In many advanced economies the pandemic is ever more under
control but sadly that is not the case in the world's poorest
countries.
"There have been huge inequalities in terms of access to
vaccines.
"The global recovery is marked by the same disparities.
"We must do more - much more - to help the neediest countries".
Draghi stressed that vaccines had gone to 60% of rich country's
people, but to just 1.4% of those in poor countries.
The G20 Compact with Africa (CwA) was initiated under the German
G20 Presidency to promote private investment in Africa,
including in infrastructure.
The CwA's primary objective is to increase attractiveness of
private investment through substantial improvements of the
macro, business and financing frameworks.
It brings together reform-minded African countries,
international organizations and bilateral partners from G20 and
beyond to coordinate country-specific reform agendas, support
respective policy measures and advertise investment
opportunities to private investors.
The initiative is demand-driven and open to all African
countries.
Since its launch in 2017, the CwA has sparked great interest. So
far, twelve African countries have joined the initiative: Benin,
Burkina Faso, Côte d'Ivoire, Egypt, Ethiopia, Ghana, Guinea,
Morocco, Rwanda, Senegal, Togo and Tunisia.
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